News

Tuesday 21 November 2006

Business ideas set for speedy start

An initiative which enables gap-year students to develop their business ideas has been launched at Nottingham Trent University’s business incubation unit, The Hive. The Student Placements for Entrepreneurs in Education (SPEED) project will offer students an alternative to working for someone else during their year out by allowing them to transform their dreams into real business ventures.

The scheme, which involves 11 other UK universities, has been made possible through £5m funding from the Higher Education Funding Council for England (HEFCE). At Nottingham Trent University SPEED will be managed by The Hive, with students receiving its full range of support for new firms, including training, mentoring and access to business resources.

SPEED aims to provide placements to a minimum of 60 Nottingham Trent University students over the next two years - it is open to students who can demonstrate entrepreneurial flair and good commercial ideas. Participants will receive a monthly bursary to help them create trading-businesses and receive an income during their first year.  

Businesses being developed on the SPEED project include a sports information website, a recruitment service for information technology undergraduates looking for work placements, and various fashion design initiatives. One student, Alex Lobban, is planning to create an academy to introduce Futsal – a variation of football popular in South America – into schools.

The Hive Business Manager, Chris Hall, said: “Students will need a sound idea capable of speedy commercialisation. If accepted they will have a base from which to work and develop their business – a desk, computer and telephone located in the most energetic and stimulating environment they can find for developing businesses surrounded by like-minded people.”

ENDS

Notes for editors: The Hive is a purpose built enterprise development centre to facilitate the university in creating and supporting new ventures. It provides a network of support with business-critical service providers. It provides expert help in house and access to the knowledge base and expertise within the university. Mentoring programmes are available from 12 weeks to three years.

The SPEED project is led by the University of Wolverhampton.

For more information please contact: Dave Rogers, Press Officer, on telephone +44 (0)115 848 8782, or via email or Therese Easom, Press and Media Relations Manager, on telephone +44 (0)115 848 8774, or via email.