Olympic Legacy Spawns Start-Up Competition
Posted on 5th November 2012
Residents of Olympic host boroughs Hackney, Newham, Tower Hamlets, Greenwich, Waltham Forest and Barking & Dagenham are set to have the opportunity to win an interest-free loan of up to £5,000, as well as a package of support from successful businesses and entrepreneurs, to help them to turn their business ideas into reality.
Last week charity Business in the Community joined forces with Social Enterprise UK, East Thames Group and Fredericks Foundation to find the next big social enterprise stars in the boroughs through a business competition.
The contest has been launched to celebrate a year of arc, which is Business in the Community’s campaign to support social enterprise growth and job creation in the Olympic host boroughs.
The competition is open to any resident of the six boroughs over the age of 18 who has an innovative and inspiring business idea. Entrants must demonstrate that their business idea will create vital local jobs, is financially viable and will help tackle pressing social or environmental issues in their community.
Research by the competition organisers has proved that social enterprises are starting up and thriving in the UK’s deprived communities, while some of the UK’s leading social enterprises played an important role in the Olympics.
The groups involved believe that this is an important legacy project that could help the boroughs find some of the “next generation of superstar social enterprises”.
Since funding is a major problem for start-up businesses, the companies involved are confident that a small loan and ongoing support can help to make a success of a new business, thereby changing the lives of the business owners and helping to change local communities.