Young entrepreneurs pitch their products
Tote bags, T-shirts and skincare creams were among the products pitched by aspiring entrepreneurs from across Central Otago at a Dragons' Den -inspired event at Cromwell College on Friday.
Student teams from Cromwell, Alexandra, Queenstown and Wānaka taking part in the Young Enterprise Scheme (Yes) fronted up to judging panels of local business specialists with three minutes to showcase their goods.
Regan Powell, who looks after Yes in the South Island, said participating pupils used the school year to set up and run a real business.
The aim of Friday's quick-fire business pitching sessions was for students to be given feedback they could use to further grow and execute their ideas, Mr Powell said.
First up was Scrub and Glow chief executive Anika Croy, of Cromwell College, who kicked off her business pitch with: ''In a market saturated with synthetic skincare, we stand out''.
The team had done early market research that suggested a gap in the market for natural skin creams at a price point younger people could afford.
Scrub and Glow are collaborating with Central Lakes Family Services, committing to donating 5% of company profits to the social service provider.
It was important for them to ''give back'', they said. They were not the only business showing a social conscience.
Conscious Carry sells canvas tote bags, complete with practical pockets and printed with a choice of two original designs drawn by creative team member Lizzie Engstrom.
Each design supports one of two charities — the Cancer Society or Our Seas Our Future — with the students opting to donate $3 per bag sale to the organisations.
Conscious Carry chief executive Lani Jones said each of the people behind the business had a personal story to tell of a loved one impacted by cancer, so it felt good for their business to be able to give back.
Lani said standing in front of the judges had been ''nerve-racking'', but knowing their product had given them confidence.
The team had worked out they needed to sell 100 bags to make $900 profit, with their break-even point reached at 18 bags sold.
They had also already made it over their first gnarly business hurdle — problem solving a printing defect in their prototype stage that ultimately saw them ditch ink printing in favour of vinyl transfers.
All the young business owners had been partnered with mentors from within the local business community to offer support on developing, financing, marketing and distributing their products and services.
Mr Powell said the success of the scheme came down to three things: strong support from the business community, teachers willing to back it in schools and keen young people.
The business school at the University of Otago had also stepped up, covering entry fees for all Otago school pupils taking part in the programme, he said.
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