As a judge at the North Surrey Finals I was required, along with my fellow judges, to assess 14 companies by analysing their report and accounts, their trade stands and their presentations. I must admit that I was genuinely surprised at how good the entries were. It was amazing to see how innovative and well executed their business ideas were and it was refreshing to see how passionate each team was about their company. Whilst there had to be winners at the end of the process, every team had achieved plenty to be proud of. In particular, with seed capital limited to just £500, it was admirable that most teams managed to post a healthy profit and some of the entries clearly have the potential for their businesses to keep growing.
The finalists stood out because as well as having an innovative idea that was well executed, they were also able to demonstrate that they encountered problems that they had managed to solve and made mistakes from which they had learned.
Of the entrants here are a few of my favourites: Reformed Retro had the idea of taking old vinyl records and moulding them into funky music amplifiers and clocks. They are striking products and their success is evident in their ability to secure deals with two local retailers.
Stick Safe produces reflective equipment for cyclists. Practical safety gear is combined with a strong road safety message and modern brand to encourage cycling safety in young audiences. Their promotional video was outstanding and saw them win the award for best promotional video.
Coasters Combined came up with an innovative modern take on the traditional coaster. They are able to use a personal image of your choice and print it onto a laminated board ‘jigsaw’ place mat or coaster. The idea is that the coasters can be combined to create a larger place mat. At the beginning they encountered problems producing an acceptable image quality, but they soon overcame these to develop a first class product. What was particularly impressive was their understanding of reducing costs and increasing profit margins. They realised that by using the waste material from their larger coasters to create a mini version of their product they were able to extend their product offering and generate more profit. They have already signed a contract to produce branded coasters for the local head office of a large quoted company and have been selected to compete in the South East Final.
It was refreshing to see so many young people receiving the support and guidance needed to lead the next generation of Britain’s entrepreneurs. Next time I listen to a politician drone on about how they are going to squeeze more money out of business I will think about the young entrepreneurs I have witnessed in action and be reminded that the future is something to be positive about.
To find out more about Young Enterprise please visit:
www.young-enterprise.org.uk.