‘State of the Art’, a student team from Bristol University has won a national entrepreneurial competition after setting-up a profitable business venture in the form of an art exhibition and auction. The event was to help raise money for youth charity, The Prince’s Trust.
The ‘Profitunity’ competition, run by Ernst & Young, set the task of identifying, designing and delivering a profitable business venture. Each team received £500 in start-up funds and had four months to complete the venture under the guidance of an Ernst & Young Mentor. All profits were donated to The Prince’s Trust, a charity to help disadvantaged young people gain the confidence and skills to find jobs.
The Bristol University team, led by undergraduate student Georgia Cummings, put together a national student art competition, which culminated in an exhibition and auction. The event attracted over 400 entries, of which 50 pieces were exhibited with the help of experts from The Jerwood Foundation and Christies. Viewed by around 500 guests, the art was auctioned alongside other artwork donated by professional artists. Through innovative advertising and PR, the venture raised almost £25,000 for The Prince’s Trust.
Georgia Cummings, ‘State of the Art’ team leader, said: “It is a fantastic feeling to have won ‘Profitunity!’ and for our efforts and achievements to be rewarded. However, I think the most rewarding part of the whole competition was how much every single team has learned from their own project.”
The competition attracted 120 undergraduates in 25 teams from 11 UK universities and raised a total of £68,000.
Julian Barrell, Director of Fundraising, The Prince’s Trust, said: “The competition has harnessed the creativity of the student population to help us change the lives of hundreds of disadvantaged young people.”
Ernst & Young sponsoring partner, Peter Matthews, said: “This year’s teams have produced truly innovative and excellent results, which will benefit the many young people that The Prince’s Trust aims to help each year.
“Not only have team members gained real and valuable insights into the planning, design and execution of a successful business venture, they have also developed and honed the skills often looked for by future employers. Many have also built excellent links with their wider communities – an increasingly attribute for any business.”