Fledgeling entrepreneurs at Northumbria University have access to a new £100k fund designed to get their business start-ups ready for investors.
Over five years, starting in 2019, the fund will support the development of student businesses through the EBM Business Awards initiative.
In order to secure investment to develop their companies, undergraduates studying on Northumbria University’s pioneering Entrepreneurial Business Management (EBM) programme must make a competitive pitch to an independent panel.
Awards ranging from £500 to £5,000 will be presented to businesses which demonstrate the greatest potential to become ‘investment ready’ by graduation.
The funding is intended to pay for external input to support the development of business plans, the financial projections, and presentation techniques as well as covering some capital and operational expenditure.
Lucy Hatt, Senior Lecturer and EBM Programme Leader at Northumbria University, said: “The EBM programme is all about experiential learning designed to empower our students to create and explore how to manage and grow their own businesses independently. Being based in the North East with ongoing plans to remain in the region, coupled with significant potential to create jobs locally, is a prerequisite for all businesses taking part in the competition.”
The inaugural EBM Business Awards resulted in eight student businesses at various stages of development winning funding which totalled £17,500. The businesses include a Reiki therapy service, a social media agency, a paddleboarding school, a podcast and event management company, a confectionery business and an online clothing retailer.
The EBM programme at Northumbria University is part of the Newcastle Business School.