Partner Article

Initiative urges businesses to think big

North East businesses have been offered the chance to bid for a share of a £108m funding pot by entering a major competition.

Wensleydale Dairy Products, a cheese producer and one of HSBC’s 2010 Business Thinking Yorkshire and the North East winners, is today urging companies to enter Business Thinking.

By entering, businesses across Yorkshire and the North East could be awarded a share in £108m worth of funding, a financial reward of up to £120,000 each and be invited to take part in an overseas Thought Exchange Trip for networking and business development, all courtesy of HSBC Commercial Banking.

David Hartley, managing director of Wensleydale Dairy Products commented: “Taking part in the inaugural Business Thinking initiative stimulated many ideas of how I, in conjunction with The Creamery’s dedicated workforce, could develop and drive the company forward in the future.

“Thanks to Business Thinking, we’ve become even smarter when it comes to product and packaging innovation, and we have made a significant investment in new branding. We’ve also concentrated on developing inventive ways of introducing our products to consumers and we have forged closer links with our famous Wensleydale cheese ambassadors – Wallace and Gromit.”

Recognising the value of the Thought Exchange trips to 2010 entrants, Business Thinking will again offer companies the opportunity to take part in Thought Exchange trips to one of the world’s most dynamic areas of economic growth – Hong Kong, Brazil, New York, United Arab Emirates or Continental Europe.

Grahame Maddison, HSBC’s area commercial director for Tees valley and the Dales said: “We were very impressed indeed with the calibre of the entrants for Business Thinking 2010 and we hope that Wensleydale Dairy Products’ success will inspire other companies in the area to consider entering the latest initiative.

“The real value of the initiative, beyond the winning entrants being awarded funding to achieve their business plans, is the insight and knowledge they will gain from business leaders, and from peers both in the UK and beyond.”

Business Thinking has three phases of reward for successful entrants:

• ­ Phase one: Up to 54 companies across the UK will be shortlisted as Regional Finalists. Each company selected from Yorkshire and the North East will have the opportunity to participate in an international Thought Exchange, as a guest of HSBC, to one of the world’s most dynamic areas of economic growth to meet like minded business thinkers and enjoy networking and business development opportunities.
• ­ Phase two: Regional Finalists will be invited to refine their business case to secure funding and a financial reward; this will allow them to include insights gained on the Thought Exchange to be judged by HSBC’s panel of experts. Two winners per region will then receive up to £6 million in lending plus a financial reward of up to £120,000 each (2% of their borrowing paid back)
• ­ Phase three: One of the 18 Regional Winners will be crowned overall Business Thinking winner at an International Insights gala event in London in front of an international audience, and will see their financial reward doubled.

Businesses with turnovers of £2m or more can log onto www.hsbc.co.uk/businessthinking to find out more and put forward their vision and ambitions for their company, how the management team intends to achieve them and how the prize would help them succeed.

This was posted in Bdaily's Members' News section by Ruth Mitchell .