Competition for business grants is fierce and The Formations Company Entrepreneur Award is no exception.
Seven times more applications than the previous year entered the 2017 competition, but it was UEA alumnus Terence Chung who took the top prize: a £1,000 grant and mentorship from Barclays’.
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’.”
The indie cosmetics company, FRUU, was praised by judges for its fun, sustainable, and vegan cosmetics. The products and toiletries also charmed with a cruelty-free production process, which sources ingredients from waste produce such as fruit and coffee to ensure the highest environmental and ethical standards.
Winner Terence 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.”
The biochemist is set to use the £1,000 business grant courtesy of The Formations Company to continue to develop prototype products to a high standard. Additionally, some of the grant will be used to apply for an EU trademark with potential to market the cosmetics across Europe.