Pharmaceutical pioneer launches University of Bristol's £35,000 New Enterprise Competition

Pharmaceutical pioneer launches University of Bristol's £35,000 New Enterprise Competition

[Posted on 01 December 2008]

Enterprise staff and students at the University of Bristol gathered to see Bhikhu Patel, Director and co-founder of Waymade Healthcare plc, officially open the University's New Enterprise Competition 2009.

The annual competition is designed to inspire new high growth business ideas and entrepreneurial talent. Launched every autumn, the New Enterprise Competition is open to students, staff and recent graduates of the University. There is a substantial prize fund in the region of £35,000 including cash, free professional advice and managed office space to help make businesses a commercial success.

An alumnus of the University of Bristol, Bhikhu Patel studied for a BA and Diploma in Architecture in 1975 before teaming up with his pharmacist brother Vijay to set up Waymade Healthcare plc in 1984.

The company has an impressive record of growth, building a portfolio of its own products both in the UK and more recently internationally. In 2001, Bhikhu was named jointly with his brother as a United Kingdom Ernst & Young Entrepreneur of the Year.

Addressing staff and students from the University who attended the launch, Mr Patel encouraged students to participate: "I am proud to be here today, to officially launch the New Enterprise Competition 2009. It is exciting to see that the University at which I once studied is encouraging opportunities in enterprise through competition such as this."

He added: "If you have a business idea, no matter how big or small, I would encourage you to take part in the competition. You might, one day, see that idea become a significant business opportunity."

Staff and students were told to submit their business plans by 24 February 2009. The best entries as judged by a panel of experts from the sponsoring companies including Bristol City Council, Bristol SETsquared Business Acceleration Centre, Business Link, Deloitte, EADS, Edwards, Ginko Investments, IP Group, North Bristol NHS Trust, Osborne Clarke, Santander, University Hospitals Bristol NHS Foundation Trust and the Wyvern Seed Fund, will then be invited to submit full business plans. Winners, to be announced at the prestigious Enterprise Dinner in the summer of 2009, will be awarded cash prizes and support to help bring their ideas into the marketplace.

Part of the prize pool includes six months worth of managed office space in the Bristol SETsquared Business Acceleration Centre. The SETsquared Business Acceleration Centres are part of the SETsquared Partnership, the collaboration of the Universities of Bath, Bristol, Southampton and Surrey, which support early-stage technology, high growth potential ventures from both within and outside of the Universities to accelerate their businesses. Each Centre provides business mentoring and guidance support to entrepreneurs and business professionals as well as office space.

During the competition launch, Bhikhu Patel was also inducted into the University's Enterprise Roll of Honour. The Roll of Honour aims to recognise University of Bristol graduates who have gone onto establish world-class businesses. Mr Patel joins other Bristol alumni including Mark Ellingham (BA 1980, MA 2000), co-founder of the Rough Guides brand, Nick Wheeler (BSc 1987), founder of Charles Tyrwhitt Shirts and Sahar Hashemi (LLB 1998), co-founder of the Coffee Republic.

Welcoming Bhikhu onto the Enterprise Roll of Honour, Professor Guy Orpen, Dean of Science and Professor of Structural Chemistry at the University of Bristol said: "The University has an excellent track record of graduates setting up inspiring and successful international businesses. We are delighted to be inducting Bhikhu into our Roll of Honour and have no doubt that his entry will be a source of inspiration for our students, the business leaders of tomorrow."

Dr Neil Bradshaw, Director of Enterprise at the University added: "The University is committed to encouraging enterprise amongst its students and the increasing volume of entries to the New Enterprise Competition each year is testament to this. The standard of business plans submitted is exceptionally high and demonstrates how entrepreneurial Bristol students really are."

For further information please contact:

Sadia Rooney
Research and Enterprise Development, University of Bristol
Tel: +44 (0)117 928 8676, Email:sadia.rooney@bristol.ac.uk
www.bristol.ac.uk/research