BrewDog’s co-founder James Watt (pictured above) is putting up £5m of his own money up in search of the next billion-dollar company.

Using a new investment model where members of the public can also back the chosen companies, Watt’s The Next Unicorn search aims to create the next generation of unicorns, following in the footsteps of his beer company that reached the landmark valuation in 2017.

He has partnered with equity crowdfunding platform Crowdcube to receive pitches from a range of European entrepreneurs, before whittling down entrants with the help of a panel which includes Crowdcube chief executive Matt Cooper and Evelyn McDonald, chief executive of Scottish Edge – which helped BrewDog get started 16 years ago.

Watt also previously sought early funding from Dragons’ Den, but BBC producers made a last-minute decision to reject the beer firm from entering the show back in 2009 – denying investors what could have been the most lucrative deal in the show’s history.

Watt revealed that he was actually rejected twice from the den – the second time more recently, when he was approached and shortlisted to become a dragon himself, but ultimately didn’t end up getting the seat.

This rejection spurred on Watt to create his own competition which will see him invest £1m in three firms with a further £4m to be unlocked as the winning companies reach certain milestones.

In a world-first, members of the public will then be able to invest in the unicorns-to-be, doing so on exactly the same terms as Watt.

Watt said: “Building and growing businesses is a real passion point for me, and I have learnt so much on my journey getting BrewDog to Unicorn status.

Given the current economic climate, it’s never been more important to support companies, and I can’t wait to share my experience with some of the brightest business minds across Europe.”

The submission window for pitches opens today and runs to 14 April. Shortlisting and judging will take place over a two-week period, before finalists are invited to pitch live to the panel in London.

The three final companies will then be invited to Las Vegas, where they will receive funding at BrewDog’s rooftop bar on 26 May. Following the Vegas announcement, the three winning businesses will be live on Crowdcube for the public to invest in the deal too.

Watt added: “What’s truly unique about this competition is that it’s not just about watching me invest my own money in someone else’s business. The window for entries is a short one, so if you’ve got a business that has potential to reach a billion-dollar valuation, I want to hear from you.”