Your business idea could win a prize

11.06.58am GMT Sun 17th Jan 2010

• ENTERPRISING residents with a business idea could win a £1,500 prize and the chance to learn industry skills from experts, in a Young Entrepreneurs' Competition organised by Richmond Council.

There are now less than 2 weeks left to enter the competition, 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. The Council is reminding people to begin thinking about their entry now so they have time to clarify ideas before the closing date.

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 the right time 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 master class 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 to be submitted to Richmond Council by Friday 29 January. All entrants will then be offered a free introductory business workshop. For those selected to go through to the next round, advice on how to create a business plan and design a presentation will also be available to help build their confidence before appearing before a 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 panel 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.