A university has teamed up with a bank to help students think about life beyond graduation.
The Henley Business School, part of the University of Reading, has been working with NatWest for the last three years as part of its VIBES project.
The project aims to encourage students to think about how they apply their learning and consider working for themselves rather than for someone else.
VIBES is a week-long programme where first-year undergraduates work with NatWest and other business leaders across the region to take a business idea and, within the space of five days, take it through the journey that a business owner in the ‘real world’ would experience.
This includes guidance from a mentor, competing with others in the market, experiencing the pressure of conducting due diligence, and convincing a business team at NatWest to support the concept.
There is also the small matter of presenting the concept to an audience of 500 guests.
To help incentivise the experience, NatWest also provides a £500 prize for the most successful team.
Dr Andrew Hull, head of undergraduate programmes at the Henley Business School, helped launch the programme, which was designed by the entrepreneurship team three years ago.
He said: "For us, the creation of VIBES made perfect sense.
"We’re fortunate enough here at the University of Reading to have a wide network of businesses which we regularly work with.
"We also have a student population outside of the business school who have a keen interest in starting a business or developing potential ideas, so a concept like VIBES was an opportunity to bring all of this together—partnership with our business community, turning learning into practice, and creating an experience which can inspire a generation of entrepreneurs.
"The chance to speak with and work with business leaders is really valuable—getting an opportunity to discuss and question a director from NatWest around the value of a positive mindset or why the bank will coach SMEs around resilience at its business labs opens up new pathways of thinking for our students."
The relationship with Henley Business School is one that NatWest values and complements its sense of purpose.
Andy Dent, relationship director for corporate in the Thames Valley, manages the VIBES partnership on behalf of the bank.
He said: "NatWest is fortunate to have strong ties and relationships across the region, and when we were approached to get involved with VIBES, it was something that we were happy to pursue.
"We’ve been part of the programme since it first launched, and it is a great concept—it reflects the sensitivity and the positivity of the local business environment.
"The project brings together many of the region’s key voices. I think what surprises so many of us is the quality of the concepts they deliver. Their business plans and the ideas they develop are exciting.
"What is important is reminding the students that the end goal isn’t the only stage of value. There is so much to learn over the course of the five days.
"The fact that so many of them commit to it in their own time is of massive value too—they are going beyond what is expected of them."
Ellen Whysall, who is entering her third year at the business school and, as part of the university’s Entrepreneurship Society, talked about the value of the VIBES project, said: "For me, VIBES really brings to life three things—the need to think out of the box, the soft skills you need in business that you might not pick up in a lecture theatre, and the excitement of thinking out of the box.
"Getting involved requires commitment and the ability to work in a team. I think that is of huge value.
"Just like our Entrepreneurship Society, you find greater gender balance and students from different backgrounds and different student disciplines coming together.
"It helps us see opportunities that some of us never knew existed."
The bank focuses on education, teaching both children and adults about their own finances, and how money works through their MoneySense programmes, as well as mentoring and teaching sessions at one of their 13 Accelerator Hubs.
This helps customers and the public to refine their goals, and to develop the skills to achieve them.
This year, NatWest has seen a record number of applications from businesses across the UK to join the Accelerator Hubs.
The enterprise allows employees to use their three volunteering days to help school leavers and undergraduates.
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