Bernard Ginns: Ventures that prove the region is bursting with ideas

PICTURE the scene.

Thirty seasoned investors, mostly white, middle-aged and male, dressed in dark suits, sitting behind rows of tables, clutching pens, paper and smartphones, watching intently.

By virtue of their association, they have significant means at their disposal. The chance, perhaps, to find an acorn of an idea and, with the right conditions, create a mighty oak tree of a business.

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Or, alternatively, throw several hundred thousand pounds down the drain by investing hard-earned cash in a business that was too early, too late or too ill-thought through to be a success.

It is the annual investment competition at Venturefest, the chance for science, technology, creative and high-growth businesses to shine before an audience of the Yorkshire Association of Business Angels.

At stake was nearly £40,000 worth of business services for one winner. Each finalist looking for investment. Each investor looking for an opportunity.

First up was Paul Gott, of Ilkley, who is looking for money to help develop prototypes of his patented folding bike design.

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He founded TTOG Bike to design, manufacture and distribute bikes to customers worldwide.

The USP, he told the audience, is the fastest fold-down time on the market, quicker than Brompton, the industry leader.

He wants to build TTOG into a global brand and has invested £15,000 in his vision. He wants £100,000 to develop prototypes ahead of launch.

Next came Dean Sadler, the former chief technology officer of Plusnet, the Sheffield-based internet service provider.

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He has developed a technology business called TribePad, which offers big employers an antidote to the “spray and pray” tactics of would-be graduate recruits and gives them a competitive edge in the war for talent.

He has already won some big contracts from the likes of the BBC, G4S, Sodexo and Speedy. Mr Sadler has built a platform with 23m online profiles to date.

He isn’t taking a salary. He has invested everything he made from Plusnet. He is looking for £300,000 to “start sweating the assets”.

Up third was Roger Stocker, co-founder of Intuitive Business Intelligence, based in Manchester. He had the air of a man who had built successful businesses before.

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His latest venture is a platform which brings together critical business information from a variety of sources on one interactive, easy-to-use dashboard.

The software “empowers” busy executives to make quick decisions about their business without having to wade through reams of data trying to work out what on earth is going on.

He has already been offered £600,000 for the business, but turned it down, he said. He wants £350,000 to grow sales and add to his customer list of Raleigh, National Express and Yorkshire’s own Harvard Engineering.

The fourth presentation was from Hans Verhoosel, the Belgian entrepreneur behind LPV International.

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He described himself as “an adopted Yorkshireman of eight years” who wants to develop Lulin into a high-end tea brand.

The tea leaves are ethically sourced and packaged in handmade cube-shaped teabags. He is supplying Harrods – which sells them at £8.50 for eight – and Nobu, the very upmarket London restaurant.

His first customers were Twinings and Unilver, keen to see what he was up to. The North Duffield company turned over £900,000 in year one. He is looking for £300,000. Waitrose is interested in buying his products.

Up fifth was Patrick Speedie, the co-founder of In-Part, an online publisher of investment opportunities that aspires to link academic excellence with industry. Good luck with that. We certainly need it as a country. “A huge amount of research ideas remain dormant,” intoned Mr Speedie.

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He wants to provide email updates of latest research ideas to business groups and associations, which will provide investment opportunities for business and revenue streams for universities.

Mr Speedie is looking for £50,000 to cover development costs.

The last presentation came from Wen Lui, managing director at PetDreamHouse, which sells lifestyle pet products. Its product development is “social”, which means that anyone can suggest a design for their favourite pet. The most popular get sent off for manufacturing by a family friend in China. Successful designers get a share of the profit.

Mr Wen said: “The pet accessories market is the most stable growing market in the UK.”

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He is looking for £300,000. Jonathan Elvidge, the Hull-based retail entrepreneur behind the original Gadget Shop, is mentoring the business.

Intuitive Business Intelligence won the competition. All the best to the rest.