Noel Dennis, Principal Lecturer in Marketing in the University鈥檚 Business School, said: 'The competition is engaging and inspiring the students, while showcasing the region鈥檚 business talent. Perhaps most importantly it is sure to expose new business talent, which is essential to the regional and national economies.'
Steve, whose business Psyche has earned numerous retail awards, said: 'This region has a low start-up rate for businesses and I鈥檓 keen to get involved in anything which could encourage more young people to get involved in business.'
His own business success, from humble beginnings with a small punk clothing boutique in Redcar to the luxury department store he now runs, will also inspire the students involved in the competition.
He said:'鈥淲hen I started off in business it was with just a little clothes shop, it was a bit like a cottage industry, but setting up your own business can be addictive. More partnerships between businesses and academia should be encouraged, it鈥檚 key to helping nurture the area鈥檚 business talent.鈥�
The competition final will be in June at Psyche, where the teams will exhibit their work and pitch their ideas to a panel of judges in front of a guest audience. There is a 拢1,000 prize for the winning team, with 拢500 for the students and 拢500 going to their college.