Selling million dollar ideas

They’re irresponsible and shiftless, right? Far from it though, in reality. With Internet-fuelled businesses sweeping the world, the Web-savvy under-25 set have been raking in more business opportunities than any other generation of youngsters.

In the UAE, each academic institution has its own forum furthering independent innovative thought, from the ‘F1 in schools’ challenge where students create their own racing business models, to science fairs that encourage student discoveries.

Sharjah-based Wesgreen International School held its third annual Business Fair earlier this week, with more than 80 stalls, each touting fantastic innovations as a means of promoting the entrepreneurial spirit among students in grades between 9 and 12. For Mona Ackholm and Aisha Emara, the Business Fair gave them an outlet to market an idea they had been toying with for a while.

“We were at a wedding a while back, and all we could think about was how much our feet were hurting after walking around in heels all day.

We also noticed that many women at the reception were taking their shoes off and hiding them under the table while they sat down,” Mona said, recounting how their novel idea originated. “That was how we came up with the idea for removable heels. They can have the comfort of ballet flats with the sophistication of pumps when the heels are slotted in. What woman wouldn’t want to buy that?”

The duo worked out a business plan and prototype for the fair, hoping to take the project to the real world someday. “It would be a dream come true if (our project) actually came through, but the only thing stopping us is who would take two teenagers seriously? We’ll need seed money for manufacturing and advertising, which won’t be easy,” Mona added.

Another revolutionary idea presented at the fair was by Salam Sharief, Rand Amin and Nour, who came up with the ideal travel companion for packrats — a luggage compressor.

“Our biggest issue while travelling is basically trying to fit as much stuff into as little space as possible. Our invention is a plastic case fitted with a vacuum suction device, that uses a hydraulic system to compress the air inside the bag,” Salam said. As a scientific model, they used the theory behind flat hypoallergenic pillows that expand once the plastic cover is opened.

“Introducing this to frequent travellers would be incredible. I really want to go into business someday, since it isn’t just a subject you can learn about in school; it’s your unique ideas put into practice and shown to the world,” 
she added. Ismail Umar, Head of Business Studies, helped head Wesgreen’s business fair this year, after noticing the gap between the skills learned in school and the skills needed in the real world.

“The business fair aims at encouraging unique ideas while teaching the participants how to manage and organise their ideas as well as the importance of presentation.

We also had an economic leadership forum modeled after UN proceedings to develop the students’ communication and leadership skills in dealing with sensitive socio-economic topics,” he said.

From discussing the rights of migrant workers to instilling a mentorship programme for developing younger participants’ business goals, the business fair allowed participants to get away from the travails of school life for two days as they assumed management positions like Chief Executive Officer.

The CEO of the girls’ section, head girl Mayss Al Alami was at the top of organisation, making her a key decision-maker at the fair.

“I love the chain reaction in the business world. Interacting with potential clients, delegating work, staying within a budget, it was all so official and nothing like what you can learn in a textbook,” she said.

Eisa Al Habib was appointed CEO of the boys’ section, having worked his way up from Chairperson’s assistant over the years.

“For two days we got to feel like we belonged in an organisation, with official hierarchies, job titles, suits and name cards. It was amazing,” Eisa said. The grade 11 student promoted his sister’s business — a flipbook-maker — during the fair, which was encouraged by the school as a realistic option for students interested in taking up positions within their family businesses.

While the money-makers were the stalls selling never-fail beauty accessories and trinkets, the risk-takers pitched their million-dollar ideas — from backpacks with built-in massagers to shoes with GPS tracking systems — that could help them make their first million before they’re even old enough to drive.

Let Your Dreams Come True

Most successful business leaders of today were active entrepreneurs in their teens, from Donald Trump who revolutionised his family realty business, to Richard Branson, who started his first business selling records out of his car trunk in his late teens. In fact, most accomplished business owners have admittedly first felt the entrepreneurial itch in their teen years. But how can you be taken seriously as a young innovator and entrepreneur?

Dr Lejla Vrazalic, Middlesex University’s Business and Computing Programme Coordinator, sees innovation as a key driving force for any start-up.

Here are some tips provided by the innovative lecturer, on how start and sustain a business

· Know your stuff: Research and credibility are necessary to provide superior quality and service. “The key is to never stop learning,” Dr Vrazalic said.

· Plan for success: Establishing a clear idea of your product or service is essential for success. “A business plan with realistic goals and a viable prototype can really impress potential investors.”

· υ Clean up your act: Whether your business involves meeting customers face-to-face or over the Internet, it’s important to make a good impression. “You might need to overcome some preconceived ideas about what teenagers are like.” When communicating through e-mail, use spell check and keep slang and abbreviations to a minimum

· Don’t give up: “It takes guts and perseverance to start a business at any age, but the effort is well worth the reward.” news@khaleejtimes.com