News
Engineering YES IDs entrepreneurs of the future
21 June 2011A team of students from Loughborough University have shown exceptional business acumen to finish second at Engineering YES, a national competition designed to unearth engineering entrepreneurs of the future.
Now in its third year, Engineering YES (Young Entrepreneurs Scheme) pits postgraduate research students and post-doctoral researchers from across the country against one another, giving them the skills and knowledge to commercialise their inventions.
Jouni Ronkainen, David Rogers, Guy Banwell, Henry Hanson and Andrea Vinet from Loughborough's Sports Technology Research Group picked up £500 prize money as the Grey Matter team.
This year’s winners were University of Manchester team Pinnacle who claimed the top prize of £2000.
Teams spent three days and nights working on a business plan for an imaginary start-up company before presenting it to a group of investors and industry experts who judge the best bid based on students’ understanding of their market and competitors, demonstration of credible operations and marketing procedures, and a clear appreciation of business finance and investor priorities.
As part of the process, leading industry figures presented workshops on topics including patenting, finance and marketing, and provided one-to-one advice to the young engineers, giving them an exclusive opportunity to learn from experts in their field.
Graham Hopkins, EVP - Engineering & Technology at Rolls-Royce and one of the judges at the final, said:
"Rolls-Royce is pleased to sponsor the Engineering YES 2011 programme. The ability to turn good engineering ideas into a sustainable business proposition is an essential attribute in an ever more competitive world.
"The quality of the finalists was exceptional and the judging panel had a difficult task in agreeing a winner. The opportunity to feed back and ask questions to the knowledgeable and enthusiastic teams was a key aspect of the overall process."
The competition is organised by the Loughborough University Graduate School in conjunction with the University of Nottingham and the Rotary Club of Loughborough Beacon.
Loughborough University Dean of Engineering Steve Rothberg said:
"Engineering YES is a unique competition which aims to equip researchers and postgraduate students with skills needed to transfer their ideas out of academia and into the business world.
"By introducing participants to key players from within the industry we hope to inspire them to continue their careers in engineering and innovation and unearth their hidden entrepreneur."
More than 60 researchers representing teams from Loughborough, Nottingham, Manchester, Liverpool and De Montfort universities took part in the competition, which included two regional heats.
The competition has grown year on year and organisers are seeking sponsors and supporters for Engineering YES in 2012. Businesses and individuals interested in getting involved should contact Jo Gilman on j.gilman@lboro.ac.uk