Your business idea could win a prize

12.47.27pm GMT Sun 22nd Nov 2009

• COMING up with a new business idea could win an enterprising young resident a £1,500 prize and the chance to learn industry skills from experts, in a new Young Entrepreneurs' Competition organised by Richmond Council.

The competition, launched as part of Global Entrepreneurs Week, is open to all 18-24 year olds living or studying in the borough who have an idea which could be turned into a real product or service.

A new report by the Prince's Trust and RBS shows 41 % of 18-30 year olds aspire to set up in business, and 78 % of them have already got an idea. However, half of all would-be entrepreneurs have not yet taken any action to put their thoughts into practice. The Mayor of London's new Economic Development Strategy also highlights developing entrepreneurs as a key objective.

Cllr Geoff Acton, Richmond Council's Business Champion, said: "At a time when so many young people are finding it difficult to get a job, now is a good moment to launch a business of your own, or to get your product on the market and watch it make money for you. This competition will give our borough's aspiring inventors and bright sparks the reason to start thinking seriously about their product. For the finalists there will be a free training masterclass to hone those ideas and hopefully make them recession proof."

Initial entry is easy - the first round just needs a simple outline of the business idea. Successful entrants then create a business plan and present their idea to a 'Dragon's Den' style panel of local experts. The scope of the competition is wide, and can be linked to the borough's priorities, or unrelated to it. Ideas could include contributing to the borough's visitor economy, providing a product or service to help people learn, using technology in new or creative ways or filling an unmet business need in the borough. The winning idea chosen by the 'Dragons' will be given a £1,500 start-up grant to put their ideas into action and will also win a free place on a business course at a college, worth hundreds of pounds.

The competition is being run by Richmond Council, with support from partners including Richmond upon Thames Chamber of Commerce, Richmond Adult Community College, Richmond upon Thames College, Richmond Business Education Partnership, Young Enterprise London and Business Link London.

Related Link:

• Richmond Young Entrepreneurs Competition