The money has been counted and the winner announced from last week’s University of Bath Student Enterprise shop competition.
First place went to Team SIFE (Students In Free Enterprise) and their Krispy Kreme doughnut idea which made £440 profit, making them worthy winners.
The results were announced at a presentation at the Guildhall on Friday 20 November after a week of trading by enterprising students.
Team SIFE wisely picked the well-known doughnut brand which is not available in Bath. Through packaging and pricing the doughnuts flexibly, they were able to respond to demand throughout the day making them the competition winners.
Through the sale of Krispy Kreme doughnuts, SIFE aimed to raise the profile of a charity event – Strictly for Charity, whilst raising awareness and funds for new and current SIFE projects in the local and international community.
Team member Cat Stambouzou, a final year student in Medical Engineering, said: “It was a fantastic experience, and i think all the competitors took home something and enhanced their business skills. Thanks to everyone who bought a doughnut!”
Runners up were Winter Warmers, also known as The Bath Soup Company, which made £380 profit. After receiving positive comments throughout the day the team has decided to continue with the business.
Student Shop mentor Gavin Eddy, from ForwardSpace, was so impressed by Winter Warmers he has offered the team a start up loan and a free stall at his event, St Catherine’s Artisan Market in Frome, on Sunday 29 November.
There were ten teams in total and each team had the chance to run its business in the shop for one day only, from a £200 start-up fund and expert advice from local business mentors.
Councillor Francine Haeberling, leader of Bath & North East Somerset Council (B&NES), hailed the project as a success and said: “The council will be supporting the project again next year which I hope will be even bigger and better.”
Brian Chalker, Chair of B&NES council, was particularly impressed with the number of student business ideas that utilised local produce. He highlighted The Apple Tree, Chai Café and The Bath Soup Company, and said he would be happy for any of these businesses to start up in Bath.
Siobain Hone, Student Enterprise Coordinator at Bath, said: “Enterprise is all about creativity and risk. We offered these students an opportunity to be truly entrepreneurial and it’s been very gratifying to see how they’ve performed and how much they’ve learnt. Even the teams who made a loss have got so much out of the experience.”
Other highlights of the event included the Mayor of Bath buying a tie from team Aptus Suits, who took over the shop with their bespoke suit service. The collection, including designer cufflinks, wallets, ties and belts was shown off during two fashion shows at local businesses - Café Jika Jika and Future Publishing.
The Vice-Chancellor, Professor Glynis Breakwell, helped the SIFE team’s profits when she bought a box of Krispy Kreme Doughnuts when she visited the shop last week.
Video Clips from each team about what they learnt can be found on the Student Enterprise website.