NACUE Launches to Revolutionise University Enterprise in the UK

Have you started your own company or are you thinking of starting one in the future? If so, then taking advantage of NACUE (which stands for National Consortium of University Entrepreneurs) should be high up on your list for the 2009/10 academic year! NACUE is an exciting new national student-led organisation that helps student (and recently graduated) entrepreneurs to access resources, support and funding to develop and grow sustainable ventures. Having initially launched in May 2009, this is the first academic year in which NACUE is fully operational.

Victoria Lennox

The NACUE concept was conceived in late 2008 by Victoria Lennox (right), a former President of Oxford Entrepreneurs society. Last week I caught up with Victoria to get the lowdown on what NACUE can offer student entrepreneurs and where the organisation is headed in the future.

How can budding student entrepreneurs benefit from NACUE over the coming year?

From participating in enterprise societies and accessing our online directory to attending inspirational and informative events and pitching for funding in front of interested investors, NACUE provides a one-stop-shop for budding student entrepreneurs to get inspired, develop skills, gain experience and start a venture.

A one-stop-shop for student entrepreneurs sounds like a great idea. What does this involve?

NACUE offers three programmes/services aimed at three specific audiences. NACUE Groups for enterprise societies; NACUE Entrepreneurs for young entrepreneurs; and NACUE Ventures for early stage start-ups. Our innovative model, which serves as a global best practice for student-led enterprise promotion, supports students step-by-step through their enterprise journey.

NACUE Ventures
One of the biggest barriers that young entrepreneurs face in growing their ventures is access to funding. Moreover investors often find it difficult to navigate the bureaucratic institutional structures within most universities. NACUE Ventures is the UK’s intermediary between young entrepreneurs and investors. NACUE provides young entrepreneurs within 5 years of having graduated with resources to explore funding options, learn from the best, and online and offline platforms to pitch to investors.

NACUE Groups
Student enterprise societies in the UK have long suffered from the challenges of sustainability, programming and finance, and have operated until now as isolated bodies. NACUE Groups provides the leaders and committees of enterprise societies with training and resources, online and offline communities, mentorship, and access to a national network of sponsors, mentors and speakers.

NACUE Entrepreneurs
In response to the need for a central online hub for young entrepreneurs in the UK to learn about enterprise events, resources and opportunities, NACUE Entrepreneurs provides an online directory for enterprising young Brits to get inspired, develop skills, gain experience and start a venture. Our online portal is equipped with a national calendar of events so that students can be in the know about upcoming events at their university and in their area. As part of NACUE Entrepreneurs we are also hosting the NACUE Student Enterprise Conference in February 2010 and the National Varsity Pitch Competition in May 2010 to showcase the hottest young entrepreneurs in the country.

How many universities are on board so far?

We work with over 80 universities across the UK, support 52 enterprise societies that engage more than 25,000 enterprising students and budding young entrepreneurs, and are currently mentoring the development of a further 25 societies.

How are you helping these societies to pass on NACUE’s messages to their members?

Enterprise societies drive our work, programmes and objectives through our Regional Networks and our National Student Enterprise Advisory Board, which is made up of passionate enterprise society leaders and university entrepreneurs. As a result, NACUE’s messages are the messages of enterprise societies and societies are always willing to pass on our messages to their members. Through inviting their members to join the NACUE Community and attend NACUE events across the country, enterprise societies are able to offer more to their members by not only providing them with membership to their society, but also access to a rich national network and resources.

We rely heavily on online communications – Twitter, Facebook, LinkedIn, GroupSpaces – and also work with enterprise educators to further communicate our opportunities and messages to students who may not be part of an enterprise society. Member societies showcase their membership to NACUE through logos and links on their websites.

Who else is NACUE working with?

NACUE works closely with Microsoft and Tata as our leading corporate partners. We work with enterprise educators across UK universities and have developed strategic partnerships with leading organisations such as Make Your Mark, the Prince’s Trust, Enternships, Shell Live-Wire, Entrepreneur Country and School for Start-Ups. We also sit on the advisory boards of the UK India Business Council Next Generation Network, and SFEDI and have international affiliate societies across Europe, North America, South Africa and South East Asia.

I noticed you had some rather high-profile entrepreneurs on board. Can you tell the readers a bit about them?

NACUE is privileged to have the support of some high-profile senior advisors, each of whom has been absolutely instrumental to our development since our launch in May 2009.

Julie Meyer is the Founder of Entrepreneur Country & First Tuesday, is the CEO of Ariadne Capital, writes a weekly column for City AM and is the new online Dragon on the Dragon’s Den. She has been recognised as one of the World Economic Forum’s Global Leaders of Tomorrow and by the Wall Street Journal as one of the Top 30 Most Influential Women in Europe.

Doug Richard is the Founder and Chairman of Library House, Founder and Vice Chairman of Cambridge Angels, a former BBC Dragon and more recently has founded the School for Start-Ups. Doug is the Chairman of the Conservative Party Small Business Task force and brings over 20 years of entrepreneurial experience in technology and software ventures in the US and UK. In 2006, Doug was an honorary recipient of the Queen’s Award for Enterprise Promotion.

Where do you see NACUE in 5 years time?

In 5 years time, NACUE will be fully sustainable, have made a difference in the lives of hundreds of thousands of young enterprising Brits in further and higher education, and will be widely recognised by the highest levels of industry, government and education as the national voice for young entrepreneurs and as the leading intermediary between investors and early-stage student start-ups. By this time we will have also exported our innovative to model to several countries in the EU and North America whilst retaining is grassroots, student-led, enterprising culture.

Where can students go to find out more about NACUE?

Students and recent graduates can start engaging with NACUE by visiting www.nacue.com and young entrepreneurs can gain access to an unparalleled library of online resources, investment-readiness events and connect with our network of interested investors at www.nacueventures.com.

Last question: do you personally have any tips for budding student entrepreneurs?

Quite simply, “just do it”.