Friday 29th February
£30K REWARD FOR NEW BUSINESS LEGENDS AND EDUCATIONAL & MENTORING SUPPORT
(to be judged by existing Legends)
£30,000 - one of the largest amounts of money ever committed to supporting young entrepreneurs in Scotland - has been unveiled as part of a new competition launched to find the next generation of business ‘Legends’.
Organised by Renfrewshire Chamber of Commerce, the ‘Local Business Legends 2008’ aims to find three of the most exciting young entrepreneurs in Scotland today by offering the chance to win a major cash injection for their business, or business idea, in one of three different categories.
The interview process for short-listed applicants will be carried out in a non-confrontational manner, unlike another well known contest!
The categories - Best Young Business; Best New Business and Best Innovative Business Idea - are being equally funded (i.e. £10k each) by Renfrewshire Chamber, Renfrewshire Council and Scottish Enterprise Renfrewshire. The £30,000 “Legends pot” will be allocated on the merits of the individual business proposals (and not necessarily on an equal basis).
The entries will be judged by a panel of some of Scotland’s leading Business Legends - Steve Clark (Clark Contracts); Iain Graham (Graham Technology); John McGlynn (The Airlink Group) and John McGuire (Phoenix Car Company) – who will also have the option of supporting the entrepreneurs further if they so wish.
The three categories will be open to entrepreneurs from Renfrewshire aged between 18 and 35. Renfrewshire, for this purpose, will also include Renfrewshire and Inverclyde, although Renfrewshire Council’s award will only be made to applicants whose businesses are located in the Renfrewshire Council area. Each winner will also be eligible for a £2,000 training prize from Reid Kerr College, £1,000 of legal services from MacRoberts and £2,000 of business advisory services from accountants Campbell Dallas.
The University of the West of Scotland will also provide a £10,000 ‘Best in the West’ package, which is open to all entrepreneurs across Scotland and for which there is no age limit. This prize could include the University’s prestigious MBA (Master of Business Administration) course, or alternative training or other services as appropriate.
Unveiling this major new business competition, Tom Johnston, President of Renfrewshire Chamber of Commerce said: “The wider Renfrewshire and Inverclyde areas are economic hot spots with an enormous amount of investment and business activity underway. It is very important that the existing business leaders encourage the next generation of business talent so that we can continue to foster further economic growth. We are delighted to be launching the Legends 2008 competition and to have secured the financial support of Renfrewshire Council, Scottish Enterprise Renfrewshire, The University of the West of Scotland and Reid Kerr College.
“We are also indebted to our distinguished panel of entrepreneurs who are willing to give of their times as judges and possibly as mentors. These are exciting times for Scotland and for Renfrewshire’s economies. This is an exciting new business competition that reflects the ambition we have for further economic success and for the importance of the next generation of young entrepreneurs.”
Interested applicants can find our more and enter online at:www.localbusinesslegends.com
Ends Date: Wednesday, February 27, 2008
More information:
Ian Spinney, Spinney & Partners - 0141 338 6700 / 07973 671773
Laura Mills, Renfrewshire Chamber of Commerce – 0141 847 5450
CATEGORY A – YOUNG BUSINESSES
Open to businesses who have been trading for between one and two years who believe that they can demonstrate an entrepreneurial approach to business. Applicants should provide:
• A description of their business (products and services, markets and customers) with its vision and aims which clearly sets out the applicant’s skills and entrepreneurial approach.
• A synopsis of the business’s history including details on ownership and funding to date.
• Copies of their first year’s final accounts and subsequent management accounts.
• Copies of their Business Plans.
• Details on any funding searches the applicant has already initiated and the outcomes of such searches
• Details on how the applicants would use funds awarded and how financial returns can be made from the resulting investments.
CATEGORY B – NEW BUSINESSES
This category will be open to businesses who have been trading for less than one year who believe that they can demonstrate an entrepreneurial approach to business. Applicants should provide:
• A description of their business (products and services, markets and customers) with its vision and aims which clearly sets out the applicant’s skills and entrepreneurial approach.
• A synopsis of the business’s history including details on ownership and funding to date.
• Copies of their latest management accounts.
• Copies of their Business Plans.
• Details on any funding searches the applicant has already initiated and the outcomes of such searches.
• Details on how the applicants would use funds awarded and how financial returns can be made from the resulting investments.
CATEGORY C – INNOVATIVE BUSINESS IDEA
This category is open to applicants who have no business experience, but have developed an innovative business idea or project which they believe will be profitable. Applicants should provide:
• A full description of their idea / project indicating the aspects of its uniqueness and describing how it will be commercially successful against the competition in the relevant sector.
• Details on any funding searches the applicant has already initiated and the outcomes of such searches.
• Details on how the applicants would use funds awarded and how financial returns can be made from the resulting investments.