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.
Saturday, 30 April 2011
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.
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