SCHOOLCHILDREN in Oxford have been putting forward business ideas before a panel of “Business Angels” in the city’s own version of hit television programme Dragon’s Den.

Pupils from three city schools gave pitches to a panel of Angels under the new Business X scheme — all for a share of £30,000.

Pupils at Matthew Arnold School, in Botley, St Gregory the Great School in East Oxford and Magdalen College School, Cowley Place, have been working on their proposals for months with the help of MBA students from the Said Business School.

After several hours, the panel of venture capitalists, businessmen and women and entrepreneurs, agreed to invest in two of the schemes, pending further information.

St Gregory the Great School’s team, which was seeking funds to develop a community allotment, got the backing of the panel.

They asked for £4,800 and have been told they will get financial backing, though the final figure has not yet been agreed. Team member Vaughan Matthews, 17, from Cowley, said: “It was a great experience. It was very difficult. Most of us have seen Dragon’s Den and you can criticise the show, but until you’re in that position, you can’t describe what it’s like.”

Philip Blackwell, from the Blackwell family behind the famous Broad Street bookshop, told the group: “We loved it and we thought you were enthusiastic, ambitious, and your scheme had great environmental and social benefits.”

The Angels decided against investing in Matthew Arnold School’s specialist puzzle cube, but were so impressed by the way the group worked together, they offered to work with them to find a different product.

They had asked for £15,000 for a laser cutter to create the cube, aimed at the disabled market.

Adam Newport, 14, from Botley, said: “We have all put a lot of work in this, all of us have pulled our weight and it has been interesting.”

Two different groups from Magdalen College School took part in the contest, with business ideas for a yearbook company and for an environmental social networking site.

The panel decided to invest in the first scheme, but not in the second.

Ely Sandler, from the yearbook project called Form, said: “We have put a lot of effort into this and Business X has been very helpful.

“It is a really good idea and it’s a great way to get us started.”

The different groups will report back to the Business Angels on July 1.

Venture capitalist Martin Chilcott, who came up with the scheme and was on the panel, said: “We were enormously impressed with the quality of the work and of the presentations, energy, enthusiasm and passion.”

fbardsley@oxfordmail.co.uk