A team of Bournemouth sixth formers are hoping to fuel the imagination of Dragons’ Den star Peter Jones with their well-oiled business idea.
The students from Avonbourne Sixth Form have made it to the final rounds of Peter Jones’ national Tycoon in Schools competition, which searches for the entrepreneurs of the future.
Calling themselves ‘Funnelling 4 Fuel’, the group of 17 and 18 year-olds have received a £1,000 loan to get their eco-friendly business on the road.
With that money, the team will be buying equipment to enable them to recycle cooking oil to fuel the college mini-bus.
They will also aim to sell their services to other organisations and schools so they too can use recycled oil to run vehicles.
Team member Charlotte Hawtry-Coombes, 17, explained how the scheme will work: “We will give all our students domestic eco-funnels to encourage them to recycle the left over cooking oils from home.
“This will then be recycled at college in a new collection centre, kindly financed by JP Morgan who were keen to support the initiative, so the fuel can be transformed into bio-fuel for our community mini-bus.
“At the same time we will approach local businesses and ask them to donate their waste oil, which will become our main revenue stream which in turn will contribute to the cost of a new mini-bus.”
If there is any excess fuel left over, the team will sell it to HM Prison Service to enable prisoners to learn new skills to create sustainable products.
They are also aiming to become the main supplier of eco-funnels for other schools so they can adopt their own model.
For each litre of useable oils collected, the team will recoup 20 pence.
Executive headteacher of Avonbourne College, Debbie Godfrey-Phaure, said: “We’re delighted that Funnelling 4 Fuel has impressed Peter Jones enough to secure a £1,000 loan and make it to the finals of the Tycoon competition.
“We really believe they are on to a winner. This scheme will provide an eco-friendly way of running our mini bus but it will also hopefully attract support and revenue from other local businesses and schools.
“The money they raise will initially buy the college a much needed new mini bus that will be more environmentally friendly and save money in the long run.”
As part of the Tycoon in Schools competition, the team must now use their business scheme to match the £1,000 loan and make a profit.
