Dane McCrindell on support for Barnet’s budding entrepreneurs

Have you ever dreamed of turning your business idea into reality?

An exciting opportunity is now available for aspiring entrepreneurs in Barnet, thanks to a new competition launched by Middlesex University and Barnet Council.

“What’s Your Big Idea?” is offering a £20,000 prize fund, alongside hands-on training and expert mentorship, to support residents and students across Barnet to develop their business ideas into thriving ventures. The competition aims to equip participants with the skills and confidence to succeed in the competitive world of entrepreneurship.

Cllr Barry Rawlings, Leader of Barnet Council, highlighted the borough’s entrepreneurship vibe by saying: “Barnet is a buzzing hub for entrepreneurs, with thousands of small businesses trading in the borough. We’re proud to partner with Middlesex University to support the next generation of entrepreneurs.

He added: “I encourage all budding business owners to apply, take advantage of the coaching and mentoring and pitch for a share of £20,000 in start-up funding. Forget Dragon’s Den or The Apprentice – this will help our local, young and ambitious talent turn their drawing board ideas into actual businesses.”

The competition has three stages. Participants will start their journey by submitting a 90-second video pitch explaining their idea, skills, and aspirations. Selected candidates will be invited to attend workshops which will be led by seasoned entrepreneurs teaching crucial business skills like financial forecasting, market research, and operational planning. These sessions will provide real-world insights to support and develop participants’ business ideas.

The final stage of the competition will end with a live event where six finalists will be presenting their business ideas to a group of experienced entrepreneurs and industry experts. This grand finale offers not only a chance to win funding but also invaluable feedback to take on board and help continue their ventures further. The finalists are split into two categories – Barnet Residents and Middlesex University students. The winner of each category will receive £5,000, second place £3,000 and third £2,000 in equity-free prize money.

The competition is open to London Borough of Barnet residents, Barnet and Southgate College students and current and former Middlesex University students (up to two years post-graduation).

Applicants can apply as individuals or in teams, provided they are at least 17 years old, eligible to work in the UK and if they already have a business venture it must be less than one year old. The programme is open for applications right now and closes on the 26th of January 2025.

Middlesex University vice-chancellor, Professor Shân Wareing, said: “We are always keen to champion entrepreneurial spirit and create an environment in which students and graduates can develop and grow their business ideas. This project is an excellent platform for entrepreneurs in the local Barnet and North London community.”

With support from Santander Universities, Brent Cross Shopping Centre, and Barnet Council, the programme promises to be a launchpad for Barnet’s next wave of innovative businesses.

So, if you’ve got a big idea and are ready to take a leap of faith, now’s your chance to shine. Visit the competition’s website and start your journey towards turning your business dreams into reality.

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