Inspiring business ideas: 'money with meaning and profit for purpose'

Young Innovators Challenge 2014, Business School student Scott Kennedy of start-up organisation ‘REVIVE’, discusses the impact the Business School has had on inspiring him and his team to take the plunge into the world of business… 

We first realised we had a strong business idea at our second year Business Enterprise class – Creativity and Opportunity Recognition. We were tasked with creating business model which was socially beneficial while at the same time it had to be economically viable, eventually leading us to develop a motto which we still work to today - ‘money with meaning and profit for purpose'.

The REVIVE concept helps combat the issue of waste in the catering industry. We collect used coffee grounds from independent and large chain coffee stores and recycle them to create a completely natural and organic plant food.

Coffee grounds naturally contain the elements necessary for effective plant growth, thus sending the grounds straight to landfill is a completely unnecessary waste. Once the grounds have been processed, they are ready to be sold to gardeners.

We pitched the idea at various points throughout our Business Enterprise class and I can confidently say the feedback gained from lecturers and fellow students has been pivotal in helping us develop the REVIVE idea into a full-fledged start-up business.

The class itself was also hugely beneficial in giving us the tools and skills that were crucial in the early stages of the development of our idea. In terms of support given by the university, we have received a great amount. Through the Strathclyde Entrepreneurial Network we have been invited to pitch at a Strathclyde100 event – which looks to provide support to emerging Strathclyde entrepreneurs from entrepreneurial alumni and successful business people. We’ve also been invited to several other events as guests including several networking events, giving us a great opportunity to build up our contacts in industries specific to our business.

There’s a real entrepreneurial culture present at the university, particularly at the Enterprise Hub on the campus, where we conduct the majority of our work from. Being in an environment where there are several other pre-start and start-up businesses is extremely motivating for the team and helps fuel our passion for what we’re doing. The support available there from experts within the Business School has also been invaluable at all stages of our development.

Since launching REVIVE, the team has travelled the length and breadth of the country, and we’ve even made a trip to the Values and Ventures Business Competition in Texas, securing $2,500 prize ‘Founders Award’ prize for creating a “bold and breakthrough idea”.

Most recently we were announced as one of the winners of The Young Innovators Challenge, a competition run by Scottish Institute for Enterprise to recognise and support young people in business, winning them an additional £12,500 in support.

We’re also working closely with the Strathclyde Entrepreneurial Network and through this we’re continuing to build up our networks throughout the year. Coupled with global summer internships the team undertook throughout the summer, we’ve built up an invaluable diverse and international network.

Are you a student with a business idea you’d like to develop? Let us know in the comments below and find out more about the Strathclyde Entrepreneurial network here.