Patrick Philpott
Boy wonder
Sixteen-year-old Patrick Philpott hasn't let exams or homework get in the way of building a thriving business; his Essex-based company, Intelligent Networking Events, organises get-togethers for local people with an interest in all things enterprising. He tells us how he balances the boardroom with the classroom.
What gave you the idea for Intelligent Networking Events?
I've wanted to own a business for over five years, so it was something I knew I was always going to do. I got the idea when I was looking for subject-specific networking events in my area and there weren't any I found suitable.
From the notable lack of networking events that weren't membership-based, it meant others would be in a similar predicament. So I started running some events, and they went well.
We had over 20 delegates at our first event, from the immediate area and from up to 35 miles away. They were all key decision makers at their companies and major influencers in their respective areas, so it was a great opportunity for those people to meet with one another and build business relationships.
I'm now planning a series of eleven monthly events starting in September 2006 from a base in London.
What were you doing at the time you had the idea?
I was at school; I still am, and have to give a certain amount of time to studying and exams. But I was frustrated that people like me, who might want to develop their own ideas, weren't being catered for in a networking sense, and I thought it about time something was done.
My inspiration stems from some friends of mine who are very successful entrepreneurs, and my ultimate business inspiration is Philip Green of Arcadia.
What was the first thing you did to try and make the idea happen?
I've always had a sizeable network of contacts - currently over 1250 - and I thought I would tap into the networking knowledge of some of my most trusted contacts and find out what people wanted. It was a form of market research, and my contact network acted as the research resource, and as a sounding board for my plans.
Who helped you, and how?
I received much advice from business contacts and from my family. The funding came from a friend who is an ex-investment banker and is a small business investor. He put up the initial capital for the events and didn't require payback for the first event, but did for the second event. On the second function, I paid him back and had money to spare.
When did the idea start looking viable?
When I started to plan the second event. My first event lost money, so I decided to rectify my mistakes and to create a bigger, better event. I managed to make a small profit on the event, but it was a profit nonetheless and it gave me confidence that the venture was going to be viable, and gave my financial backer confidence in my abilities.
What obstacles did you encounter along the way?
Contractual issues; because I'm 16, I'm unable to sign a contract, as the 'Capacity for Contract' age is set at 18. Therefore, Roger (my financial backer) had to sign the contract on my behalf.
Also, financially it was difficult to get started until I was able to persuade Roger that it was viable and he could enable me to run a profitable business.
Finally, I encountered some apathy amongst people. Often, people say they will attend a networking event but then don’t turn up, whereas if they've paid in advance, they'll attend simply because they have paid. But it will be worth paying that small sum; just think of those business cards in your pocket as bank notes, because that's what they'll turn out to be in time.
When did the idea officially get up and running?
We officially launched the business at 6pm on Tuesday 27 September 2005, but we didn't start trading as a limited company until January 2006.
Future plans for the idea?
My future plans for Intelligent Networking Events are to run more events in London. It's easier to access than a venue in Essex or Hertfordshire where rail links may fail, or congestion on roads may be an issue.
You are also able to charge slightly more in London than if you are running an event in the Home Counties. Thirdly, you can source more delegates as it's more accessible for people.
Advice to anyone else who wants to make their idea happen?
Have the courage to follow your instincts. If you don't think it'll work, then you may be right. However, if you have just an inkling that it's a winner, then what's the harm in giving it a go?