Having completed a Churchill Fellowship and travelled the world examining programs
that give entrepreneurs a kickstart the question is - what is the next step?
The Startup project is born and the goal is:
To bring 'best of breed' elements from around the world to Australian startup programs
I will be disseminating the findings in the report through a series of presentations as well as integrating into current programs.
Visit The Startup Project
Friday 7 October 2011
Saturday 14 May 2011
The Last Day - Startup 2011
Crossing the country again I am back in New York specifically to visit the Startup 2011 conference.
This was a great day with a few interesting sessions but the real value came from the pitching competition and the people I met in the breaks.
Eight startups pitched for a cash prize of $25,000 judged by a panel of Angels and Venture Capitalists. The presenters were polished and well spoken, I was impressed. What really surprised me was that I probably wouldn't have called them startups! For example one company had invested $100,000 of their own money to develop a prototype then raised $250,000 from an investor to get to market followed by $750,000. They had thousands of users and considerable turnover. Surely $25k is not needed? I was expecting much earlier stage companies. The reason for pitching may not have been the prize money however as the companies were looking for further investment. I suspect winning a competition like this would raise their profile. You can view the winner here - Quartzy wins Startup 2011 pitching competition...
They don't do things small here and the Angel/VC scene is very large and mature when compared to Australia. As one speaker said 'we are about hitting home runs not singles'. They play for keeps.
And so 6 weeks, 2 train journeys and 13 flights later the fellowship comes to an end (hang on, aren't I suppossed to destroy a ring or something?). I will head to LA now for my flight home then back to work on Monday. This has been such an amazing experience, I have seen so much and met some fantastic people that I intend to keep in touch with.
Thankyou to everyone who supported the trip, assisted with contacts and to those who took the time to meet with me during my time abroad. The next step is to summarise the findings in a report. I have 10 week to submit this and will post the link here once it is uploaded to the Churchill Trust's web site. Coming soon-ish...
This was a great day with a few interesting sessions but the real value came from the pitching competition and the people I met in the breaks.
Eight startups pitched for a cash prize of $25,000 judged by a panel of Angels and Venture Capitalists. The presenters were polished and well spoken, I was impressed. What really surprised me was that I probably wouldn't have called them startups! For example one company had invested $100,000 of their own money to develop a prototype then raised $250,000 from an investor to get to market followed by $750,000. They had thousands of users and considerable turnover. Surely $25k is not needed? I was expecting much earlier stage companies. The reason for pitching may not have been the prize money however as the companies were looking for further investment. I suspect winning a competition like this would raise their profile. You can view the winner here - Quartzy wins Startup 2011 pitching competition...
They don't do things small here and the Angel/VC scene is very large and mature when compared to Australia. As one speaker said 'we are about hitting home runs not singles'. They play for keeps.
And so 6 weeks, 2 train journeys and 13 flights later the fellowship comes to an end (hang on, aren't I suppossed to destroy a ring or something?). I will head to LA now for my flight home then back to work on Monday. This has been such an amazing experience, I have seen so much and met some fantastic people that I intend to keep in touch with.
Thankyou to everyone who supported the trip, assisted with contacts and to those who took the time to meet with me during my time abroad. The next step is to summarise the findings in a report. I have 10 week to submit this and will post the link here once it is uploaded to the Churchill Trust's web site. Coming soon-ish...
The Homeward Stretch - Part 2
I spent 2 days in San Francisco and met some fantastic people and saw some more great programs before heading to Washington DC.
Youth Business America
Henry Rogers has set up YBA in Oakland just outside of San Francisco and is affiliated with the successful Youth Business International (YBI). From their web site:
"If you are 18 to 35 years old, committed to starting your own business and have received training from one of our Community Partners, you may be eligible to become a YBA Entrepreneur. Youth Business America’s mission is to Find, Fund and Mentor young entrepreneurs who need help to start-up or expand their own businesses which would generate employment and promote the economic health of low and moderate income communities."
Henry is entheusiastic about assisting young business, he rattles off the names of their entrepreneurs and clearly know their businesses in detail. The core of the program is lending and mentoring, two of the things that are most in need for startups. We discussed internal processes, their business model and admin/IT automation.
ANZA Tech
Viki Forrest provides the inside scoop for Australian businesses wanting to plug into the valley and beyond.
"ANZA Technology Network assists innovative Australian and New Zealand technology and biotechnology companies with global commercialization in the US and China. Through our webinars, workshops and Gateway and Fast Track programs we work with committed companies to determine the right foreign marketplace and what it will take for successful business expansion."
After a few minutes with Viki I was convinced that if you want to set up in the valley you would be crazy not to access her program. The information and extensive network will cut time off of your journey and increase the chance of success. Viki will be in Adelaide (plus Sydney and Brisbane) in May to present G/Score:
"The G/SCORE is a standardized method to assess a startup as it grows from initial concept to scalable enterprise. Developed by Guidewire Group’s Chris Shipley and backed by the National Science Foundation, the G/SCORE is the most comprehensive tool for understanding the state and growth of innovation around the world."
If you are keen to grow your startup and access the US market and beyond this session may clarify the steps that are needed.
Clint Walker and Alisdair Faulkner
Clint and Alisdair are aussies setting up or basing their businesses in San Francisco. Clint runs Roar Engine, an up and coming social gaming engine (create your own games using their system) and Alisdair is the Chief Products officer at ThreatMetrix providing online fraud protection. Both of these were really great meetings to get the aussie take on how things compare to back home. Additional information popped out that would have been unlikely in other meetings on topics such as investment, making contacts and assistance available to get rolling when you land.
Next stop on the way back to a conference in New York was Washington DC for a meeting at the Australian Embassy.
Austrade
I met with Brendhan Egan, Trade and Investment Commissioner. This was a great meeting to have towards the end of the trip because I was able to draw on some earlier conversations regarding the role of government in assisting startups. We discussed Austrade programs, investment and entrepreneurial culture in the US and Australia.
Thankyou to Henry, Viki, Clint, Alisdair and Brendhan for their time.
Only one meeting day left, back to New York for Startup 2011...
Youth Business America
Henry Rogers has set up YBA in Oakland just outside of San Francisco and is affiliated with the successful Youth Business International (YBI). From their web site:
"If you are 18 to 35 years old, committed to starting your own business and have received training from one of our Community Partners, you may be eligible to become a YBA Entrepreneur. Youth Business America’s mission is to Find, Fund and Mentor young entrepreneurs who need help to start-up or expand their own businesses which would generate employment and promote the economic health of low and moderate income communities."
Henry is entheusiastic about assisting young business, he rattles off the names of their entrepreneurs and clearly know their businesses in detail. The core of the program is lending and mentoring, two of the things that are most in need for startups. We discussed internal processes, their business model and admin/IT automation.
ANZA Tech
Viki Forrest provides the inside scoop for Australian businesses wanting to plug into the valley and beyond.
"ANZA Technology Network assists innovative Australian and New Zealand technology and biotechnology companies with global commercialization in the US and China. Through our webinars, workshops and Gateway and Fast Track programs we work with committed companies to determine the right foreign marketplace and what it will take for successful business expansion."
After a few minutes with Viki I was convinced that if you want to set up in the valley you would be crazy not to access her program. The information and extensive network will cut time off of your journey and increase the chance of success. Viki will be in Adelaide (plus Sydney and Brisbane) in May to present G/Score:
"The G/SCORE is a standardized method to assess a startup as it grows from initial concept to scalable enterprise. Developed by Guidewire Group’s Chris Shipley and backed by the National Science Foundation, the G/SCORE is the most comprehensive tool for understanding the state and growth of innovation around the world."
If you are keen to grow your startup and access the US market and beyond this session may clarify the steps that are needed.
Clint Walker and Alisdair Faulkner
Clint and Alisdair are aussies setting up or basing their businesses in San Francisco. Clint runs Roar Engine, an up and coming social gaming engine (create your own games using their system) and Alisdair is the Chief Products officer at ThreatMetrix providing online fraud protection. Both of these were really great meetings to get the aussie take on how things compare to back home. Additional information popped out that would have been unlikely in other meetings on topics such as investment, making contacts and assistance available to get rolling when you land.
Next stop on the way back to a conference in New York was Washington DC for a meeting at the Australian Embassy.
Austrade
I met with Brendhan Egan, Trade and Investment Commissioner. This was a great meeting to have towards the end of the trip because I was able to draw on some earlier conversations regarding the role of government in assisting startups. We discussed Austrade programs, investment and entrepreneurial culture in the US and Australia.
Thankyou to Henry, Viki, Clint, Alisdair and Brendhan for their time.
Only one meeting day left, back to New York for Startup 2011...
Friday 6 May 2011
The Homeward Stretch - Part 1
I have hit the homeward stretch and with a final flurry of meetings time is short. Here is a quick overview of who I have seen since the last update:
Austin, Texas.
Triton Ventures
I met with Laura Kilcrease, Managing Director and Founder of Triton Ventures and the founding executive director of the Austin Technology Incubator. Laura was a HUGE help with thoughts and ideas on different entrepreneurial assistance programs. Her experience with founding and running the Austin Technology Incubator is amazing. We discussed program alumni, resource allocation and filtering of applicants depending on their needs just to name a few.
Tech Ranch
I met with Kevin Koym, founder of TechRanch in Austin.
A few minutes with Kevin and you can tell he is very passionate about startups. He even used his own money to start the ranch and has secured some impressive sponsors to keep things running. The Tech Ranch assists very early stage startups with mentoring, training and physical space. We discussed funding models, alumni and the structure of the ranch including details of his pyramid model for program delivery - basically wide services up to specific as you progress.
Los Angeles
Entrepreneurs Organisation (EO)
Jamie Douraghy is a successful business owner who runs Artisan Creative, a hub to help businesses find graphic designers and creatives. Jamie is an EO member and volunteers considerable time to the organisation. We discussed the EO's Accelerator Program just as Jamie is about to take up a position as the global chair for the program. Here is an overview of the program from their web page:
"In a series of quarterly, high-impact learning events, Accelerator gives you tools, knowledge, and skills to grow your business to more than $1 million (US) in annual revenue. This comprehensive program also connects you to the most influential network of entrepreneurs on the planet. Through the multiple learning and networking opportunities Accelerator provides, you sharpen your skills both as an entrepreneur and as a leader."
To be an EO member you must have a turnover above US$1million, the aim of the accelerator program is to assist businesses to grow into that range. The big deal here is the EO network where applicants can access an international database of success (I was referred to him via this network). We discussed the details of the program and there were a number of great ideas for me to think about and include in the end report.
A huge thankyou to Laura, Kevin and Jamie for their time.
Next stop San Francisco...
Austin, Texas.
Triton Ventures
I met with Laura Kilcrease, Managing Director and Founder of Triton Ventures and the founding executive director of the Austin Technology Incubator. Laura was a HUGE help with thoughts and ideas on different entrepreneurial assistance programs. Her experience with founding and running the Austin Technology Incubator is amazing. We discussed program alumni, resource allocation and filtering of applicants depending on their needs just to name a few.
Tech Ranch
I met with Kevin Koym, founder of TechRanch in Austin.
A few minutes with Kevin and you can tell he is very passionate about startups. He even used his own money to start the ranch and has secured some impressive sponsors to keep things running. The Tech Ranch assists very early stage startups with mentoring, training and physical space. We discussed funding models, alumni and the structure of the ranch including details of his pyramid model for program delivery - basically wide services up to specific as you progress.
Los Angeles
Entrepreneurs Organisation (EO)
Jamie Douraghy is a successful business owner who runs Artisan Creative, a hub to help businesses find graphic designers and creatives. Jamie is an EO member and volunteers considerable time to the organisation. We discussed the EO's Accelerator Program just as Jamie is about to take up a position as the global chair for the program. Here is an overview of the program from their web page:
"In a series of quarterly, high-impact learning events, Accelerator gives you tools, knowledge, and skills to grow your business to more than $1 million (US) in annual revenue. This comprehensive program also connects you to the most influential network of entrepreneurs on the planet. Through the multiple learning and networking opportunities Accelerator provides, you sharpen your skills both as an entrepreneur and as a leader."
To be an EO member you must have a turnover above US$1million, the aim of the accelerator program is to assist businesses to grow into that range. The big deal here is the EO network where applicants can access an international database of success (I was referred to him via this network). We discussed the details of the program and there were a number of great ideas for me to think about and include in the end report.
A huge thankyou to Laura, Kevin and Jamie for their time.
Next stop San Francisco...
Tuesday 3 May 2011
Corey Bell - Trifusion
Corey Bell is a member of the Entrepreneurs Organisation (EO) and is featured in the video below:
I discussed a number of things wth Corey from assistance programs to his company and challenges he has faced. What really intrigued me was he didn't talk much about the product but more about the process and how he makes decisions. I have noticed over the past 3 years that whilst many people start a business based on a skill the really good entrepreneurs depart from this and concentrate on the business aspects, the product is almost irrelevant.
We spoke about how many entrepreneurs (and people in general) don't really have an end goal or set of conciously chosen principles to base their journey on. The SAYES business plan that we use aims to address the business direction through the Now, Where, How structure - Where are you Now, Where do you want to be and How will you get there? Often people are just 'open' to where the business will go but actively deciding what the end goal is can open people's eyes to barriers and opportunities they may not have considered.
Corey has a what he calls his Cardinal Values, these 4 carefully chosen values provide him direction with any decision that needs to be made. Whenever a tough decision comes his way he runs them through the values check and the answer becomes clear. I'm not going to tell you what his 4 are (you should come up with your own using a clean slate!) but what comes across very clearly is that good character and ethics play strongly in what Corey does.
Building these kinds of planning and decision making skills in young people is a huge deal. With a plan and a compass you really are ahead of the pack, and not just in business. Thanks to Corey for his time.
I discussed a number of things wth Corey from assistance programs to his company and challenges he has faced. What really intrigued me was he didn't talk much about the product but more about the process and how he makes decisions. I have noticed over the past 3 years that whilst many people start a business based on a skill the really good entrepreneurs depart from this and concentrate on the business aspects, the product is almost irrelevant.
We spoke about how many entrepreneurs (and people in general) don't really have an end goal or set of conciously chosen principles to base their journey on. The SAYES business plan that we use aims to address the business direction through the Now, Where, How structure - Where are you Now, Where do you want to be and How will you get there? Often people are just 'open' to where the business will go but actively deciding what the end goal is can open people's eyes to barriers and opportunities they may not have considered.
Corey has a what he calls his Cardinal Values, these 4 carefully chosen values provide him direction with any decision that needs to be made. Whenever a tough decision comes his way he runs them through the values check and the answer becomes clear. I'm not going to tell you what his 4 are (you should come up with your own using a clean slate!) but what comes across very clearly is that good character and ethics play strongly in what Corey does.
Building these kinds of planning and decision making skills in young people is a huge deal. With a plan and a compass you really are ahead of the pack, and not just in business. Thanks to Corey for his time.
Monday 2 May 2011
The University of Texas
Welcome to Austin, Texas! It seems to be true that everything is bigger here from the hotel room to the food (including a bacon sundae but that's probably a story for another time) to the site of today's meeting the 423 acre University of Texas.
I met with Gary Cadenhead, the Director of the Master of Science in Technology Commercialisation (MSTC) Program and former director of the world famous MOOT CORP competition from 1992 until 2005.
This was a whirlwind meeting and we discussed a wide range of things related to young entrepreneurs. For this blog entry I will focus on a few key items relating to the evolution of Moot Corp. For those that have not come across Moot Corp in the past here are a few sentence from their web page:
"The Global Venture Labs Investment Competition (formerly Moot Corp) is considered the pioneer of business plan competitions. The competition attracts students from universities around the world including Australia, Brazil, Canada, China, Colombia, France, Germany, Great Britain, Mexico, Sweden, Norway and Thailand.
Started at The University of Texas at Austin by Master of Business Administration students in 1984, the Venture Labs Investment Competition is the oldest new venture competition in the world. The competition provides graduate students with a chance to simulate the process of raising venture capital."
As mentioned in the text above, if you visit http://www.mootcorp.org/ one of the first things you will see is the change of name to 'Venture Labs Investment Competition'. The original competition was based around moot court used to train legal students but the business planning competition has gone beyond being just a training exercise. Many successful companies have launched from the competition hence the new brand and positioning.
The scope of the competition has increased beyond the engineering and MBA students to any University student. Many of the new technologies ready for commercialisation come from other departments and this was a logical progression.
Past graduates are welcomed back to run workshops and speak at events. They pass on their experience and show current students what is possible. Personal relationships play a big part in keeping in contact with Alumni. The power of a good alumni relationship is a recurring theme in my meetings, there is real power there and geat benefits to everyone involved.
Another very brief tast of the meeting. I have almost filled my note book and need to pick up another!
I met with Gary Cadenhead, the Director of the Master of Science in Technology Commercialisation (MSTC) Program and former director of the world famous MOOT CORP competition from 1992 until 2005.
This was a whirlwind meeting and we discussed a wide range of things related to young entrepreneurs. For this blog entry I will focus on a few key items relating to the evolution of Moot Corp. For those that have not come across Moot Corp in the past here are a few sentence from their web page:
"The Global Venture Labs Investment Competition (formerly Moot Corp) is considered the pioneer of business plan competitions. The competition attracts students from universities around the world including Australia, Brazil, Canada, China, Colombia, France, Germany, Great Britain, Mexico, Sweden, Norway and Thailand.
Started at The University of Texas at Austin by Master of Business Administration students in 1984, the Venture Labs Investment Competition is the oldest new venture competition in the world. The competition provides graduate students with a chance to simulate the process of raising venture capital."
As mentioned in the text above, if you visit http://www.mootcorp.org/ one of the first things you will see is the change of name to 'Venture Labs Investment Competition'. The original competition was based around moot court used to train legal students but the business planning competition has gone beyond being just a training exercise. Many successful companies have launched from the competition hence the new brand and positioning.
The scope of the competition has increased beyond the engineering and MBA students to any University student. Many of the new technologies ready for commercialisation come from other departments and this was a logical progression.
Past graduates are welcomed back to run workshops and speak at events. They pass on their experience and show current students what is possible. Personal relationships play a big part in keeping in contact with Alumni. The power of a good alumni relationship is a recurring theme in my meetings, there is real power there and geat benefits to everyone involved.
Another very brief tast of the meeting. I have almost filled my note book and need to pick up another!
Saturday 30 April 2011
TechStars New York
About TechStars:
"TechStars is a mentorship-driven seed stage investment program. We run a three month long program in Boston (MA), Boulder (CO), New York City (NY) and Seattle (WA) once each year. We’re very selective - hundreds of companies apply and we only take about ten companies per city. These companies get up to $18,000 in seed funding, three months of intensive top-notch mentorship, and the chance to pitch to angel investors and venture capitalists at the end of the program"
I met with Adam Rothenberg, Associate Director of TechStars New York. My first impression of the building was that this met the stereotypical tech startup space - people playing ping pong, stocked fridge and snacks and people glued to their monitors. This was their quiet time between programs but there was still a buzz and I wanted to sit down and code something there and then. TechStars has some serious 'cool' value.
The program attracts a huge number of qualified applicants making it very difficult to whittle this down to the 10 successful companies. TechStars tries to meet as many of applicants in person as possible and application videos (usually a short 2 minute online video) make it a bit easier to get a feel for the applicants and their businesses.
The model/financials for this program are very interesting. The program is funded as an investment (chiefly by angels and VCs), operating expenses and investment in the chosen companies then come from this pool.
All mentors are volunteers and each business company works with upwards of 10 lead mentors. With this large amount of mentoring time you really do need a team to start the business. TechStars really values a team of entrepreneurs over single operators because a startup is just too much work for one person."
I purchased a copy of Davids new book prior to flying out and it is jam packed with case studies and examples of great tech startups and the benefits of the program. It points people to open source legal documents and other information on their web page.
Thanks to Adam and the team for their time. Thankyou also to David Cohen, one of the founders of Techstars, for his assistance and for introducing me to the New York team.
"TechStars is a mentorship-driven seed stage investment program. We run a three month long program in Boston (MA), Boulder (CO), New York City (NY) and Seattle (WA) once each year. We’re very selective - hundreds of companies apply and we only take about ten companies per city. These companies get up to $18,000 in seed funding, three months of intensive top-notch mentorship, and the chance to pitch to angel investors and venture capitalists at the end of the program"
I met with Adam Rothenberg, Associate Director of TechStars New York. My first impression of the building was that this met the stereotypical tech startup space - people playing ping pong, stocked fridge and snacks and people glued to their monitors. This was their quiet time between programs but there was still a buzz and I wanted to sit down and code something there and then. TechStars has some serious 'cool' value.
The program attracts a huge number of qualified applicants making it very difficult to whittle this down to the 10 successful companies. TechStars tries to meet as many of applicants in person as possible and application videos (usually a short 2 minute online video) make it a bit easier to get a feel for the applicants and their businesses.
The model/financials for this program are very interesting. The program is funded as an investment (chiefly by angels and VCs), operating expenses and investment in the chosen companies then come from this pool.
All mentors are volunteers and each business company works with upwards of 10 lead mentors. With this large amount of mentoring time you really do need a team to start the business. TechStars really values a team of entrepreneurs over single operators because a startup is just too much work for one person."
I purchased a copy of Davids new book prior to flying out and it is jam packed with case studies and examples of great tech startups and the benefits of the program. It points people to open source legal documents and other information on their web page.
Thanks to Adam and the team for their time. Thankyou also to David Cohen, one of the founders of Techstars, for his assistance and for introducing me to the New York team.
Friday 29 April 2011
NYU-Poly Varick Street Incubator
New York, New York is one huge city that just never shuts down. The taxis honk all night long and even on the 27th floor there is no peace. This place is action, action, action!
I was fortunate to book in a couple of meetings here with very busy programs and people. First up I met with Steven Kuyan, Operations Manager at New York University's (NYU) Varick Street Incubator.
Steven gave me a tour of the floor that houses the program and startup tenants. Assisted startups were from a wide variety of industries as the program places no limits on who can apply. Steven likes to keep the focus wide for the general program but they did receive a grant for clean energy companies and reserve space and resources specifically for this side project. Steven pointed out that the program aims to assist companies to grow primarily through attaining customers and secondly on acquiring capital (conversely to many programs in the USA from my observations).
An interview with Andrew Cohen, Varick St startup:
When choosing tenants the scalability of the business is considered along with the potential to generate employment. Successful applicants then receive relatively cheap office space and access to other resources to kick start their business. The program does not take any equity in the startups.
The program was started with $80,000 seed capital from the city of New York and the building space was donated by Trinity Real Estate. NYU provides staff costs which means that the remaining program running costs are quite low (taxes, electricity, cleaning etc) and are divided amongst the tenants. Additional revenue is received from corporate sponsors of the program itself or for competitions and events.
I also discussed alumni involvement and benefits to the University from its involvement which I will cover in the final report. Thanks to Steven for his time.
I was fortunate to book in a couple of meetings here with very busy programs and people. First up I met with Steven Kuyan, Operations Manager at New York University's (NYU) Varick Street Incubator.
Steven gave me a tour of the floor that houses the program and startup tenants. Assisted startups were from a wide variety of industries as the program places no limits on who can apply. Steven likes to keep the focus wide for the general program but they did receive a grant for clean energy companies and reserve space and resources specifically for this side project. Steven pointed out that the program aims to assist companies to grow primarily through attaining customers and secondly on acquiring capital (conversely to many programs in the USA from my observations).
An interview with Andrew Cohen, Varick St startup:
When choosing tenants the scalability of the business is considered along with the potential to generate employment. Successful applicants then receive relatively cheap office space and access to other resources to kick start their business. The program does not take any equity in the startups.
The program was started with $80,000 seed capital from the city of New York and the building space was donated by Trinity Real Estate. NYU provides staff costs which means that the remaining program running costs are quite low (taxes, electricity, cleaning etc) and are divided amongst the tenants. Additional revenue is received from corporate sponsors of the program itself or for competitions and events.
I also discussed alumni involvement and benefits to the University from its involvement which I will cover in the final report. Thanks to Steven for his time.
Friday 22 April 2011
National Enterpise Academy
"The National Enterprise Academy is the brainchild of Peter Jones CBE from BBC2’s Dragons’ Den. Peter had a vision. This vision had been bubbling away in his mind for many years – Peter wanted to create a centre of excellence for developing enterprise skills.
Peter took action with his vision and by September 2009 the National Enterprise Academy was launched. As the UKs first non-profit educational institution dedicated to teaching enterprise and entrepreneurship. The NEA is a pioneer, giving people a head start in their career."
I met with Lisa Cooper-Smith from Ammersham & Wycombe College to discuss their experience with delivering the program. The course is delivered through vocational education (BTEC) at 2 levels for ages 15-16 and 17-18. One area that was of real interest was the level of value added content (delivered out side of the standard lessons) was over 60%. The value added content includes master classes with successful entrepreneurs, challenges, group and one-on-one mentoring amongst others.
Mentoring is perfomed through business surgeries where a group of mentors are available at desks for appointments with students, this addresses some of the issues around child protection for mentoring outside of the school.
Challenges are sponsored by corporates and provide a fun way for students to hone their skills. One example was a mobile phone application design challenge sponsored by Orange. Winning students were funded to actually build the app they pitched.
Students can also pitch to mentors and investors at the end of the program. Amounts are very low, sometimes a couple of hundred pounds, and are fun for mentors to get further involved. The agreements formed are between the mentors and students, the school provides the forum.
A very varied and interesting program that provides much more than classroom style learning! Thanks to Lisa for their time.
Next stop New York...
Peter took action with his vision and by September 2009 the National Enterprise Academy was launched. As the UKs first non-profit educational institution dedicated to teaching enterprise and entrepreneurship. The NEA is a pioneer, giving people a head start in their career."
I met with Lisa Cooper-Smith from Ammersham & Wycombe College to discuss their experience with delivering the program. The course is delivered through vocational education (BTEC) at 2 levels for ages 15-16 and 17-18. One area that was of real interest was the level of value added content (delivered out side of the standard lessons) was over 60%. The value added content includes master classes with successful entrepreneurs, challenges, group and one-on-one mentoring amongst others.
Mentoring is perfomed through business surgeries where a group of mentors are available at desks for appointments with students, this addresses some of the issues around child protection for mentoring outside of the school.
Challenges are sponsored by corporates and provide a fun way for students to hone their skills. One example was a mobile phone application design challenge sponsored by Orange. Winning students were funded to actually build the app they pitched.
Students can also pitch to mentors and investors at the end of the program. Amounts are very low, sometimes a couple of hundred pounds, and are fun for mentors to get further involved. The agreements formed are between the mentors and students, the school provides the forum.
A very varied and interesting program that provides much more than classroom style learning! Thanks to Lisa for their time.
Next stop New York...
Thursday 21 April 2011
London Borough of Richmond Upon Thames
Next stop was Richmond Council to talk about their young entrepreneur competition. I met with Sean Gillen, Economic Development Manager.
The young entrepreneur competition ran last year, was open to 18-24 year olds and offered a 2,000 pound startup prize for the winner. In addition every entrant received a free business taster course at the local college. Entrants provide a short overview of their idea (250 words only) initially and then a longer plan if they progress to the next round. All entramts who reach the final round receive a full day of 1 on 1 coaching to assist with their business. Unfortunately the application numbers were low in the first instance and the program. With such a low barrier to entry and a great prize something didn't add up and different methods of reaching the target audience are being considered. Whilst it was this competition that brought the council to my attention it was some of their upcoming programs that really grabbed my attention.
Sean has a new program in development based around supporting social enterprises. He was kind enough to share with me the details and a complete outline of the new program.
Sean expressed that there was a clear need in the community for business support programs. Youth unemployment is high and the financial crisis also left its mark with corporate executives who lost their jobs. These two ends of the market have been looking at business as an opportunity to progress. Thanks to Sean for such a great open discussion and for the supplied resources.
The young entrepreneur competition ran last year, was open to 18-24 year olds and offered a 2,000 pound startup prize for the winner. In addition every entrant received a free business taster course at the local college. Entrants provide a short overview of their idea (250 words only) initially and then a longer plan if they progress to the next round. All entramts who reach the final round receive a full day of 1 on 1 coaching to assist with their business. Unfortunately the application numbers were low in the first instance and the program. With such a low barrier to entry and a great prize something didn't add up and different methods of reaching the target audience are being considered. Whilst it was this competition that brought the council to my attention it was some of their upcoming programs that really grabbed my attention.
Sean has a new program in development based around supporting social enterprises. He was kind enough to share with me the details and a complete outline of the new program.
Sean expressed that there was a clear need in the community for business support programs. Youth unemployment is high and the financial crisis also left its mark with corporate executives who lost their jobs. These two ends of the market have been looking at business as an opportunity to progress. Thanks to Sean for such a great open discussion and for the supplied resources.
Wednesday 20 April 2011
Young Enterprise - Graduates
Tim Barber is a graduate of the Young Enterprise Company Program. I joined Tim for lunch (and had a Fosters, haven't see that for years) to learn about his experience with the program.
Tim's team made the national finals when he was back at school - with international links the teams can progress through local area finals then to larger area finals through to the National Final in London then the European Final and finally to the International Final in New York, truly a huge network.
Tim filled me in on the details of the program from a student's point of view as well as some of the rules and regulations (including some interesting insurance considerations such as product safety and food service).
Tim has since become a judge for Young Enterprise and sits on the Kingston board further developing his corporate skills and giving back to the program. Thanks for lunch and your time Tim!
Tim's team made the national finals when he was back at school - with international links the teams can progress through local area finals then to larger area finals through to the National Final in London then the European Final and finally to the International Final in New York, truly a huge network.
Tim filled me in on the details of the program from a student's point of view as well as some of the rules and regulations (including some interesting insurance considerations such as product safety and food service).
Tim has since become a judge for Young Enterprise and sits on the Kingston board further developing his corporate skills and giving back to the program. Thanks for lunch and your time Tim!
Tuesday 19 April 2011
Kingston University
Next stop was Kingston University to look at a new course that combines design and business. I met with Dr. Corrine Beaumont, Lecturer of Design and Entrepreneurship at Kingston University.
Corrine has pioneered a new course where design students learn about business through hands on application ie they start a business during the course! Resources are supplied by Young Enterprise (see last blog post) along with insurance and mentor contact details.
Students pitch for startup funding from a pool of funds initially donated by alumni. Unsuccessful teams then merge with the successfult pitchers to start their business. The rules are that they must sell on campus (not a real problem with 22,000 students within a 3 mile radius!), stock prices are updated weekly and the business must be liquidated at the end of the course (but students can start again on their own). All profits go back to the fund for future students so the real driver here is the competition. The return of funds assists the sustainability of the program.
There is a lot more to learn from here which I will include in the final report. Thanks Corrine!
Corrine has pioneered a new course where design students learn about business through hands on application ie they start a business during the course! Resources are supplied by Young Enterprise (see last blog post) along with insurance and mentor contact details.
Students pitch for startup funding from a pool of funds initially donated by alumni. Unsuccessful teams then merge with the successfult pitchers to start their business. The rules are that they must sell on campus (not a real problem with 22,000 students within a 3 mile radius!), stock prices are updated weekly and the business must be liquidated at the end of the course (but students can start again on their own). All profits go back to the fund for future students so the real driver here is the competition. The return of funds assists the sustainability of the program.
There is a lot more to learn from here which I will include in the final report. Thanks Corrine!
Monday 18 April 2011
Young Enterprise UK
I met with Bracey Parish from Young Enterprise and Paul Jaggers from HSBC. From their web site:
"Young Enterprise is building a connected world of young people, business volunteers and educators, inspiring each other to succeed through enterprise. Each year, our business volunteers inspire over 250,000 young people aged 4 to 25 years. Our programmes empower the next generation with the confidence, ability and ambition to succeed in a rapidly changing global economy.
With the support of more than 3,500 businesses and over 5,000 schools, colleges, universities and local communities, we are the UK’s leading enterprise education charity."
I really enjoyed discussing the many programs that are run through Young Enterprise which mostly cover school aged children but do extend beyond that. I took particular interest in their company program aimed at the equivalent of our Year 11 and 12 students (16-18 years old). Students set up and run a company over a year with the assistance of volunteer business advisors. A local open air market allows students to use a large area to sell their wares which along with a company report and presentation make up the judging requirements.
If the above sounds a little familiar it is similar to Young Achievement Australia which was was axed in 2009. I asked Bracey about their funding model and was surprised to learn that they also lost a large proportion of their public funding about a year ago i.e. from (Government funded) Learning Skills Council and latterly from local authorities (councils). Corporate sponsorship saved the program but it was not an easy task. Paul from HSBC was clearly a huge supporter of the program and told me about their contribution to Young Enterprise including cash, use of rooms and staff involvement. Staff volunteer time on judging panels as well as mentoring of students which he says is great for staff morale and development. Paul also went out of his way to set up a number of other meetings for me and I really appreciate his assistance.
These kinds of programs really show young people that business is a viable choice for their future, one where they can make a go of things for themselves as well as create employment opportunities for others. The number and scope of programs that Young Enterprise provide are impressive and really contribute to youth education across the UK. Thanks to Bracey and Paul for their time.
"Young Enterprise is building a connected world of young people, business volunteers and educators, inspiring each other to succeed through enterprise. Each year, our business volunteers inspire over 250,000 young people aged 4 to 25 years. Our programmes empower the next generation with the confidence, ability and ambition to succeed in a rapidly changing global economy.
With the support of more than 3,500 businesses and over 5,000 schools, colleges, universities and local communities, we are the UK’s leading enterprise education charity."
I really enjoyed discussing the many programs that are run through Young Enterprise which mostly cover school aged children but do extend beyond that. I took particular interest in their company program aimed at the equivalent of our Year 11 and 12 students (16-18 years old). Students set up and run a company over a year with the assistance of volunteer business advisors. A local open air market allows students to use a large area to sell their wares which along with a company report and presentation make up the judging requirements.
If the above sounds a little familiar it is similar to Young Achievement Australia which was was axed in 2009. I asked Bracey about their funding model and was surprised to learn that they also lost a large proportion of their public funding about a year ago i.e. from (Government funded) Learning Skills Council and latterly from local authorities (councils). Corporate sponsorship saved the program but it was not an easy task. Paul from HSBC was clearly a huge supporter of the program and told me about their contribution to Young Enterprise including cash, use of rooms and staff involvement. Staff volunteer time on judging panels as well as mentoring of students which he says is great for staff morale and development. Paul also went out of his way to set up a number of other meetings for me and I really appreciate his assistance.
These kinds of programs really show young people that business is a viable choice for their future, one where they can make a go of things for themselves as well as create employment opportunities for others. The number and scope of programs that Young Enterprise provide are impressive and really contribute to youth education across the UK. Thanks to Bracey and Paul for their time.
Sunday 10 April 2011
Prince's Scottish Youth Business Trust (PSYBT)
The Prince’s Scottish Youth Business Trust (PSYBT) is Scotland’s leading charity in providing essential finance and professional support to 18-25 year olds in Scotland, to start up and run their own business.
Geoff Leask, Head of Operations, chatted to me about the trust over lunch. The trust assists around 600 young people a year with pre-start advice, low interest loans (4% no fees up to £5000) and occasional grants. There are 750 volunteer who assist young people in many ways including mentoring support. There are over 10,000 alumni from the 22 year old program with some amazing success stories. Here is one example:
Note - vegetarians may not want to watch the first minute or so...
Geoff Leask, Head of Operations, chatted to me about the trust over lunch. The trust assists around 600 young people a year with pre-start advice, low interest loans (4% no fees up to £5000) and occasional grants. There are 750 volunteer who assist young people in many ways including mentoring support. There are over 10,000 alumni from the 22 year old program with some amazing success stories. Here is one example:
Note - vegetarians may not want to watch the first minute or so...
Linking back to my last post this is an example of a highly successful business that would be unlikely to attract angel investment (there is not enough fat in it.... made it a week without a pun, good work) which highlights the importance of programs like this.
In 2002 a growth fund was launched to fill a gap in the market. Businesses trading up to 5 years, previously supported by PSYBT, that wanted to grow were finding it difficult to source funding: a development loan of up to £10,000 and an Accelerator Loan up to £25,000 were introduced for this group. The default rates were lower from these businesses because they were up and running with revenue. The growth results have been impressive.
At the other end of the market many applicants are not yet ready for the standard program so a market test grant was introduced. Successful applicants are awarded £250 to test the market while working on their plan. This might include building the web site, prototypes, setting up a stall at the market etc. If successful they may then apply for the standard program.
Too, too much good stuff, draw breath. Thanks to Geoff and the team for a great visit, lunch and the Prince's Scottish Youth Business Trust pin!
In 2002 a growth fund was launched to fill a gap in the market. Businesses trading up to 5 years, previously supported by PSYBT, that wanted to grow were finding it difficult to source funding: a development loan of up to £10,000 and an Accelerator Loan up to £25,000 were introduced for this group. The default rates were lower from these businesses because they were up and running with revenue. The growth results have been impressive.
At the other end of the market many applicants are not yet ready for the standard program so a market test grant was introduced. Successful applicants are awarded £250 to test the market while working on their plan. This might include building the web site, prototypes, setting up a stall at the market etc. If successful they may then apply for the standard program.
Too, too much good stuff, draw breath. Thanks to Geoff and the team for a great visit, lunch and the Prince's Scottish Youth Business Trust pin!
LINC Scotland
LINC Scotland is the national association for business angels in Scotland, with a membership network of hundreds of investors including those operating individually, many of the best known groups and syndicates, and a number of significant private offices.
I met with David Grahame, CEO of Linc Scotland for the inside scoop on investment opportunities and young business in Scotland. As we sat down for one of the world's largest coffees (although I haven't been to the USA yet) David joked that he wondered why I was speaking to him as they are the 'bad guys'. This paved the way for a discussion about entrepreneurial assistance programs, investment and finding the right money and assistance for your business.
The next hour and a half was a HUGE download of information and to keep things short here are a few quick notes in no particular order (and I am paraphrasing):
This kind of scheme may bring out unsophisticated investors but there are syndicates to help with experienced core teams to assist. More on this in the report.
A really great meeting and one that will be interesting to compare to the USA system next week and beyond. Thanks David!
One more stop in Scotland then back to London for a barrage of meetings. Struggling to keep up wit the blogging but I'll get all the stories up soon.
I met with David Grahame, CEO of Linc Scotland for the inside scoop on investment opportunities and young business in Scotland. As we sat down for one of the world's largest coffees (although I haven't been to the USA yet) David joked that he wondered why I was speaking to him as they are the 'bad guys'. This paved the way for a discussion about entrepreneurial assistance programs, investment and finding the right money and assistance for your business.
The next hour and a half was a HUGE download of information and to keep things short here are a few quick notes in no particular order (and I am paraphrasing):
- Tends not to see young businesses straight out of programs but might see them when they start business number 2 or 3. This links with some of the Prince's Trust comments where the programs are about youth training for the future regardless of the end result in terms of business survival first time around.
- Equity is the most expensive capital for your business but it usually comes with advice and contacts.
- Ensure equity investment is the right money for you. Don't come for it just because you can't get money elsewhere!
- There must be enough fat for all parties to be involved therefore some businesses will not be suited to equity investment.
- You don't need to be the next google to get investment just be realistic about your goals.
- You are unlikely to be able to retire and never work again on your first successful business (and exit).
- If equity investment is a possibility in the future get advice on your business structure as you may make it difficult for investors to get involved later. Personally I have made a note to get myself up to speed in this area with some training on the specifics of investment structure and contracts.
- 30% rebate on your tax return that year for angel investment.
- If you get a win and a therefore a profit there is ZERO tax on the gain.
- If you lose the investment you can write off 50% of the loss on your tax.
This kind of scheme may bring out unsophisticated investors but there are syndicates to help with experienced core teams to assist. More on this in the report.
A really great meeting and one that will be interesting to compare to the USA system next week and beyond. Thanks David!
One more stop in Scotland then back to London for a barrage of meetings. Struggling to keep up wit the blogging but I'll get all the stories up soon.
Churchill's Cigar Ordering Chair
A chance meeting with someone in Harrod's led to me discovering Sir Winston Churchill's cigar supplier (est 1787) complete with museum.
I think I was slightly under dressed for the occasion but it was an interesting find. The fact it wasn't behind glass and I could sit in it was great even though it was hardly his office chair.
On the overnight sleeper train to Scotland tonight. Fun!
Thursday 7 April 2011
The Prince's Trust
The Prince's Trust is a huge organisation dedicated to assisting young people in a number of ways. I met with Nina Prosser, Programme Executive - Awards and Business, to delve into their enterprise offerings.
The Prince's Trust has offered assistance to young entrepreneurs since 1983 including low interest loans and mentoring spread over 2 years. However the program underwent a revamp and was relaunched in 2009. The program now includes a staged approach in assisting young people and integrates into some of their other programs ie employment if business is not the chosen path of an applicant. Briefly the stages are:
Stage 1 - Eligibility checks.
The trust assists young people aged 18-30 who have a business idea they want help to explore, are unemployed or working less than 16 hours a week and live in England, Wales, or Northern Ireland.
Stage 2 - Intensive Training
A 4 day training course is conducted. This is not just on business but basic money matters and aims to give particpants enough information to decide if business is for them. Even if they decide it is not the training is designed to provide them with real world transferable skills as the core goal is assisting youth. Those that still want to start a business progress to the next stage.
Stage 3 - One on one
Coaching is used to consolidate the 4 days of training and assist the participants in defining what they want.
Stage 4 - Mentoring and other assistance
Experienced business mentors are now engaged to get the businesses up and running. Mentoring is 1 hour per month for the first year reducing for year 2 and sometimes year 3. Micro loans are available as well as a limited number of grants.
I am impressed with the staged approach whch enables the trust to filter and assist as many people as possible depending on their needs. Those who put in the work progress to receive more assistance.
The sheer scale of the organisation is amazing. There are around 7,000 volunteer mentors nation wide, over 6,000 participants progressed to stage 2 training with a positive intention to start a business and there are approximately 78,000 alumni. The mind boggles at the management implications.
The Prince's Trust recently pubished a book on making your business happen to reach out to even more young people and share the knowledge built up over the past 28 years. Nina kindly gave me a copy, it is full of no nonsense advice as well as examples of their successful graduates.
Again there was too much information to cover here and thanks so much to Nina and the Prince's Trust for their time. I will be visiting the Scottish Prince's Trust in the next couple of days. That's right, next stop Scotland...
The Prince's Trust has offered assistance to young entrepreneurs since 1983 including low interest loans and mentoring spread over 2 years. However the program underwent a revamp and was relaunched in 2009. The program now includes a staged approach in assisting young people and integrates into some of their other programs ie employment if business is not the chosen path of an applicant. Briefly the stages are:
Stage 1 - Eligibility checks.
The trust assists young people aged 18-30 who have a business idea they want help to explore, are unemployed or working less than 16 hours a week and live in England, Wales, or Northern Ireland.
Stage 2 - Intensive Training
A 4 day training course is conducted. This is not just on business but basic money matters and aims to give particpants enough information to decide if business is for them. Even if they decide it is not the training is designed to provide them with real world transferable skills as the core goal is assisting youth. Those that still want to start a business progress to the next stage.
Stage 3 - One on one
Coaching is used to consolidate the 4 days of training and assist the participants in defining what they want.
Stage 4 - Mentoring and other assistance
Experienced business mentors are now engaged to get the businesses up and running. Mentoring is 1 hour per month for the first year reducing for year 2 and sometimes year 3. Micro loans are available as well as a limited number of grants.
I am impressed with the staged approach whch enables the trust to filter and assist as many people as possible depending on their needs. Those who put in the work progress to receive more assistance.
The sheer scale of the organisation is amazing. There are around 7,000 volunteer mentors nation wide, over 6,000 participants progressed to stage 2 training with a positive intention to start a business and there are approximately 78,000 alumni. The mind boggles at the management implications.
The Prince's Trust recently pubished a book on making your business happen to reach out to even more young people and share the knowledge built up over the past 28 years. Nina kindly gave me a copy, it is full of no nonsense advice as well as examples of their successful graduates.
Again there was too much information to cover here and thanks so much to Nina and the Prince's Trust for their time. I will be visiting the Scottish Prince's Trust in the next couple of days. That's right, next stop Scotland...
Tuesday 5 April 2011
London - The Bright Ideas Trust
Tim Campbell is the founder and CEO of the Bright Ideas Trust which provides support services to 16-30 year olds in London who are looking to start their own business.
You might recognise Tim as the winner of the first series of The Apprentice TV show with Sir Alan Sugar. After winning the show Tim received lots of requests from fans seeking assistance in setting up their own businesses. "I'm not sure they understood that I was the apprentice" Tim Jokes but after two years learning from Sir Alan Tim set about forming the Bright Ideas Trust to help people get started in the world of business. He sums it up in the video below:
You might recognise Tim as the winner of the first series of The Apprentice TV show with Sir Alan Sugar. After winning the show Tim received lots of requests from fans seeking assistance in setting up their own businesses. "I'm not sure they understood that I was the apprentice" Tim Jokes but after two years learning from Sir Alan Tim set about forming the Bright Ideas Trust to help people get started in the world of business. He sums it up in the video below:
Tim’s energy and enthusiasm came across within minutes of my arrival, it is clear he is passionate about helping young people. This has certainly contributed to his success in engaging corporate partners to fund the program including the creation of an investment fund. This fund is used to assist businesses from an investment standpoint rather than as a grant. As Tim said you can’t teach someone about business by giving them a handout and by investing cash and expertise into the business in return for a small equity stake the future of the trust is more certain. Over time the aim is to make the trust self-funding.
The amount of information that Tim freely shared was incredible and has no chance of fitting here, I will endeavour to list the key areas in the final report. A huge thankyou to Tim and his team for their time.
PS - Tim recently authored a book to help people get their ideas off the ground.
PS - Tim recently authored a book to help people get their ideas off the ground.
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Travelling, travelling, travelling
Touchdown. 30 hours of travelling which was dragged out by a breakdown on the tube right at the end. Mental note - have a one night stopover next time. Everyone told me to stay up on the day of arrival and sleep that night to minimise jet lag. I managed to stay conscious until 2pm and then woke up at 11pm. Not to worry another 3 hour nap followed by 4 hours and it was time to get up. Jet lag sorted.
Landing on a Friday gave me the weekend to bed in and I headed out to the country to visit my Aunt and Uncle. That's Charlie in the water below chasing the ducks.
Anyway, enough greenery and tea by bucketful it is time to head back to London for Monday morning and get to work!
Landing on a Friday gave me the weekend to bed in and I headed out to the country to visit my Aunt and Uncle. That's Charlie in the water below chasing the ducks.
Sunday 27 March 2011
Pre-Trip Part 2 – The Goal
To follow on from my first post I wanted to point out that I have not been sitting on my hands before or since funding cuts were announced. With the support of Business SA and some amazing companies (I will list them at the end of this series when finalised) the program will very likely continue next financial year. My aim is to make it stronger and better to ensure it stays around for many years to come which leads us back to the task at hand…
When filling out the Churchill application form I made a list of places I would like to visit overseas and chose 8 successful programs as examples. Since that time arguably the biggest of them has lost 60% of their funding (government cut) and another has closed down entirely. Clearly the issue of program sustainability runs deep which makes the study all the more worthwhile.
The mentor base and networks associated with SAYES have been a massive help in re-working and extending the contact list. A huge thankyou to you all! I now have a great starting list and I am sure there will be plenty of referrals along the way.
The mentor base and networks associated with SAYES have been a massive help in re-working and extending the contact list. A huge thankyou to you all! I now have a great starting list and I am sure there will be plenty of referrals along the way.
The questions are many but a starting list might be:
· Who has a vested interest in seeing businesses succeed?
· What kinds of revenue streams support programs around the world?
· What kinds of people and businesses want/need the help?
· What are the success rates and how are they measured?
· Or, since business is commercial by its very nature should it just look after itself?
The question that remains of most interest to me is 'how do we make entrepreneurial support programs sustainable?'
Some of these answers are going to depend on the people seeking help and the types of businesses to be created. Through discussions with world experts I hope to shine some light into the corners.
First stop (4th April)… London, England.
Friday 25 March 2011
Pre-Trip Part 1 – The Background
Before I hop on a plane next week I thought it would be useful to include some background into how this all came about and what the purpose is. I will do this over 2 short posts.
Pre-Trip Part 1 – The Background
For the past 3 years I have been running a program for Business SA called the South Australian Young Entrepreneur Scheme (SAYES). This is a not for profit program which assists 18-35 year olds to start or grow a business and has been operating since 1998. The program runs for 12 months with workshop training and mentoring by experienced business people (all volunteers!).
There have been many successful graduates of the program over the years with young entrepreneurs' efforts featuring on the Hollywood red carpet, art galleries around the world, sporting goods distributors and more recently on iPhones to name a few. There have been over 400 graduates in the last 13 years and with no restrictions other than age the range of businesses is wide. In the process hundreds of jobs have been created on top of the business owners themselves. I get a lot of energy from the startup owners and the mentors alike, the program is such great fun and I really feel lucky to be involved.
The program relies chiefly on state government funding supplemented by sponsorship and a contribution by the participants themselves. The reliance on government funding for such an established and successful program, as well as other programs around the country, concerned me. I applied for a Churchill Fellowship to look at entrepreneurial support programs around the world. The pitch was to find a model, or combination, that will ensure SAYES and other Australian programs continue to support dynamic young Australians.
A few short months later state government funding cuts were announced for SAYES and many other South Australian business support programs effective June 30 2011.
The SA government and the Department of Trade and Economic Development (DTED) have always been huge supporters of the program and it would not be as successful as it is without their support so these cuts perplex me a bit. Having said that the cuts did not come from the department (DTED) itself and I am not convinced the government truly realises just what they stand to lose in SAYES. I think we just got caught up in some general cost cutting. Time will tell how this all plays out.
With 3 months to run is my timing good or really quite terrible?
The SA government and the Department of Trade and Economic Development (DTED) have always been huge supporters of the program and it would not be as successful as it is without their support so these cuts perplex me a bit. Having said that the cuts did not come from the department (DTED) itself and I am not convinced the government truly realises just what they stand to lose in SAYES. I think we just got caught up in some general cost cutting. Time will tell how this all plays out.
With 3 months to run is my timing good or really quite terrible?
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