Superstart back for second year

Download entry form here (pdf): superstart2.pdf

A competition to boost the prospects of new businesses in Colchester and Tendring is back.

Superstart is in its second year and looking for businesses that have a good plan to get through the recession and thrive.

Six finalists will have to present their business plan and plans for the future to a panel of judges, and an audience made up of potential investors from north Essex’s business community.

Sponsoring the second annual competition are Colchester law firm Fisher Jones Greenwood and Larking Gowen accountants, both based at Colchester Business Park.

The Gazette is again supporting the event and the two sponsors, who are also judges, will be joined by Denise Cole, who was named businesswoman of the year at the Colchester and District Business Awards in November 2008, on the judging panel.

Tony Fisher, of Fisher Jones Greenwood, in Newcomen Way, said “We are delighted to sponsor this competition again this year, especially in the prevailing economic gloom. We hope that local business people, and those who hope to be in business, will see this as a great opportunity to secure a cash boost at a time when even the best business ideas are having difficulty securing funding. These are the people whose ideas will help lead us all out of recession in the longer term, and they deserve our support now.”

James Tucker of Larking Gowen said the competition is a way of “highlighting the vibrant entrepreneurial spirit” of people in north Essex.

“I very much hope we will see a wide range of businesses, from start-ups to long-established companies, entering the competition this year.

“In these troubled economic times I believe it is incumbent on all business leaders to remain optimistic and to champion the efforts and successes of those thinking creatively in order to expand their businesses.”

There will be one main prize of £2,000 in the Dragon’s Den-style competition, and a second prize of £1,000. Winners will also receive professional advice from the sponsors.

Last year’s winners, Amanda Ruiz of Peruvian Knitwear and Brad Seaborn of Violent Delights Anti-Fashion, both won £2,000 each and guidance from the sponsors Fisher Jones Greenwood, Larking Gowen, Barclays Commercial and The Lemon Tree.

A year on, both online fashion businesses are flourishing despite the dire financial crisis engulfing the economy.
Both declared their firms had grown four-fold in the last year, with 2009 looking healthy for business.

Mr Fisher added: “We have seen last year’s winners go from strength to strength, despite the difficult trading environment. They have the right spirit and attitude to find success in the hardest of conditions, and we are looking for more like them.”

The deadline for entries is March 7. Six finalists will be contacted from March 16, and the grand final will be held on April 2.

Watch a video of last year's final here

Key judging criteria

VIABILITY
Consideration of, and plans to overcome, major issues/hurdles
Consideration of potential market for new product/service
Practical/logistical plans in place
Identification of key threats and weaknesses
Political Economic Social Technological legal Environmental ( PESTLE)

COMMERCIALITY
Demonstration of realistic profit expectations
Consideration of downsides/worst case scenarios
Adequate consideration of marketing/promotional side
Competitive strategy – differentiation – cost focus - efficiency
Growth strategy

ORIGINALITY/ENTREPRENEURIAL NATURE OF IDEA
Is it a completely new concept, if not, what is different to existing suppliers?
Demonstration of flare/individuality/passion
Demonstration of conviction/will to succeed

QUALITY OF MANAGEMENT
Experience in sector
Track record if any
Clear definition of roles
Decision process
Monitoring

RISK VERSUS RETURN
Link to potential market
Capital / finance structure
Test of assumptions / basis of forecasts
Pestle considerations
Porters forces ( Direct / indirect ie threats of substitutes / fashion / buying behaviours etc