Wow! Stuff challenge for innovative businesses

INNOVATIVE businesses from across the West Midlands have been urged to promote their ideas and in return, have the opportunity to share in £108m of funding.

The challenge was laid down by Richard North, managing director and innovator behind Wolverhampton toy firm Wow! Stuff.

Mr North was the national winner of HSBC’s 2010 Business Thinking initiative, a title that earned the business a cheque for £202,300.

Mr North said other businesses could potentially do the same if they were brave enough to step forward with their ideas and enter this year’s initiative.

Winning businesses can share in £108m of bank funding, receive a £120,000 prize and be invited to take part in an overseas Thought Exchange Trip for networking and business development.

“I urge anyone who thinks their time may be better spent only on their current business activities to reconsider,” said Mr North.

“The recognition Wow! Stuff has achieved through winning Business Thinking 2010 has been invaluable and as a result we are expecting our business to grow exponentially over the next 12 months.

“One of the most significant aspects of taking part in Business Thinking 2010 was the education it provided, enabling us to understand how to develop international trading relationships and also to visit overseas markets to gain a real appreciation.”

By the end of this year, Wow! Stuff is on target to have doubled its sales and profitability, trading in 15 countries across the world.

This year’s Business Thinking programme will offer companies the opportunity to take part in Thought Exchange trips to Hong Kong, Brazil, New York, United Arab Emirates or Continental Europe.

Adrian Gill, area commercial director at HSBC Birmingham said: “We were blown away by the calibre of entrants of Business Thinking 2010 and were particularly delighted that a business from our region went on to win the overall award. From the level of enquiries we are receiving about the 2011 Business Thinking initiative, it is clear that Wow! Stuff’s success is inspiring other companies in the Midlands to consider entering.”