Mark Neild, Runway Programme Director, gives an update on the new initiative that aims to support entrepreneurial talent from the University of Bristol. 

The three core strands of Runway are:

Infrastructure:  The Centre has undergone a facelift to provide a far more conducive atmosphere for developing businesses including professional rooms for meeting prospective clients and suppliers and collaboration space for bringing ideas to life.  We now have 22 registered residents comprising current students from outside CfIE and recent graduates – CfIE students already have access to these facilities.

Investment:  Grants totalling almost £120,000 have been awarded to promising start-ups.  Indeed, the July Runway Awards attracted 24 entries and of the 8 finalists, only one was a current CfIE student venture. Even those who pitched to the panel of external investors and advisors but did not win, said that they had learned a lot about presenting their venture through the process.  In the last year, 3 student ventures have raised nearly £1M in external investment and Runway workshops are set to accelerate that as we build on the existing Bristol eco-system.

Insight:  Creating a new venture is counter-intuitive, defying the normal rules of business-as-usual management.  It is particularly tricky for students, most of whom have little experience of the world outside education.  To design a new product that will appeal to a big enough market to be interesting, takes good research skills including the need to step into your prospective customers’ shoes and understand what will motivate them to buy.  You cannot “teach” entrepreneurship, but you can develop entrepreneurial skills through practical exercises.  This year these took the form of:

1. Design Sprint during which students tackled such challenges as addressing resource gaps in social care to the delight of local provider Sirona Care and Health.
2. Medtech Challenge, in which students addressed challenges set by medical practitioners including an innovative solution to post surgery bowel complications.
3. PGR Climate Challenge, in which Doctoral Students looked at ways to mitigate the impacts of the Ukraine war on COP 26 targets
4. Runway Accelerator, a 2 day mini-conference covering pitching and funding
5. Runway Blackboard Modules.

Between them, these events and facilities have attracted and supported over 120 students across different faculties.

Reflections: 

1. Bristol students are incredibly creative and can often solve problems that have baffled professionals for years by applying a blend of rigour and fresh perspective.
2. We need to remember that entrepreneurship is not just about planting the seeds for the next “unicorn” (ventures likely to gross £bn).  Many students have ideas for arts and craft ventures, that may not be enough on their own to earn a decent living, but still provide commercial experience that will enhance their future prospects
3. We need to do more to get the word out that anyone who wants to, can acquire the skills to identify and develop promising ideas.