Staffordshire University has come up with a novel way of supporting fledgling businesses through the first two vital years.  It has designed a Foundation Degree in Small Business Start Up.  Participants on the programme study and run their business at the same time.  They are provided with high quality workspace within one of the existing University Business Villages.  This immediately gives an advantage of a prestigious business address, excellent IT facilities and support and access to wider University services.  The workspace consists of a desk, a PC with standard business software and fast internet access.  There are phone lines available if required with a low call tariff.  A laser printer is available as is a fax machine.

The teaching input is geared towards acquiring the knowledge and skills required to create a successful enterprise.  There is ongoing advice and support from tutors and mentors as well as mutual support from other course members.  The Business Villages contain successful established enterprises who can be clients of, or suppliers to the new companies.  The camaraderie and mutual support of this type of environment is very helpful.

Although a foundation degree is on offer at the end of 2 years this is not a programme littered with exams.  Assessment is geared to progress in the business and analysis of the activities the entrepreneur needs to undertake.  The course content has been carefully selected to be practical rather than academic and includes the following topics Personal and Business Skills; The Business Environment; The Money Side of Business; Resources for the Business; Developing, Marketing and Selling the Product; Business Technology and e-Business; Managing and Running the Business; Product and Market Extension and Growing the Business.  Formal teaching will take up about 4 hours per week and will be supplemented with individual meetings with a tutor to monitor your progress and one or more mentors to offer advice and help on an individual basis.

University courses are no longer free and the cost of this one is £2,100 per year, the money is borrowed and becomes repayable when the business is profitable.  Participants in the initial course however are provided with “free” business accommodation to the value of £2,340 in year one plus access to low interest student loans.  Depending upon your personal circumstances you may also be entitled to a tax free bursary.  We would expect that by the beginning of year 2 of the degree the business is earning enough money to pay rent for its workspace.