Healthy climate change for UK entrepreneurs

The UK has never been a place where ideas are in short supply, but only recently have people been encouraged to capitalise on them by starting a business. With competitions like Oxford Entrepreneurs (an Oxford University student society) 'Idea Idol', potential start-ups are getting access to the early-stage finance that can be crucial to success.

Getting big ideas, the next generation

Oxford University's answer to the BBC's Dragon's Den, 'Idea Idol' invites students to submit new business ideas for the chance of winning a slice of the £5000 prize money. Chosen from over 200 entries, this year's eight finalists gave a two-minute 'elevator' pitch to an impressive lineup of judges. The panel were looking for the right combination of impact and innovation, as well as long-term business potential and technical feasibility.

Katherine Mathieson, head of NESTA's Future Innovators team and one of this year's judges, says she was impressed by the wide range of ideas that were put forward by the teams. Another of the judges, Sháá Wasmund of Bright Station Ventures (BSV) says, "I think it's great that going into business is being given this exposure. It's placing enterprise on a par with training as a lawyer or doctor."

In fact Sháá was so impressed with one of the ideas presented, that she and fellow judge Dan Wagner sidestepped the prize money, offering instead to invest a significant amount from Bright Station Ventures fund of $100m in 'Design The Time', brainchild of Thomas Whitfield and his two business partners.

Getting time on their side

"It would be really interesting to know how many people are kissing in this exact moment, and what else is going on around the world," so began the idea that has become Design The Time, according to one of the founders, Thomas Whitfield.

Design The Time will provide a web-based 'virtual reflection' of time, stretching into the past as well as the future. People will be able to find out exactly what happened on a given day, accessing information from both the public sphere (for example the Prime Minister visited Scotland) as well as the private (a local pub landlord just became the father of twins).

As well as browsing this 'virtual reflection' of time, people will be able to upload their own content - photos, video and text, which they can choose to share with the world, or just a handful of people.

In addition to attracting financial backing from BSV, Design The Time has caught the attention of Jim Lawn, Head of Innovation, Microsoft UK. "It is the kind of idea that, whilst simple, has the ability to capture the imagination of the whole world," he says. "We believe Design The Time has the potential to be the next YouTube or Skype."

Both BSV and Microsoft have agreed to look at the potential for working together to help bring Design the Time to market. For a start, Design The Time can expect more than financial support from BSV. As Sháá says, "Like any idea we invest in, we will give it a great deal of our personal attention."

Good for business

So are new businesses booming in the UK? Well, there are certainly more of them, with the general public beginning to see it as a viable career option.

As Sháá says, "Entrepreneurial activity is becoming more a part of the national consciousness, with shows like the BBC's Dragon's Den helping to sow the seed. Even if people then do nothing for five years, the idea is there. And while they might be working for someone else, part of them is thinking, 'what can I learn here that I can apply to my own business?'"

"There is still a higher rate of new business start-up in the US," she continues, "but that is changing. We are getting the infrastructure in place to support entrepreneurs here and that's a great thing."