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An innovative solar heater, a biodegradable toothbrush and a web-based platform enabling musicians to connect with their local music scene have all been recognised as part of an annual student business plan competition.
Competitors in the Student Venture Challenge 2010 at The University of Nottingham were given a first-hand lesson in how the chance of lucrative commercial success or being sent back to the drawing board can rest in just a few short minutes. This year’s winners were announced at an awards ceremony in the Senate Chamber of Trent Building on University Park campus last night.
In a series of Dragon’s Den-style ‘elevator’ pitches, contestants had to persuade a seasoned panel of judges that their unique business idea has what it takes to eliminate the competition and transform them into the entrepreneurs of the future.
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The coveted first prize went to Abdulkarim Mayere, a PhD student in the Department of Architecture and The Built Environment, who impressed the judges with his business plan and pitch for a unique solar collector for use as a heater in industrial processes. It has a much higher efficiency than current alternatives.
Marketed under the name Sundeve, the innovation would have the potential to make this renewable source of energy far more cost effective than before which could potentially save money and reduce carbon dioxide emissions from industrial processes overall. Abdulkarim won £1,500, 12 months’ rent-free accommodation in The University of Nottingham Innovation Park Enterprise Hub and three hours of legal advice courtesy of Browne Jacobson, one of the sponsors of the event.
Second prize went to Peter Gostev, a BA (Hons) Management Studies student, for his business pitch for Eco Oral Care. Around 4.5million kg of toothbrushes are disposed of each year — the equivalent of 3,700 Minis, 1.6million laptops or 1,000 elephants. The vast majority of these toothbrushes end up in landfill and take thousands of years to decompose. Eco Oral Care believes there is a market for a biodegradable toothbrush which will appeal to the more environmentally friendly consumer and go some way to easing this problem. Peter’s idea secured him a £1,000 prize and two hours of free legal advice from Browne Jacobson.
PlayChimp, a web-based platform connecting musicians with their local music scene, picked up third prize for MBA student Tina Bilan. Musicians often find it difficult to find others with similar tastes and influences in order to form bands and collaborate — PlayChimp will initially be aimed at student musicians, who want to connect with others and their local music scene. Searches by locality, genre and influences will be built into the system. Once formed, bands will be able to upload video of their performances in order to promote themselves and hopefully increase their chance of securing a record deal. Tina won £500 and one hour of legal advice from Browne Jacobson.
The Student Venture Challenge is run by the Nottingham University Business School’s Institute for Enterprise and Innovation (UNIEI) with support from the University’s Centre for Career Development. Open to all students studying at the University, it aims to encourage students to develop their business ideas by taking them through the process of writing a business plan.
Professor Martin Binks, Director of the UNIEI, said: “Entrepreneurial creativity is of increasing importance in any dynamic economy but attempts to realise the potential that it offers must be well organised and planned.
“The University of Nottingham Student Venture Challenge engages students in the process from creativity to planned innovation.”
This year’s judging panel was chaired by Sharon Pilkington, Relationship Manager at Santander Business Banking, and also featured Mark Snelgrove, Partner at Browne Jacobson, Paul Murphy, Director of Business Builder Ltd and Jo Derbyshire, Operations Manager at University of Nottingham Innovation Park (UNIP).
The event was sponsored by Santander, Browne Jacobson, UNIP and Nottingham Entrepreneurs — a Students’ Union affiliated entrepreneurship society which helped to promote the competition.
Guest speaker at last night’s event was Adam Harris, CEO of the Technology Channels Association and winner of the Institute of Director’s Midlands’ Young Director of the Year 2008.
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Notes to editors: The University of Nottingham is ranked in the UK's Top 10 and the World's Top 100 universities by the Shanghai Jiao Tong (SJTU) and the Times Higher Education-QS World University Rankings.
More than 90 per cent of research at The University of Nottingham is of international quality, according to RAE 2008, with almost 60 per cent of all research defined as ‘world-leading’ or ‘internationally excellent’. Research Fortnight analysis of RAE 2008 ranks the University 7th in the UK by research power. In 27 subject areas, the University features in the UK Top Ten, with 14 of those in the Top Five.
The University provides innovative and top quality teaching, undertakes world-changing research, and attracts talented staff and students from 150 nations. Described by The Times as Britain's “only truly global university”, it has invested continuously in award-winning campuses in the United Kingdom, China and Malaysia. Twice since 2003 its research and teaching academics have won Nobel Prizes. The University has won the Queen's Award for Enterprise in both 2006 (International Trade) and 2007 (Innovation — School of Pharmacy), and was named ‘Entrepreneurial University of the Year’ at the Times Higher Education Awards 2008.
Nottingham was designated as a Science City in 2005 in recognition of its rich scientific heritage, industrial base and role as a leading research centre. Nottingham has since embarked on a wide range of business, property, knowledge transfer and educational initiatives (www.science-city.co.uk) in order to build on its growing reputation as an international centre of scientific excellence. The University of Nottingham is a partner in Nottingham: the Science City.