84% of London businesses sign up to CompeteFor

Developed by the London Development Agency (LDA), working closely with the London Business Network and London 2012, the business dating agency allows companies to register as potential suppliers online. CompeteFor then notifies them of 2012 contracts as they are put out to tender. Businesses are then able to apply for these contracts quickly and easily online. Some 84% of London businesses now registered with CompeteFor are small or medium sized firms, according to figures from the LDA. Over 86% of contracts already awarded to London businesses through CompeteFor have gone to small or medium sized firms. The London Business Network has promoted the system to companies across the capital through a series of events, raising awareness and encouraging them to sign up to CompeteFor. One of the most recent small businesses to sign up is Banana Leaf, a South Indian restaurant in Ilford, who signed up after attending a business briefing organised by the London Business Network. Mr Prince Joseph at the Banana restaurant commented on the experience he has gained from using the agency: "CompeteFor is not only useful to find out about Games contracts. Signing up has given me information about wider opportunities surrounding the Cultural Olympiad and the expected increase in tourism in the area. I am planning ahead for London 2012 and aim to have another restaurant closer to the Olympic Park soon." Peter Rogers, LDA chief executive, continued: "We want to make sure smaller firms in London have the chance to compete for more contracts and get more business. This service will continue to evolve. We want CompeteFor to eventually become a key tendering tool for both the public and private sectors." Around 75,000 contracts will be procured through the London 2012 supply chain and related work between now and 2012. CompeteFor will now also be used to tender LDA contracts worth an estimated £170 million each year.