Teenage entrepreneurs scoop £100,000
Teenage pair Richard Boon and Ricky Mason last night secured just shy of £100,000 between them in live investment event The Pitch.
The panel of investors, which included TV’s Dragon and £200m turnover Phones International founder Peter Jones, invested the required £85,000 in 18-year-old Boon’s orthopaedic footstool creation Multi-Prop and £10,000 in 16-year-old youth music promoter Mason of Inform Records.
While the sums may seem small fry to many entrepreneurs the six participants, split into 14-19 and 19-30 age groups, had to earn it as any business would pitching to angels, said Professor Andrew Burke of Cranfield School of Management.
“Pitching to a panel of successful entrepreneurs; especially after observing Peter Jones’ ‘tough guy’ approach, is daunting.”
Participants in the Thames Valley region event, in which at least £500,000 was up for grabs, had five minutes in which to pitch live in front of an audience of 300.
Led by Jones, the investment panel was completed by chairman of AIM-listed Personal Group Holdings Christopher Johnston, MD of Webmart Simon Biltcliffe and experienced angel and founder of ClubHouse Group Nazim Manji.
The young entrepreneurs’ initiative was created and run by a partnership of Business Link Milton Keynes, Oxfordshire and Buckinghamshire, Countec Education Business Partnership (EBP), Oxfordshire Education Business Partnership (OEBP), The Oxford Trust, Cranfield Schoold of Management, and the Milton Keynes Enterprise Hub.
© Crimson Business Ltd. 2006