Santander Summer Company Programme
The University of Glasgow emphasises experiential learning as the most appropriate way in which to learn the motivation,attributes and skills of entrepreneurship. However, currently there is no opportunity for students to experience establishing and operating a real business out with the undergraduate Business Start-Up Course taught by the Adam Smith Business School. This document outlines a programme established to supports students to set up their own company during the summer vacation.
The programme is fully consistent with the Universityâ€™s mission of promoting and encouraging entrepreneurship amongst students and thereby benefiting the Scottish economy. The programme enables students to learn how to start and operate a business and provides a low-risk opportunity to trial a business idea which might turn into a solid business. It will lead to some ongoing business start-ups and will motivate others to start businesses in the future.
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The programme also enhances the University of Glasgowâ€™s positioning as an â€˜entrepreneurial universityâ€™, with potential benefits in student recruitment and community engagement.
Using funding provided by Santander, the programme allows 4 students or 4 student teams to set up and run their own businesses, in accordance with normal company formation practice, over the 12 week summer period from June to September 2016.
The businesses benefit from the following:
Grant funding ofup to Â£2500 for start-up and running costs
Free desk space(McMillan Reading Room / Student Business Hatchery)
Access to free business advice and mentoring
Promotional opportunity at the University of Glasgow Business Networking Club
Access to Santander business banking support
Access to additional funding sources and support mechanisms
Promotional opportunities through the University and Student Enterprise social media
Membership of Glasgow Chamber of Commerce
Eligibility â€“ companies:
Limited Companies, partnerships, soletraders and social enterprises are eligible
Franchisees, distributorships,commissioned sales persons are not eligible.
Components: BR, promotional merchandise, website development, market research information,trade fair attendance, promotional display banners and stands, personal drawings.
Travel and subsistence may be eligible but will require approval from the Enterprise Manager.
Cell phones, vehicles, organisational membership fees are not eligible.
Space in the Student Business Hatchery or alternative space is provided free of charge. This incorporates a desk, chair and filing cabinet. IT equipment, insurance and other business items willbe the responsibility of the student(s). The general rules applying to the use of the Hatchery/office space will be in force.
Funds are paid to the student(s) on receipt of a company invoice detailing the expenditure and including details ofthe benefit to be gained by the student business. Funds will have to be repaid in cases of misuse. Students have to provide original receipts to support all claimed start-up expenses. Grant payments are not made without the authorisation of the Enterprise Manager.
Students have to attend relevant training sessions and agree to the mentoring programme.
Students provide a written monthly progress report to the Enterprise Manager and highlight any â€˜material changeâ€™ if they are not meeting their business plan targets.
The businesses are required to provide complete business records (e.g. income and expenditures, cash flow record, bankstatements) and comply with Companies Act legislation.
Participants have to commit to their business for a minimum of 35 hours per week for a minimum of 12 weeks.
Presentation to Panel at the End of the 12 week period:
Each student business gives a 10 minute presentation to the panel at the end of the programme to highlight progress made and plans for the future.
The Enterprise Manager interviews every participant at the end of the programme to determine their aspirations, their evaluation of the programme, what they have learned from the training and mentoring provided, what help they received, any unmet needs they have, etc. They are also asked to reflect â€œknowing what you now know, what would you do differentlyâ€. It is hoped that some participants may take on a mentoring role in future years.
At the end of the programme students are asked to decide whether or not they wish to continue their business. If they do, support continues to be provided by the Enterprise Manager and if they do not then support is given to formally close down the business and inform the relevant authorities.
Students receive a certificate of recognition of their participation in the programme which is beneficial for their CV.