I've often said: If you can't write your business idea on the back of an envelope - it's rubbish.
The Virgin StartUp team put this to the test recently at The Business Show in London when they challenged aspiring entrepreneurs to pitch their ideas by writing them on the back of an envelope.
We've had a look through them all and put the best ones up on the Virgin StartUp Pinterest, Instagram and Facebook pages. Later on this week I'll pick out my favourite three #BackOfAnEnvelope startup ideas, but in the meantime here is our top ten shortlist (in no particular order):
1) Packed Munches: the thought of being sent a monthly food parcel of British goodies while abroad definitely appeals to me when I'm on Necker Island. You can't beat some good old British tea bags so they'd be in my food box. If they could also send over some shepherds pie that would be nice too!
2) Lexie Sport: following the London Olympics and Paralympics I hope that many more people are encouraged to take up sport. If Lexie Sport's fashionable sportswear for women also encourages a future Rebecca Adlington or Jessica Ennis-Hill then they're definitely hitting on a timely business idea.
3) Kompact Chair: if this engineering graduate can provide a portable, pop-up chair ideal to use at music festivals I definitely know a few thousand potential customers…
4) Muu: Of all of the food and drink stalls you see - I haven't yet seen one in the UK that provides healthy cereals, fresh fruit and juices for busy workers on the go.
5) Dream Bear: this one got a lot of support on Twitter and I can see why. Tara here has an inspiring story and her idea for an online support network for single mums using social media would provide a truly valuable and much needed service service in the UK.
6) Space Fitness: As a space enthusiast, this one naturally appeals to me. A pre-flight fitness training service for space tourists and astronauts sounds like a business idea that could really take off.
7) Installate: Pop-up event spaces - this is another idea that I can see working everywhere from music festivals to conferences and exhibitions.
8) The Gentlewoman's Club: Anything that empowers women to play the dating game on their own terms is fine by me!
9) Wireless Armour: Joseph here looks like he's invented underpants for super heroes! All men should take care of their precious crown jewels so this sounds like a very intriguing invention I'd like to know more about.
10) BAU: I'm bending my own rules slightly because this young man hasn't completely explained his idea on his envelope (and he's wearing a tie!) but it was something about his confident look and cheeky glint in his eye that caught my attention.
Having watched his pitch video my instinct was right - BAU is about providing young offenders with the skills and inspiration they need to achieve their career goals. This is something I wholeheartedly agree with, which we aim to practice at Virgin too.
Later on this week I'll present my top three #BackOfAnEnvelope ideas and show the winning video pitches that each participant recorded.
If you're aged between 18-30 and are looking to start-up your own business in England then register with Virgin StartUp - we can help you with the finance and support you need.