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Beach style: Paul Richardson has spent thousands of hours developing his sportswear business plan
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Paul Richardson was living in his office in the bowels of Otago Polytechnic’s Design block last week.
He’d spent somewhere between 4000 and 5000 hours developing a comprehensive business plan. But he was still putting the final touches to it as the deadline arrived for the NBR Audacious Otago Business Plan, a student competition with a top prize worth $20,000. Entries closed at 5pm on Tuesday.
Most students involved have spent only up to 50 hours on their plans, developing a business idea just for the competition.
But Richardson has been developing the idea for his sophisticated FlyBeach range of environmentally conscious water sportswear for the past three years.
Over that time he’s gone through business partners and a failed property investment in his struggle to get FlyBeach off the ground. It’s just about killed him, Richardson says.
“I’ve just invested so much time; I kind of overdo it because it’s a real creative thing.”
The 39-year-old product design Masters student has previously worked in advertising agencies around the world.
He’s a keen outdoor sportsman and has married his two interests with FlyBeach.
Richardson’s interest in business has only recently been piqued.
“What I’m learning doing the Masters is that people start in their garages and stuff.
“You just need incredible faith and foresight. Whenever someone says ‘No’ you just go ‘Yeah’ and take it in.”
Audacious has provided the motivation to put a comprehensive business plan together.
Richardson says developing what he estimates as half a million dollars’ worth of intellectual property has made him push his brain hard.
He says it’s been good experience.
Student business coach Ryan Priemus, who oversees Audacious, agrees.
“It doesn’t count towards their course work.
“They’re doing it because they’re interested in business and getting experience while they’re still young.”
Based in the university’s Commerce building, Priemus helps students develop their plans and organises advisory seminars with prominent business people.
He says the winners over the past two years, Kim Chilman-Blair and Craig Smith, had great business plans which they’ve since successfully put into action.
Students from both the polytech and university enter, from a range of disciplines including commerce, science and design, Priemus says.
“We’re just trying to draw them out from the woodwork I guess – encourage them to give it a go.”
Mark Colley is another student entered in Audacious this year.
He says his idea for a silent hydraulic garage door has evolved greatly as he’s developed his business plan.
“You can’t do these in isolation, so I talked to other people.
“You get input from all sorts of people.”
As for Richardson, locked in his office furiously trying to complete his entry, the process has been stressful but rewarding.
He thinks he has a great product idea, and if FlyBeach doesn’t win Audacious he’ll probably still pursue it.
“I’ve been in a lot of dark spaces but I’m still smiling.”
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