Justin Tomlinson MP with New College Principal Graham Taylor (far right) and representatives
from the Council, local business, the banking sector and NACUE
Justin Tomlinson MP today sought to encourage more local young people to start a business in key meetings with Swindon's two large colleges.
Justin met first with Swindon College principal Andrew Miller, before then hosting a round table meeting at New College with principal Graham Taylor and representatives from Swindon business, local banks and NACUE (National Association of College and University Entrepreneurs).
The meetings were an opportunity to discuss generally how to inspire young people to take up business as a career and more specifically to discuss the entrepreneurial challenges that Justin has set up for each College.
Swindon College have agreed to take on a business transformation challenge, which will see business students take a struggling business and brainstorm ideas to turn things around before pitching to the business owner.
Justin Tomlinson MP said "I meet with local businesses all the time in Swindon and as a former Swindon business owner myself, I know that at times things can be tough. I have got a number of local businesses who are ready and willing to take part in the project as they recognise the importance of inspiring young people in this area and are open to new ideas.
"Each team of students will be given a business that is finding times tough. They will meet with the owner, visit the business and, with the support of mentors, come up with ideas to solve that business' particular problems. Each business I have signed up is very different so the students will get a real challenge as what works for one will almost certainly not work for the other. They will then have to pitch to a panel, including the business owner, to set out their ideas and plan. It will give the students a vital taste of the real business world, where you have to constantly adapt to changing markets in order to stay ahead."
With New College, the principle of giving students a taste of the real world is the same, but the challenge slightly different. Justin has brokered a deal with the Blunsdon Indoor Market to see young enterprise students given a chance to trade for real. Each team will be given a free pitch, with just a bare table, for three days to trade. They will have to research the market, choose their products, decide whether to spend money on marketing/dressing their stall and crucially, pitch their prices right. Business Minister Mark Prisk has shown a lot of enthusiasm for the project, and through a number of key meetings in Westminster, Justin has got the Federation of Indoor Markets to agree to extend the offer of free pitches to cover all their markets across the country, a fantastic opportunity for colleges, and their business students, nationally.
Justin Tomlinson MP said "Young enterprise is an excellent scheme, but selling to your friends does not represent a huge challenge. By taking the principle and exporting it to a real world trading environment, it really challenges the skills the business students have learnt - market research, pricing, product choice - and is fantastic experience for any budding entrepreneurs. I am delighted that the Blunsdon Market has agreed to give discounted pitches to the successful teams for the school holidays, hopefully we will see the next generation of local traders to boost our markets and town centre.
"I am really looking forward to seeing these projects unfold. It is important that we make sure young people do not leave college thinking that the only career option is to get a job working for someone else. We must ensure that they know that business is a real alternative and give them the opportunity to build valuable entrepreneurial skills. You only have to look at Superdry clothing to see the potential. That started life as a market stall in London off the back of one of Thatcher's enterprise grants. Last year, it turned over £189m and it is impossible to leave the house without seeing someone wearing their clothing. If we give young people the opportunity in business, the potential is limitless."