With entrepreneurship and innovation increasingly recognised by governments as the foundation of a competitive national economy and SMEs accounting for 58.8% of private-sector employment and 48.8% of private-sector turnover (Department for Business Innovation & Skills, October 2011), the Scottish Institute for Enterprise’s (SIE) has engaged universities from across the country in its New Ideas Competition to host a Dragons Den-style competition.
The first stage of the New Ideas Competition is held locally at each university to find the best ideas from their institution for a new product, business or social enterprise. The winners of each regional stage then progress to SIE’s national competition and compete against other entrants from universities across Scotland.
The competition has seen a record number of idea entries with Robert Gordon University (RGU) recently announcing its winners from the regional stage, following submission of 140 high-quality ideas from students across its three faculties.
RGU’s leg of the competition, this year sponsored by BP, is part of the Charles P Skene Entrepreneurship Programme and through the University’s Business Incubator will provide support and coaching to help students turn their business ideas into viable commercial ventures. As a result of BP’s generous sponsorship, nine RGU finalists have won a total prize fund of £2,500 towards setting up their ideas with those in first place winning up to £400 each.
Tim Smith, vice-president of communications and external affairs at BP said: “I am delighted that BP has been able to support this programme which provides invaluable opportunities for students to learn practical business and enterprise skills. I have no doubt that opportunities like this help to enhance capability and encourage entrepreneurs who will be so vital for the future economic prosperity of Scotland.”
Dr John Park, Charles P Skene Entrepreneurship Programme leader at Robert Gordon University, said: “Entrepreneurship is an important driver of economic growth, productivity, innovation and employment. RGU recognises the importance of harnessing entrepreneurship in its students and it’s participation in the competition is another example of how the university cultivates innovation not only within its Aberdeen Business School but also from its Faculty of Health and Social Care and Faculty of Design and Technology.
“The standard of ideas across all faculties was extremely high this year and even for the entries that didn’t win I see a lot of potential. All entrants have the commitment to take their idea to the next stage in starting up and turning it into a real venture. It doesn’t matter if students don’t know about business as they have the support of RGU’s Business Incubator and SIE.”
RGU’s three prize winners, one from each faculty, were chosen by a panel of experts including Paul Lawson, late life strategy manager within BP’s finance department for North Sea operations and Dr John Park, who prior to his post at RGU was former research and development director for Pepsi Europe. The ideas were judged on their 100 word proposal, feasibility, IP potential and revenue projections:
Aberdeen Business School
Rebecca Nolan (Communication with Public Relations) developed an idea for marketing Chip-IT, RFID Tags for High Value Possessions such as designer handbags.
Faculty of Health and Social Care
Arlene Henry, Cara Dutfield, Catherine Graham, Emma Burns, Christina McNichol (Occupational Therapy). Health Professional Council (HPC) Auditing Training Products; producing a survival kit to guide and facilitate professionals in maintaining CPD, guiding them through the audit process.
Faculty of Design & Technology
Kiburu Saka (Research) and Sam Lyon (Computer Science). Proposition to develop a bus tracking device and software available for all platforms (smartphones, PC) using GPS to track where the bus is on the route map.
As a result of last year’s competition, seven businesses were formed by RGU students including, Shirt by Hand Ltd offering high-quality individually-tailored shirts and Flickaphonics Ltd providing educational products to improve primary school children’s reading skills which is now being tested in schools across Scotland. Both ventures still have access to and receive support from RGU’s Business Incubator.