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News Release from: Warwick Ventures
Edited by the Engineeringtalk Editorial
Team on 17 October 2003
Pioneering startup scheme goes UK-wide
A radical new business initiative could pave the way for universities throughout Britain to offer staff, students and alumni the opportunity to turn their ideas into successful businesses.
A radical new business initiative to be celebrated in Birmingham next month could pave the way for universities throughout Britain to offer staff, students and alumni the opportunity to turn their technology, science or engineering based ideas into successful businesses The Enterprise Fellowship Scheme (EFS), piloted and successfully trialled by the University of Warwick and Coventry University, has already created 14 new businesses in the West Midlands and the scheme has spread to include the universities of Central England in Birmingham, Keele, Staffordshire and Wolverhampton
This article was originally published on Engineeringtalk on 28 Sep 2004 at 8.00am (UK)
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The programme is open to staff, students and alumni of the participating universities and next month - on 3rd November - a New VentureFest is being staged at The De Vere Belfry Golf and Conference Centre at Wishaw near Birmingham, to mark the expansion of the programme and to highlight and celebrate its outstanding successes to date.
"The EFS has proved to be a tremendously exciting scheme and one of the pilot schemes has already blossomed into a GBP 2.3 million turnover business employing 11 people", said EFS Project Director Isabell Majewsky.
"It has been enthusiastically introduced by our colleagues in the West Midlands and word is spreading so fast that others like York, Edinburgh, Oxford Brookes, Cranfield and the University of Oxford are modelling their scheme on what has been created from Warwick".
"EFS gives people a chance to turn their technology, science or engineering-based business dream into reality.
Their ideas, vision and enthusiasm are given a welcome place to grow and are supported by expert help and a chance to create further business success and prosperity for the West Midlands".
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The New VentureFest will showcase the expanded EFS for the first time and announce its West Midlands-wide availability.
Successful case studies will also be highlighted.
Among the speakers will be Trevor Baylis, the inventor of the famous clockwork radio.
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The Enterprise Fellowship Scheme was the first of its type in England and followed the pilot of similar schemes in parts of mainland Europe, particularly The Netherlands.
It works by offering support to staff, students and alumni from participating Universities in assessing the feasibility of their business idea and then providing an environment and tailored help to create viable commercial businesses.
Applicants need to prove they have the time and commitment to develop their idea, which must be innovative and technology based.
They must be able to demonstrate the potential of their plan and must be willing to set up any future business in the West Midlands.
They are assessed by an expert panel before being offered a place on the scheme.
Once approved, the newly appointed EFS "fellow" is offered a unique package of support.
This includes: access to an interest-free loan of up to GBP 10,000, repayable after the second year, over a five-year period; hot desk accommodation at a science park or equivalent; tailored business development seminars to aid business planning; personal development and training programmes; business mentoring to access specialist commercial expertise; networking opportunities and benefits; Connect Midlands membership; academic mentoring to support the R and D elements of the business development process; dedicated extra-net resource facility with online business advice; placement in a host department at a university which will offer access to facilities; and enterprise fellows status at his/her university.
"EFS is unique in England and I am very proud of the fact that it has been piloted and expanded - based on proven success - here in the West Midlands", said Majewsky.
"Next month's event will show what has already been achieved and how EFS can become a major contributor to the growth of business in the region and beyond in the years ahead".
Mentors for the scheme are also welcome, from all businesses disciplines.
The EFS programme is funded by the European Regional Development Fund, Mercia Institute of Enterprise and in association with HSBC.
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