SPEED-ing Ahead For Student Business Success
9 August 2007
SPEED Bursary recipient Stephen Pocock of ‘First Choice Musical Solutions’.
The SPEED project is a brilliant way for budding entrepreneurial students to gain real business start-up experience within a supported environment
”Naomi Woodier, researcher and lecturer, The Derbyshire Business School
Budding entrepreneurs are forging businesses in areas including music, film and design as a £500,000 University of Derby scheme marks its first anniversary.
Derby is one of 12 UK universities involved in promoting the first Student Placements for Entrepreneurs in EDucation (or SPEED) bursaries, a Higher Education Innovation Fund 3 financed project to encourage entrepreneurs to start their own businesses.
The aim of the SPEED project is to provide budding student entrepreneurs with the opportunity for a self-employed work placement whilst at University.
The University’s Centre for Entrepreneurial Management (CEM), based in The Derbyshire Business School, is accessing the support fund of around £500,000 over two years to help students.
Those on any full and part time course at the University, not just business related subjects, can apply for support of up to £4,500 to pay for equipment and other resources to set up their business.
In its first year the Derby initiative has organised 30 grants with a further 45 expected to be set up in its second year, which will begin in September.
SPEED bursary applicants must present a business case for their enterprise, including why they believe they have a marketable idea.
Applications are vetted by business mentors at The Derbyshire Business School.
Naomi Woodier, researcher and lecturer within the Business School, said: “The SPEED project is a brilliant way for budding entrepreneurial students to gain real business start-up experience within a supported environment.
“Part of the programme involves students meeting regularly with their mentor and attending a vast array of enterprising activities and events.”
Success is not purely measured in terms of the numbers of businesses established and profits made.
“It’s not just about students spending money on computers and equipment they might need, they are investing in themselves by developing their skills, knowledge and education as part of their programme,” said Naomi.
She added: “They are learning and experiencing first hand about business, from marketing their business to the importance of networking.
"They may, in the end, decide not to personally set-up a business but they come away with all that knowledge and valuable experience.”
New features for SPEED in its second year will include having student entrepreneurs attend business knowledge ‘Brain Bank’ sessions over their 36 week placement, where they can meet fellow bursary recipients to network and share ideas.
Students on the programme will become members of Derby’s Innovative and Creative Entrepreneurs (or DICE) Club. It is an opportunity for enterprising students, SPEED students and graduates to network and socialize.
To find out more about applying for SPEED, contact Naomi Woodier on n.woodier@derby.ac.uk or SPEED Project Manager Professor Peter Wyer on p.wyer@derby.ac.uk.
SPEED bursary - Case Study One
Stuart Boyd came up with his company’s name more than two years ago.
The 26-year-old student, on a two-year HND course in Graphic Design, says ‘Subism’ is a mixture of ‘sub’ for suburban, subculture or subversive and ‘ism’ implying a movement such as Cubism in art.
Subism will focus on the sale of original pieces of modern art and prints, a range of T-shirts based on artists’ designs and freelance graphic design work for companies.
Stuart said: “I wanted something that gave the idea of a break from the ordinary.”
He is currently putting together the company website, which should go live soon at www.subism.co.uk.
Stuart already has some freelance graphic design work set up with East Midlands Airport.
He said the Speed Bursaries scheme had proven very useful in getting his enterprise off the ground.
“I’ve had help and advice, and the financial aid has helped me to purchase the tools I need for my business, such as a new computer and design software.
“The development of the website has been my main focus, as this will be my shopfront and therefore the creative aspect of the site is key,” he added.
Bursary - Case Study Two
One of the University’s SPEED bursary recipients has found himself very much in tune with Buxton’s cultural life.
Management consultant Stephen Pocock’s venture ‘First Choice Musical Solutions’ opened last November in Staden Lane, off Ashbourne Road, Buxton. He has three other business partners.
It provides amateur and professional musicians and event organisers across the High Peak with a ‘one stop shop’ in an area that has a particularly strong musical tradition.
The business provides sheet music, instruments, instrument repairs, lighting, PA and karaoke hire, a rehearsal room and tuition on site.
It also plans to open a recording facility early next year.
Stephen, 44, took advantage of the SPEED bursary scheme shortly after joining his part time MA in Event Management at the University of Derby Buxton.
He said the help it had provided had been “very much appreciated” and had enabled the business to give something back.
“We are one of the Corporate Partners of the University of Derby Buxton and are looking to further develop our existing contacts with its music technology unit.”
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For further information on this press release contact Press and PR Officer Sean Kirby on 01332 593004 or 07876 476103, or email s.kirby@derby.ac.uk.
