Enhance your employability with a great business idea for your SU. Up to £60k funding!
Want to start a new commercial or social enterprise venture but don’t know how? Want to enhance your ‘employability’? Then read on to find out about £60k of funding...
The 'Innovation & Social Enterprise Academy' is a new national initiative of the commercial division of National Union of Students (NUSSL). It encourages and supports individual students and students' unions and their staff members in their efforts to build new commercial and social enterprises for the Students’ Union through the availability of seed funding to the Students’ Union. In addition, it offers additional excellent development opportunity for all participants through attendance at free skills workshops and personal tutoring in business proposals.
You are invited to apply for funding for 'ideas that are ethical, legal and that demonstrate a clear long term commercial benefit to students' unions'. The ideas could be completely new to our union or ideas that build on or enhance our existing services and activities. Funding of up to 60k is available for the successful proposals and will be distributed to the selected Students' Unions (N.B. not to individuals) to help launch their ideas. Successful applicants will also be invited to attend a 2 day development course on 8 & 9 February in Cheltenham and will be supported throughout the process by the Students' Union.
Applications are welcomed from all students of Royal Holloway who hold their NUS/SURHUL card membership. (Students’ Union staff are also offered the opportunity to support such applications and take part in a 'team application' with students). Applications must have the approval of the President and/or the General Manager. Stage 2 of the process also requires the sponsorship of a Students Union officer.
There is a 2 stage application process:
Stage 1
Your initial application must be sent to ise@su.rhul.ac.uk by Friday 26th November. These applications will then be shortlisted by the President and General Manager. This application must set out your business proposal in the following way;
· Your first and last name and your e-mail address
· A brief outline of your ‘business idea or social innovation’ (Maximum of 200 words)
· List the evidence that you have or the research you have undertaken to back up your business idea
· Please list your anticipated start-up costs
· What is your anticipated turnover in the first year of operation
· If you are shortlisted for the event, how much of the £60k fund will you be requesting
· Please state why you feel you should be invited to attend the 2 day development event in February and pitch your idea to the judging panel. (Maximum of 200 words)
· Who will benefit from your idea, and how? (Maximum of 200 words)
- Outline how you will ensure the environmental impacts of your idea are minimised (Maximum of 200 words)
(If you would like support in structuring your business proposal, this can be made available through the kind support of John King, Royal Holloway Entrepreneurship Careers Advisor. John can be contacted on John.King@rhul.ac.uk ).
Stage 2
The shortlisted applications will then be assessed by our student body and the successful applications will be sent to the judging panel at NUS. Successful applicants (& their elected student officer sponsor) will then be invited to attend a two day development course in February at the end of which they will be able to compete for part of the 60k prize fund. These days will consist of workshops in the following areas;
· Defining your business
· Looking at your market
· Preparing your business plan
· Financial forecasting
· Marketing & sales
· The perfect pitch
All applications will be assessed on the viability of the idea and the strength of the business plan. This is a great opportunity to further develop your skills, will look great on your CV and will also allow the promotion and recognition of your ideas and ability to a wider audience.
For any further queries, please contact the Students’ Union General Manager on sean@su.rhul.ac.uk
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