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Knowledge Dock Announces Top fifteen Finalists For E-Factor

17 March 2008

Students gathered at the Knowledge Dock Business Centre on Wednesday 12^th March as Knowledge Dock, the University of East London’s Enterprise Development Service announced the top fifteen finalists for its E-Factor Business Plan competition.

The competition, which is sponsored by the London Development Agency, Barclays Bank, Tate & Lyle and London City Airport, offers enterprising students from UEL the opportunity to win a £10,000 business start-up grant to transform their business concept into a fully functional business.

The event marked the end of a four month promotional campaign that was launched as part of National Enterprise Week in November 2007 to encourage students to participate in the competition. During this time over three hundred students attended a series of enterprise workshops ranging from ‘how to develop a business idea’ to ‘how to think entrepreneurially’. Students also participated in a number of enterprise events such as the ‘pitch party’ where potential entrants to E-Factor were invited to pitch their idea to a panel of judges.

At the announcement, finalists were also introduced to their business mentors who will be supporting them to develop their business plans. Laura Chicurel, Managing Director of Chicurela and one of the fifteen mentors who will be supporting the finalists said: “I am delighted to be supporting the E-Factor competition. Speaking as someone who has started up their own business from scratch, the process of starting up is often very difficult and challenging. I know when I was starting up my own business, the support and advice I received from other people was invaluable to my efforts and I hope and can support my mentee in the same way”.

Over the coming months the finalists will participate in a series of business masterclasses, ranging from finance to business planning to help them develop their business idea before having to submit an Executive Summary and presenting their business idea to a panel of judges. Five of the fifteen finalists will then be selected to proceed to the Grand Finale stage of the competition, where they will receive further mentoring from Barclays Bank and attend an ‘Investment Ready’ workshop. For the final stage of the competition students are required to submit a ten-page business plan, as well as having to pitch their idea to a panel of industry professionals at the Dragon’s Den themed grand finale event to be held in May.

Moncia Clemo a second year Photography BA undergraduate, said: “Me and my business partner Zoe Holloway are excited by the prospect of being able to present and develop our business ideas further. It was a great feeling to be one of the few selected to proceed to the next stage of E-Factor. The support and workshops we will receive will give us the opportunity to build upon our aspirations and hopefully turn our business dreams into a reality. We are both really looking forward to this next stage of the competition. Due to the nature of an arts degree, E-Factor has given us both an opportunity to gain skills in entrepreneurship, which we would have other wise have missed out on”.

Martin Chan, Communications Manager at Knowledge Dock said: “This is where the competition really starts to get interesting. Over the coming months the finalists will develop and hone their business skills and it will be a steep learning curve for all those involved. This is a fantastic opportunity for all the finalists to learn from successful business people who have already established their business and I am sure the finalists will find it to be a thoroughly enjoyable and positive experience”.