Does your business brain have the next big thing?

Jennifer Mein
Jennifer Mein

Would-be entrepreneurs in Lancaster are being encouraged to use a new online tool to see if their business idea has the potential to be Lancashire’s next big success story.

The new Rapid Idea Evaluation model has been unveiled by Boost Business Lancashire – the county’s new £7.2m Business Growth Hub – to help potential start-up businesses grade their potential for success.

Potential entrepreneurs are encouraged to answer 20 short questions about their business idea on topics such as vision, motivation, experience, competitors, routes to market and customer needs.

The tool uses a special formula to give those completing the form a percentage chance of business success and an action plan for areas that need further focus.

The new project - at - is being delivered through a partnership which includes the county council, Lancaster University and Regenerate Pennine Lancashire.

Council leader Jennifer Mein said: “Boost Business Lancashire is a catalyst to grow the county’s economy by £20m, creating at least 1,200 new jobs. By offering support for would-be entrepreneurs, we can help create the next generation of successful businesses.”