Thought the Bachelor was a fun competition? Get a load of this! 

A global competition is being held to bring a high-growth technology company to London, who is evidently looking to fortify its presence in the field.

As announced in a press release on Thursday, the Million Pound Startup is portraying London as a prime location for building global digital and technology firms. A collective of organizations including Digital Shoreditch, The Mayor of London, The Tech City Investment Organisation (TCIO), Taylor Wessing, Seedrs, City University London, London & Partners, London First, Schools for Startups, KPMG and KetchumIT are choosing one very lucky, and very tech-savvy company to win £1 million, and the hearts of England.

Not only will the winning company receive £1 million, it will get dedicated support and assistance from the partners, as it sets up its operation in London.

To qualify, the company will need to show that they have the capability of using the £1 million equity investment to build a £100 million company with London headquarters. The company's income must be less than £1 million per year and must have been trading for fewer than 10 years. The £1 million is being supplied through an assortment of channels including a combination of angel funding, institutional capital and equity crowdfunding.

The investment platform Seedrs, which is FCA-regulated, is in charge of the investment checkpoints. Together, the contest partners and judges will decide on the winning company and see that it meets all continued qualifications. 

Boris Johnson, Mayor of London, spokeof what a wonderful destination London is for a technology company acting on big potential.

“London is a terrific home for technology start-ups and a world leader in this booming sector,” he said. “This competition is an aptly innovative approach which I hope will unleash even more of the entrepreneurial talent for which this city is renowned.”

The competition is open to entries until August 29th, 2013 and the winner will be announced next December.