A London research and recruitment business has taken its place as the second
finalist in the £35m nationwide hunt for the UK's most innovative and
exciting entrepreneurs.
Holborn-based Fresh Minds took the £5m regional prize in the Bank of Scotland
Entrepreneur Challenge, run in association with The Sunday Times, at a
glittering award ceremony in London’s Imperial War Museum.
Collecting the prize from Adrian Grace, managing director of commercial
business at Bank of Scotland Corporate, Fresh Mind’s co-founder Charlie
Osmond said winning the £5m, three-year, interest-free loan, would transform
the firm’s growth plans.
“Winning the prize is fantastic. We will be able to grow our business at a
different order of magnitude now,” he said. “We will spend the money on
sales, marketing, on developing our technology as well as going out into the
market more. It will make a huge difference.”
The fast-growing company has established a new business on top of its
market-research and recruitment activities. Called Fresh Networks, the new
business helps large brands to understand their customers and communicate
with them through online communities.
Osmond said he and his co-founder, Caroline Plumb, had not expected to win the
regional final.
“I am absolutely delighted and utterly shocked,” he said.
“When we found out who we were up against, we thought we might as well just go
home. They were all amazing businesses.”
Fresh Minds triumphed over a strong shortlist of successful firms: Country
House Weddings Group, Gü Chocolate Puds, Quintessentially, and Giving.
Osmond, 31, who co-founded the firm with Plumb, 29, in 2000 straight out of
university and with only £250 in start-up capital, said that making his
presentation to the judges on Thursday was a nerve-wracking experience.
“It’s a tough process,” he said. “You pitch up with 40 minutes to convince the
judges. The outcome depends a lot on how it goes on the day.
“I think one of the things that helped swing it is that they were interested
in our existing businesses but they also saw potential in Fresh Networks. We
convinced them that money would make a real difference to the business and
that we knew how we would spend it.
“We see a big opportunity as market research increasingly goes online, rather
than being run through old-fashioned focus groups. Using social networks can
really help brands with their research, to build strong relationships with
their customers and to provide valuable word-of-mouth promotion.”
After anguished deliberations, the judges whittled the list down to two
contenders. A convincing presentation from Fresh Minds swung the decision.
Nick Wheeler, founder and managing director of Charles Tyrwhitt Shirts, said:
“When you read about the business it’s easy to think Fresh Minds is just
another media business, but when they came in to tell us about it we knew
they would be a huge success.
“These guys are fantastic entrepreneurs. They showed a real passion,
self-belief and enthusiasm. They already had two successful, growing
businesses and it was clear they had spotted a great opportunity in a third
one, the networking businesses.
“The fact that they have grown their other businesses by 50% and were not
content with that, says a lot.
“It’s a brave thing to do but the new business fits well with their other
activities. It should not take their focus away from what they are good at.”
James Farrar, head of marketing and e-business at Bank of Scotland, another
member of the judging panel, said: “We were all struck by the fact they had
a successful business already but that they also had a new business idea
that will take them in a new direction.
“Their passion immediately came across. Their belief that they will deliver
gave us confidence in backing them.”
