The University has launched its Bristol Entrepreneurs’ Pledge, where founders given funding by the University pledge to donate some of their future earnings to young student startups.
Over the past quarter century, the University’s startup competitions have given hundreds of thousands of pounds to scores of young founders. These include recent successes like PEEQUAL, the makers of the UK’s first women’s urinal, and Kaedim, which slashes the time needed to make 3D models on computers.
Many other University startups have also found success. Ultraleap, which allows users to touch virtual objects, raised £60 million in its most recent funding round, and Ziylo, which is developing a new treatment for diabetics, was sold in 2018 for $800million.
The Bristol Entrepreneurs’ Pledge is non-binding and is instead an aspirational intent to make a gift once the startup finds success. Such pledges are common in the United States, where they have been influential in building new startups.
Paying it forward
Rupert Baker is the first to donate through the Bristol Entrepreneurs’ Pledge. Rupert won the University’s New Enterprise Competition (NEC) in 2010 and was awarded £20,000 for his business TeamUp.
The business, which makes management software for gyms and sports clubs, was recently sold to the American organisation DaySmart Software.
Now Rupert wants to help fund future winners of the competition - and has donated £50,000 to make that happen. He was also on the judging panel for this year’s NEC.
Rupert, who studied Mechanical Engineering with an exchange year at University of Texas at Austin, said: “The University’s New Enterprise Competition was a pivotal moment in providing the validation, focus and confidence I needed to take TeamUp from a prototype and business plan, to an operational business with real customers.
“The preparation and process of entering the University competition put a spotlight on my initial assumptions and gave me valuable practice pitching and selling the business.”
Fledgling founders
Rupert has recommended that all current students and recent graduates get involved with the University’s startup competitions - as a learning exercise and a launchpad for their entrepreneurial ideas.
And his advice for students thinking of starting a business? ”Make the most of being at Bristol and the great resources you have on offer: the Centre for Innovation and Entrepreneurship is a great place to get inspired and meet like-minded entrepreneurs, plus it is a beautiful workspace.
“Enjoy the relative flexibility of your schedule and having access to smart people working across disciplines, at a time of life when there are likely to be fewer responsibilities.”
Rupert is now testing new ideas, including SharedGoals, an application for individuals and coaches to assess fitness and track progress towards goals, which makes use of image processing and data from wearables.
World-changing startups
Prof Michele Barbour, Associate Pro Vice-Chancellor for Enterprise & Innovation at the University, said: “I am continually impressed by the ideas that our student entrepreneurs come up with – by their creativity and lateral thinking, as well as their determination and resilience in bringing those ideas to fruition.
“The startups that impress me the most have great people and solid business models, but also address meaningful problems or challenges. Our students and graduates create startups that address some of the biggest challenges of our time, and this Bristol Entrepreneurs’ Pledge will help more of them turn their inspirational ideas into businesses.”
Prof Judith Squires, the University’s Deputy Vice-Chancellor and Provost, said: “Rupert’s generous donation will make a real difference to our budding entrepreneurs, giving them support at a critical time in their business journey.
“I hope that Rupert’s kindness, acumen and hard work will provide inspiration to all our students. We thank him sincerely for his donation.”