Pictured above: Sir John Egan
A fund to help support the next generation of entrepreneurs is
being launched at Coventry University later this month.
The Coventry University Student Enterprise Fund is the
brain-child of the University's Chancellor, Sir John Egan, who
wanted to do something to encourage entrepreneurship by giving
financial support to fledgling student businesses when it is needed
most.
Sir John, who is a keen supporter of UK innovation and
enterprise, has personally committed financially to the fund and
has asked a number of like-minded individuals to do the same in
order to bridge the financial gap that has been caused through lack
of suitable funding.
The fund will support the establishment of new growth businesses
across all academic disciplines through investments normally in the
range of £3k - £5k and as much as £30k for an
outstanding proposition.
The development of a student-led enterprise fund is a unique
proposition in the UK and the loans, which will be made available
at competitive rates, will be expected to be paid back once the
business is up and running so that the money can go back into the
fund to support the next wave of new businesses.
Sir John Egan said: "I am concerned that our UK
Universities will fall behind internationally as a result of
reductions in public sector funding and limited access to
development funds from the EU. I am very keen to make this
initiative a success, not just for the University, but for the
region as a whole."
Students at Coventry University are encouraged to create their
own businesses while at University. The fund will be used to
support businesses set up by students. It will also be mainly
student-led operating with the help of an investment committee with
assistance from the University's Institute of Applied
Entrepreneurship (IAE) who is managing this project.
Sir John added: "There is already of wealth of practical
support available at the University through the IAE and they will
work closely with the new businesses to help them to succeed."
Gideon Maas, the Director of the Institute of Applied
Entrepreneurship, who will be formally launching the initiative
with Sir John Egan on 21 October, is excited at this new
development in business support.
He said: "Coventry University has a strong profile in
enterprise and innovation and a strong reputation for practical
business-facing education. We have been able to provide
business development grants to some 30 students a year to help
support the development of their business idea. This fund will
support students taking their businesses to the next level of
commercialisation and growth."
Further information can be obtained from Louise Fidler who will
be managing this project. Louise can be contacted on 024 7623 6001
or by email lfidler@cad.coventry.ac.uk
For more information about Coventry University, please visit
their website here: www.coventry.ac.uk