Two previous winners of the CUEBiC competition, Margo Technologies (2006 winner), a company developing wireless audio high technology and founded by Han Lin, Fatima Wang and Kewei Huang, and Optisynx (2004 winner), a company developing the first ever alternative to the caesium atomic clock and founded by Dr Dominic Mikulin and Dr Jeremy Sowsabowksi, have made the shortlist for the East of England Development Agency's (EEDA) Running the Gauntlet competition.

The competition is led by EEDA in partnership with CREATE and Library House and is widely seen as an online 'grooming' programme for companies looking for cash. The competition offers a £1m investment fund prize from CREATE as well as £250,000 worth of advice and in-kind business services from sponsors Bailey Fisher Executive Search, Grant Thornton, HSBC, Mudhut Communications, Scientific Generics, Taylor Vinters and The Commercialisation Company.

In addition, the short-listed companies will receive a series of master classes, clinics and workshops which will be delivered by sponsors and address issues such as business planning, intellectual property, funding and team building. Each company then pitches to investors on October 18 - the final 10 companies will be revealed on November 1.