Press Release
Entrepreneurship is alive and flourishing at Imperial
March 2006
Seven SMFs1 have helped use their range of engineering skills and wider business experience to mentor entrants in the Entrepreneurs’ Challenge organised by the Entrepreneurship Centre at Imperial College’s Tanaka Business School.
The challenge, an annual event held in the last two weeks of March, is designed to offer engineering students the chance to acquire hands-on experience of developing a business concept. As an added motivation for the students, it also has an annual prize fund of some £55,000 – one of the largest such funds for a single UK university competition.
The SMFs were called upon as mentors by over half of the 45 teams which entered, offering a mixture of real-life business advice focussing on how to market the products, highlighting key financial and operating risks, together with guidance on building an advisory board and attracting VC funding. The winner of the event was a group called Intervent, a company of four Industrial Design Engineering students who have designed a low cost suction device to clear accident victims’ airways. They received a £25,000 first prize and will now go on to produce the product and turn the concept into a reality.
James Raby, SMF and team mentor, said: “The Challenge is tough, with really good and ambitious business ideas being tested and challenged hard by the panels. I was extremely impressed with the very high standard and determination of all of the participating teams. Innovation and entrepreneurship is absolutely alive and flourishing at Imperial and I hope that the advice that we were able to give will assist not just the finalists but all the teams and that they go on to turn their business plans into successful companies.”
Sabrina Kiefer, manager of the Challenge at Imperial, commented: “The Entrepreneurs' Challenge is now in its sixth year, and gives prospective start-up companies support in learning to develop a business idea and present it before a panel of potential investors. This year, our entrants benefited greatly from the added support and enthusiasm of mentors from the SMF Society. They gave the students exposure to the opinions, advice and know-how of entrepreneurs and industry experts from outside the college, helping them to refine their projects before they faced our panel of external judges."
The SMFs received thanks in the final session where presentation of the prize cheque was made by the Rector of Imperial, Sir Richard Sykes, DSc, FRS.
Photography from the event is available on request.
1SMF exists to develop engineers as leaders in UK industry. In 1987, to help change UK business culture, Lord Sainsbury initiated the SMF scheme. The scheme is administered by the Royal Academy of Engineering and each year selects 10-14 young engineers who have exceptional academic qualifications and leadership potential. The chosen candidates are then offered the opportunity to study for an MBA at one of the world’s top business schools.