Venture Further news

Competition winners set to launch new energy product

Friday, November 09, 2012

Competition winners set to launch new energy product

 

Three MSc Innovation Management and Entrepreneurship students are set to launch their caffeine enriched energy sweets in later this year through their business, Kaffeination.

 

Matthias Schmid, Shiraz Anwar and David Reetz formed the team that won Manchester Business School’s Venture Further enterprise competition earlier this year.


“Venture Further allowed us to stress test our product in a confidential environment."

 

Since winning the competition the trio have been working hard on their branding, finalising packaging designs and filing for a trademark for their product. They are now ready to launch their ‘UPs SolidEnergy’ caffeine sweets in the marketplace.

 

David Reetz commented: “Winning the competition was great for us; it gave us great confidence in our business and the prize money helped with our branding and trademark costs.”

 

The energy sweets are being targeted at students and young adults. Kaffeination have reached an agreement to sell their product through The University of Manchester’s Food on Campus outlets and are in discussions with convenience stores and vending companies about using their channels.

 

Product testing began during the competition when the team used focus groups to test different recipes. In addition to taste testing, they tested their branding and also researched how much people were willing to pay, how often they would buy and where they would expect to buy the product.

 

Matthias Schmid added: “Venture Further allowed us to stress test our product in a confidential environment. It also gave us the opportunity to develop a real business plan with the aim of attracting real investment.”

 

“The support and guidance from the Manchester Enterprise Centre staff was fantastic and we are excited and really looking forward to launching UPs in Manchester!”

 

Venture Further enterprise competition >>
UPs website >>

 

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