Award launched for enterprising university societies

Applications open for university societies who want to be in with the chance of taking home part of an award fund of £61,000 A company promoting enterprising work by university societies has launched its latest scheme offering students the chance to be awarded part of a £61,000 fund. Societies who join RBS Enterprising Student Society Accreditation (ESSA) not only have the opportunity to receive this funding, but also benefit from mentoring from entrepreneurs. First launched in 2011 by venture capital firm Find Invest Grow (FIG) – in partnership with RBS – the process last year saw 458 societies from 110 universities achieve accreditation. During last year’s award cycle, the University of Warwick was named the country’s most enterprising university, ahead of Imperial College London and the University of Cambridge, who took second and third place In total, 142 societies around the country applied for funding last year, with the scheme aiming to highlight the skills that can be developed by taking part in a society; including marketing, managing accounts, hosting events and raising funds. In the past two years, societies at the University of Warwick have been awarded £29,500 and, last year, Cambridge University Eco Racing (CUER), a 60 strong student organisation, won the award for ‘Most Enterprising Society’, landing £10,000 and a further £1,000 in sponsorship, which helped the society compete in the World Solar Challenge 2013 in Australia. A £5,000 bronze award was also awarded to Loughborough University Student Union’s Computer Society, whose promotional video attracted the most online views in the category. Societies that have so far been accredited by the ESSA include: the Oxford blind tasting society – an educational society aiming to teach people about wine – King’s College London Business Club, which runs IdeaBox – inviting students to submit business ideas, then supporting them with business plans – Imperial College mountaineering society and Warwick Finance Society, which has over 2,500 members and puts on over 90 events each year. Thom Kenrick, Head of Sustainability Programmes at RBS said: “While many students are taking part in a society because of a passion for the subject matter and probably have little desire to run a business at this stage of their lives, we want to show them how they are actually developing core skills which are going to be essential in their working lives. “Small businesses and enterprises are the backbone of the country’s economy, so enterprising spirit is vital to future growth and prosperity.” Applications for accreditation can be made online and societies are assessed on whether they show ‘enterprising spirit and skill’, with a basic entry requirement of a YouTube video promoting the society. Further requirements including hosting events and holding skills workshops relevant to the society. ESSA also looks at annual turnover. James King, Chairman and Founder of FIG said: “We’ve just completed a tour of universities across the country and it’s quite overwhelming to see the incredible work that goes on by students within their societies. “While we want to flag to students that what they are doing is enterprising and will stand them in good stead in their careers, we also want to reward them for their incredible work,” he continued. “Warwick and Cambridge in particular have shown how societies can receive significant financial support and we hope that many more societies will sign up to be accredited.” Source: Education News