News Article

For those looking to kick start a new business as the UK economy begins to emerge from recession, help and inspiration is at hand for first timers and serial entrepreneurs alike.

The Ideas Bank (www.theideasbank.co.uk), is an innovative new North East website that has been set up to provide an array of live, readymade new business opportunities in a range of key sectors, along with insights into potential new products and services that could be developed and brought to market.  

The types of entrepreneurial opportunities in The Ideas Bank vary from mouth-watering buyouts, like the chance to take on a popular Italian restaurant in Newcastle, close to St James’ Park, to domestic cleaning, haircutting and theatrical franchises, and a variety hi-tech, low carbon and new and renewable energy initiatives.

The site’s development has been timed to coincide with the growing interest in new business start up opportunities in the region, something that potential entrepreneurs are being encouraged to pursue despite the prevailing economic conditions.

Nick Devitt, founder of Innovation Scout, the company which delivers The Ideas Bank on behalf of One North East, said:

“The great thing about The Ideas Bank is that it offers something for potential first time business owners, along with experienced entrepreneurs accustomed to developing new ideas and projects. This ability, coupled with the site’s variety of opportunity types and business sectors, gives it excellent strength in depth, which is intended to maximise the entrepreneurial potential of the North East as the economy looks to grow in 2010.

“For many now may not seem like the best time to start a business with forecasters talking cautiously about growth. However there are actually some significant benefits still at hand to be taken advantage of, such as the good value that can be found in markets ranging from property to labour. Also as some hold back from starting up in an environment where other businesses have previously failed, there may be gaps in the market to exploit against less severe competition than might normally be found in a time of prosperity.

“Most recessions since the Second World War have lasted an average of around 10 months, followed by growth cycles that last an average of 50 months. Although this recession has lasted longer than the average, the signs are there that the economy will continue to recover and North East entrepreneurs should be prepared to capitalise on that.

“I urge all those seeking to take their careers to the next level in 2010 by becoming entrepreneurs, to check out The Ideas Bank today, and benefit from the host of opportunities and ideas that are currently available.”   

The site, which is designed to act as a social networking platform to enable users to develop their contacts and collaborate, also provides direct access to Business Link, the primary source of business advice and support in the region.

ENDS

For more information, contact Matt Hipgrave (mh@pressahead.info) of Press Ahead, on 0191 516 6235, or 07970 281 450 or alternatively Alison Laggan (alison.laggan@onenortheast.co.uk) of One North East, (press office) on 0191 229 6613 or 07766 424 400.