North East's next generation of entrepreneurs get a head start
24/01/2007
"Our work with start-ups in the creative industries has shown us that the greatest barrier for these aspiring entrepreneurs is often having the business skills to develop their bright ideas."
The graduates will take part in a five week training course starting today as part of NESTA's Insight Out programme, a nationwide initiative designed to help promising entrepreneurs set up businesses across the creative spectrum.
The ideas selected from the North East range from games development to glass design, including Jeremiah Alexander, whose company, Babel Digital, aims to use innovative computer games as educational tools; and Suzie Devey-Humpleby, who, following her experience on Channel 4's The Search, plans to start a creative treasure hunting business.
Over the next five weeks, participants will be encouraged to assess their ideas in terms of their target audience and the relationships they need to build in order to make their business happen; the steps they need to take to bring the idea to market; and the level of success the business could be expected to enjoy.
As part of the course, they will receive targeted personal advice from specialists, including lawyers, marketers, and accountants; participate in sessions run by local business development agencies; and speak to seasoned entrepreneurs about their experiences. Participants will also be encouraged to identify mentors they can work with beyond the duration of the course.
At the end of the five weeks, the entrepreneurs will have the chance to pitch their ideas, 'Dragon's Den-style,' to a panel of experts for a share of a £20,000 prize pot. Successful awardees can expect up to £5,000 to finance their next steps.
NESTA is working closely with the University of Teesside and its DigitalCity initiative to deliver the programme in the North East.
Helen Gresty, Director of Innovation Programmes at NESTA commented:
"Our work with start-ups in the creative industries has shown us that the greatest barrier for these aspiring entrepreneurs is often having the business skills to develop their bright ideas. If we are to take advantage of the wealth of talent both in the North East and across the UK as a whole - we need to arm these individuals with the knowledge and contacts to take their ideas to market".
Jeremiah Alexander said:
"I'm excited to have been selected for Insight Out. I'm looking to develop the right knowledge and skills to turn my idea into a viable business and NESTA's support should help me to do this".
If you'd like to find out about the next Insight Out programme and programmes in other regions, please register your interest .
NESTA spokespeople and some of the participants are available for comment and interview. Please contact our press office on 020 7645 9583 or 07957 156759
NESTA is the National Endowment for Science, Technology & the Arts. It is the largest endowment exclusively devoted to innovation in the UK. NESTA uses this unique funding to invest in early stage companies, inform innovation policy and encourage a culture of entrepreneurship. The aim is to transform the UK's capacity for innovation.