The Open University (OU) has awarded a total of £60,000 to 18 aspiring business owners to support the next generation of student entrepreneurs.
350 people registered for this year’s Open Business Creators Fund competition that has been co-funded by Santander Universities, the Higher Education Innovation Fund and the Welsh Regional Innovation Fund.
90 people took their ideas a step further by submitting detailed business plans outlining their ventures. After presenting their business models to a panel of judges online, 18 outstanding proposals were chosen for grant awards.
The Open Business Creators Fund provides crucial financial support for small and aspiring businesses, with grants ranging from £1,000 to £10,000.
This year the competition also introduced two separate funding streams – commercial enterprise and social enterprise, each featuring categories for ideas, early-stage ventures, and established businesses.
ACT Student Support
Among the winners is Tara Murphy, founder of ACT Student Support and student at the Open University in Wales where she is working towards a Certificate in Business Management. Tara’s story exemplifies the transformative potential of the Open Business Creators Fund.
ACT Student Support provides specialist mentors to students in higher education who may face mental health challenges, learning differences, or physical disabilities. Driven by her own experiences in the education system, Tara is passionate about creating a more inclusive learning environment for all students.
The £10,000 prize money awarded through the Open Business Creators Fund will enable ACT Student Support to hire new mentors and expand their reach to support more students across the UK.
Speaking on how the Open Business Creators fund has impacted her journey so far, Tara said:
“Participating in the competition has allowed me to share my ideas and concepts with other business professionals, demonstrating the potential of a social enterprise to support disabled students and workers.
“Building strong relationships with universities, students, and the wider community is crucial for us. Being part of the Open Business Creators program has significantly enhanced our approach to establishing our business. Their belief in ACT Student Support as both a business and a concept has been a tremendous boost. We are thrilled to have the support of a university-led initiative and are proud to be part of the Open University community.”
Liz Pie Pastry
The Open Business Creators Fund competition provides a vital launchpad for these aspiring business leaders, equipping them with the financial resources and recognition they need to turn their ideas into reality.
Elijah Akinfenwa has been awarded £5,000 as a ‘Serious’ category winner in the Commercial Enterprise stream of the competition. His business, Liz Pie Pastry, is a modern African pastry business that will be launching its first street food location in London this summer.
Speaking on his experience of joining the Open Business Creators community at the OU, Elijah said:
“Participating in the Open Business Creator program gave us access to Validate, which helped restructure our business plan by breaking down our ideas into an understandable structure and solidifying our concept. The most valuable thing was the depth we went into about our business, which helped us understand our business more. “
“The Prize money will be used to help us launch our street food vending, allowing us to serve more customers restaurant-quality food at more affordable prices.”
Speak For Less
OU graduate Jamie Pell has also been awarded £10,000 from the Open Business Creators Fund to further build his company Speak For Less. Speak For Less sells a modern Speech Tool device that is designed to increase speech fluency and improve communication skills. Jamie applied for a grant last year but was unsuccessful, but he says the experience and advice has proven to be just as helpful as the money itself. Jamie said:
“Winning this £10K grant and another grant three years ago has enabled the company to re-invest in a number of business activities, which is essential for longevity in any business.
“I entered the competition last year and, although I was a finalist, I ended up coming short. Although I was disappointed at the time, the meticulous planning for the pitch did not go to waste. I truly believed in my pitch and chose to invest some of my personal savings towards these campaigns. This is a great example that what might seem like a failure might not end up being so. Not only did the planning from last year’s pitch work in the end, but I also ended up getting the grant the following year!
“I really value the feedback from the panel. Being able to hear valuable knowledge from all of the panellists provided a fresh insight into the tasks I should focus on.”
Next steps:
The OU will continue to support the 2024 winners, they will be offered training, networking and mentorship opportunities. They will also be encouraged to apply for the Santander X UK Awards.
The Open University will be launching the Open Business Creators Fund for Disabled Entrepreneurs in September to encourage early-stage founders to share their ideas and access support and funding.
With a total prize fund of £25k provided by the Open University, this funding competition will support any disabled person in the UK who is at the idea or very early stage of starting up a business.
Rob Wilson, lead for Open Business Creators at the OU, said:
“For the past two years a third of our entries to the fund have come from disabled entrepreneurs. We want to do more to encourage disabled founders to pursue their ideas and open up our training, resources and funding to anyone in the country with lived experience of a disability to progress on their entrepreneurial journey.”
To find out more about the Open Business Creators Fund for Disabled Entrepreneurs and how to get involved, visit the website here: OLCreate: Open Business Creators Fund for Disabled Entrepreneurs
