Royal Melbourne Institute of Technology gives loan to promising student start-ups

Starting a business is something that a lot of students have dreamed of at some point. However, there is a gap between dreaming and doing, and that often involves money. In order to support entrepreneurial students who wish to establish their own business, the Royal Melbourne Institute of Technology (RMIT) created the New Enterprise Investment Fund (NEIF). The fund offers both financial as well as practical support to students and recent graduates in the form of an interest-free loan of 25.000 Australian dollars (18.288 US dollars) and participation in a mentoring programme.

This year´s start-up selection includes four enterprises focusing on four entirely different products: skincare (Metta Skincare), a magazine (The Young Ones), high-end handbags (Maude Studio) and healthy food (The Smoothie Bombs). The only thing that these businesses have in common is that they were founded by RMIT graduates.

Courtenay Tyrrell, a recent Bachelor of Fashion Design graduate, is the creative brain and founder of Maude Studio. Her idea behind the brand was to create a high-end designer handbag label which offers an alternative to leather. Tyrell uses synthetic fabrics to appeal to the conscious consumer who is also looking for a luxury fashion item. Tyrell, who was named ´most promising student´ when she was in her third year, will use the loan to expand the manufacturing possibilities of her brand, as well as further develop the product and the marketing strategy.

“Maude Studio celebrates the design benefits of synthetic fabric, and we have found that this addresses a gap in the market,” said Tyrell in an interview with RMIT. “With the interest-free finance through the NEIF programme, we will have the funds to reach a wider audience through marketing and manufacturing in order to expand our business through a wider global marketplace.”

The NEIF programme´s manager Gregory Ward emphasized that the programme helps graduates to prepare for the workfield. “The university is delighted to be able to get behind these exciting businesses in a very practical way through the loan scheme and help them towards greater success.” He added that the loan itself is not a guarantee for success, as the funds are only a small part of something that requires “ingenuity, dedication and drive”.

RMIT created the NEIF programme in September 2015. The programme is open to all Australia-based students and recent graduates from the university. Entries are assessed by the organisation´s board.

Image credit: Maude Studio Facebook