Formation Company’s Entrepreneur Award winner revealed
Congratulations to Terence Chung, 31, pictured below, who battled off stiff competition to clinch the Formation Company’s 2017 Entrepreneur Award, bagging a £1,000 grant, free company formation and a mentorship programme from Barclays.
Chung’s business idea makes use of surplus and waste produce including fruit and coffee by turning it into cosmetics and toiletry products.
He was chosen as the winner from hundreds of entries, with this year’s competition rounding up more than seven times as many applications as the previous year.
The innovative and environmentally conscious idea impressed judges due to its eye for issues facing both business and the planet, including sustainability and use of finite resources. Chung’s business idea and company, named FRUU, aims to target the UK indie cosmetics market, and is looking to specialise in fun, sustainable fruit-derived skin care products that are vegan-friendly and cruelty-free.
With food waste being one of the biggest contributors to global carbon emissions, equating to 3.3billion tonnes of carbon annually; the startup has stated a core commitment to sustainability. It will utilise organic fruit and plant ingredients derived from post-consumer waste to create its proposed range of natural products.
Chung’s use of waste products will look to replace the reliance on petroleum-based products in the cosmetic and toiletry industry, and aims to have a positive knock on effect to stopping deforestation, excess water usage and loss of natural habitats.
The biochemist is set to use the £1,000 business grant courtesy of the Formations Company to develop prototype products and apply for an EU trademark. He is also taking advantage of the free company formation and a startup package from Barclays, which includes professional guidance and mentorship to help turn the business idea into a reality.
Chung said: “As someone at the start of my business journey, any mentorship helps, but this level of support from Barclays and The Formations Company will be invaluable to my company.”
Piers Chead, CEO of The Formations Company, said: “We’re proud to continue our support for the UK’s entrepreneurial spirit, not only through our business grant and company formation services, but also with this year’s addition of an impressive mentorship programme from Barclays.”
To find out more about the Entrepreneur Award and the Formations Company see: https://www.theformationscompany.com/blog/entrepreneur-award-2017-winner-announcement/
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