Lancaster University 100 day Entrepreneurial Challenge

Last December four entrepreneurial L6 students entered a competition organised and run by Lancaster University Management School. The team was required to come up with a business plan, based on an idea that would address at least one of the UN Sustainable Development Goals.

The business idea the team proposed was the production of a drinking straw with a filtration system inbuilt to allow the residents of Dakar, Bangladesh, to access clean drinking water. In brief, the business model was built around a one for one model where people in developed countries can buy a straw and an individual in Dakar would receive a straw for free. The product would be sold in developed countries, such as the UK, in the camping and explorer markets.

The team were tasked with producing a short presentation outlining their business idea including a financial report and a marketing plan, together with a ​poster setting out their plan. The team received weekly mentoring from Matt, an entrepreneur-in-residence at the university.

On Wednesday 1^st March, Kobe, Arabella, Megan and Helen (L6) presented their business plan to a panel of judges at Lancaster University. The team’s professionalism and communication skills were outstanding and when faced with a series of probing questions from the judges, they answered knowledgeably and confidently.

Despite not winning the competition the team received great feedback from all at Lancaster.

“It has been a phenomenal experience for all of us, we have learnt many new skills such as putting together a viable business plan, marketing research, financial reporting and many more. Although we didn’t win, the skills that we gained are very precious and valuable, and most importantly, our teamwork skills have improved a lot.” Helen

“Through this challenge, we’ve learnt how to communicate with each other as a team and respect each other’s suggestions/opinions. Moreover, we’ve gained lots of skills which will benefit our future paths, such as investigating different business models, conducting market research and writing a financial report. Finally, it was wonderful to have each other’s company throughout the competition and we were very close to winning it! But we’ll take in what we’ve learnt, rest for a while and get ready for our next challenge.”  Megan