New business scheme doubles growth rate

Edited by the Engineeringtalk editorial team Feb 16, 2004

The Enterprise Fellowship Scheme (EFS) is turning design and technology based ideas into business opportunities at record levels.

The Enterprise Fellowship Scheme (EFS) is turning design and technology based ideas into business opportunities at record levels, following an unprecedented intake of applications and assessments this month.

The EFS was the first of its kind in England when launched by The University of Warwick and Coventry University.

Designed to encourage staff, students, and alumni to turn technology or design-based ideas into real businesses, it grew steadily and expanded to cover the universities of Central England in Birmingham, Keele, Staffordshire and Wolverhampton.

"EFS represents a fantastic opportunity for people connected with the universities of Coventry and Warwick - whatever their age or capacity - to follow up their business idea and to be encouraged and supported with expert advice along every step of what can be a very challenging way forward", said Coventry Business Development Manager Sue Vickery.

"We pride ourselves at Coventry on providing a learning path for people towards a successful future and EFS can take them an extra giant leap forward, creating businesses and jobs for the good of the West Midlands in the process".

Following a launch event in Birmingham and its early success, applications have reached record levels with a range of highly original businesses being developed - from telecommunications and healthcare to multi-lingual training and sports and leisure.

"The EFS programme gives people a once in a lifetime chance to use their ideas, vision and enthusiasm", said EFS Director Isabell Majewsky.

"I am very proud that it all started in Coventry but even more proud that leading universities across the West Midlands have got together to offer the programme to a much wider group of people".

Majewsky added that the aim was to create 113 enterprise fellows across the six participating West Midlands universities by July 2005.

The EFS programme is funded by the European Regional Development Fund and Mercia Institute of Enterprise.

It works by assessing the feasibility of ideas 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 design or 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 EFS programme.

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 extranet resource facility with online business advice; placement in a host department at a university which will offer access to facilities; and Honorary Enterprise Fellow status at his/her university.

Mentors for the scheme are welcome, from all business disciplines.