Newcastle-based Marketwise Strategies was one of five experts chosen to advise entrants in the Northumbria University Staff Business Competition 2009.
The staff business plan challenge invited University staff to put forward their money-making ideas, with Northumbria bringing in experts to help take the potential businesses from initial planning all the way to market entry.
Applicants have pitched ideas from consultancy and training services to health and aptitude testing as part of the annual competition.
And four out of five of this years finalists have opted to use market research conducted by Marketwise Strategies, which is based on the city’s Westgate Road, to help boost their fledgling businesses.Managing Director Jacquie Potts was involved in the business plan clinic offered to finalists, which also included advice from a top lawyer and financial advisor.
She said: Part of the role of academic staff is to carry out research so, as a result, academics often develop product or service ideas that could be commercialised.
This competition presents one way they can begin to test out the commercial potential their ideas have, and investing in strategic market research is vital for new businesses to test the waters.
Its a pleasure to work with such an interesting range of business ideas from Northumbria University and to be involved in helping the academics to turn their ideas into real businesses.
Northumbria University Commercialisation Manager Graham Hopson who organises the competition said: We have been delighted by the calibre of this year’s business plan entries and our panel of industry experts have offered invaluable advice.
Jacquie, in particular, has been directly involved in providing market research expertise which is supporting the development of the staff business plans.
The final of the Northumbria University Staff Business Competition 2009 will be held on Wednesday, June 17.