Four budding entrepreneurs have been named as finalists in the Virgin Media Pioneers Pitch to Rich competition after securing the public's backing in an online vote. The finalists, whose businesses cover confectionary, fuel injection systems, sustainable construction and fashion, have a once-in-a-lifetime opportunity to pitch to Sir Richard Branson and a panel of successful business leaders, for the chance to win a prize package worth £5,000.The finalists include:
Barbara Jones from Halifax who runs Straw Works, an innovative design, building and training company that specialises in using natural materials such as straw bales to create affordable and efficient home and offices.
Dr Stephen Terry from Liverpool has established TCK engines and has developed a fuel injection system which maximises the efficiency of combustion and hybrid engines resulting in fuel savings and reduced engine emissions.
Joshua & John Okungbaiye from south London, have developed High Spirit, which creates theft proof rucksacks.
Imran Merza also from London has established The Jealous Life which makes sweets for grown ups' containing no gelatine, gluten or artificial flavours.
The finalists now have one week to prepare their pitch before they go head to head, in a bid to impress the panel of business experts including Sir Richard Branson; Virgin Media Pioneers success story and founder of SBTV, Jamal Edwards; Thea Green, the founder of Nails Inc; and Hummingbird Bakery founder Tarek Malouf.
Sir Richard Branson, Pioneer-At-Large of Virgin Media Pioneers and founder of the Virgin Group, said: I always look forward to judging the Pitch to Rich final as it gives me a wonderful opportunity to meet a host of interesting aspiring entrepreneurs. It's a real privilege to be able to help talented young people achieve their goals and I am impressed by the tenacity and creativity of the finalists. I wish them all the best of luck.
Jamal Edwards said, I have experienced first-hand how the Virgin Pioneers network can help young entrepreneurs to share ideas, obtain advice, and meet like-minded individuals with the same dreams and aspirations. I can't wait to meet this year's finalists and am looking forward to becoming a mentor to the next wave of entrepreneurial talent.
Tarek Malouf continues, I'm really intrigued to meet this year's Pitch to Rich finalists and to find out more about their business models. I know exactly how challenging it is to establish a new business and just how crucial good advice and opportunities to secure capital can be. Thats why I think opportunities like the Pitch to Rich competition are great platforms to help and inspire determined young entrepreneurs. It's such a fantastic event and a brilliant way to recognise the wealth of entrepreneurial talent in the UK.
Showing youve really done your research and know your market and business model inside out is crucial to delivering a convincing pitch.
Thea Green, founder of Nails Inc added, Trying to establish a business in the current climate is always going to be challenging for a young entrepreneur but I am sure that all of this year's Pitch to Rich finalists have what it takes to succeed. I am really excited about seeing their business ideas.
The winner, who will be announced on the day, will receive a prize package worth £5,000, including cash investment and receiving expert legal, branding and marketing advice as well as mentoring for their business. The runners up will also receive £1,000 worth of investment, as well as an opportunity to build their network and raise their profile to further their business prospects.
Last year's winner, Dan Watson from London, designed SafetyNet, a sustainable fishing system designed to help juvenile fish escape during the trawling process.
Virgin Media Pioneers was founded by Virgin Media in 2010. Today, the free peer-to-peer network supports 5,000 young entrepreneurs, providing mentoring, advice and unique business opportunities.
Sir Richard Branson's top tips for pitching:
Here are five simple similarities shared by all successful pitches:
- They explain how the new business will make a difference to customers and provide a compelling alternative to competitors. This means showing a new way of doing things to shake up the market, and explaining it in short, sharp, entertaining fashion.
- They are grounded in expert knowledge of the industry. If you are going to launch anything - a new social network, a new bank, a new fashion line you need to demonstrate a solid understanding of the market and how you can disrupt it.
- They have a realistic plan. While high concepts are fine, pitches need to illustrate how a company could work practically. This means legal, financial and operational plans. It's tough to include details in a short presentation, but the most engaging pitches manage to combine passion with pragmatism.
- They are in it for the long haul. Nothing stays the same, and business changes faster than most things. Pitches latching on to the flavour of the month are all well and good, but they need to communicate how the business could grow sustainably and develop in the future.
- They show their strongest hand. Pitching is all about selling your idea and your business as an exciting place to be. Highlight the strengths especially the talented people who are working on the project and don't be afraid to talk up your prospects.
To find out more about the Virgin Media Pioneers or to enter, visit: www.virginmediapioneers.com or @VMPioneers #VMPitch2Rich
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