Five students from Strathclyde Business School have won a special prize for their business idea at an international social enterprise competition in the USA.
'Team Revive' were competing at the Values and Ventures Business Plan Competition at the Neeley Entrepreneurship Center at TCU, Texas (19-20 April). They were one of 28 teams from 28 universities worldwide looking to claim a share of total prize money of $43,000
The team was given the special 'Founders Award' which recognises bold thinking and breakthrough ideas. The team's idea to turn used coffee grounds into fertiliser caught the eye of the judges and landed them the $2,500 prize. Their award was handed to them by the founders themselves - Nancy Richards and Lisa Barrentine.
Team Revive's concept could potentially revolutionise the way large coffee chains and independent retailers dispose of used coffee grounds. The used coffee makes for an excellent soil fertiliser – particularly when used to grow acidity-loving crops such as tomatoes. Revive’s business model identifies a three-part supply chain:
Given that coffee grounds are a safe and chemical free alternative to some other commercial fertilisers, Revive has a unique and highly attractive selling proposition for gardeners; their product is not only good for crops but also protects the ecosystem.
Team Revive was chosen to represent Strathclyde from more than 100 students in 20 teams after an event earlier this year run at the Centre for Entrepreneurship at Strathclyde Business School.
The invitation-only Values and Ventures competition was founded with the aim of encouraging for-profit business ideas which had social responsibility at their heart. Last year's winning idea from the University of Houston was for an online retailer catering for people with disabilities.
Head of the Hunter Centre, Professor Sara Carter, said, "This is a fantastic result for the team, which has held its own against stiff competition from around the world.
"To have been recognised for showcasing a bold, breakthrough idea will be a massive boost to the team’s confidence and should spur them on as some of Scotland’s most promising young entrepreneurs."
Spokeswoman for Team Revive, Rachael Reid, said, "We went to America with an idea we believed in and are proud to have been recognised with the Founders Prize.
"We will use the prize money to develop our idea and hope to be running the business in the near future.
"On behalf of the team I would like to thank Strathclyde for their invaluable support and encouragement throughout the process."
"As a world-class, values-centered university, this competition is truly a sweet spot for TCU and the Neeley School, promoting innovative entrepreneurial startups which add value and meaning in important ways," said O. Homer Erekson, John V. Roach Dean of the Neeley School of Business at TCU.
Thirty judges participated in the two-day competition. Judging the final competition were Elliott Hill, president of Nike North America; Stacy Steimel, managing director and head of Latin American equities for PineBridge Investments; Paul Spiegelman, chief culture officer for Stericycle; Jan Norton, coach, author, speaker and angel investor; and Chris Kraft, president, CEO and co-founder of Splash Media.