Aberdeen, Friday 10th June 2016 Aberdeen and Grampian Chamber of Commerce. Y Factor Competition Final 2016 Pictured: Winning team with the judges Picture by Michal Wachucik / Abermedia

The search is over for the school with the “Y Factor”.

Alford Academy was last month named as the successful team in a Chamber competition aimed at helping young people understand the importance of financial planning. Their winning business plan centred around launching a mobile app called Foodzstuff which features recipes and advice, as well as where to buy local produce.

Schools across the North-east took part in the competition organised by the Chamber’s finance network which takes its name from the “Y” for the youth population at which it is aimed and the “why” financial planning is so critical. Each participating school put forward a team of four to six students who drew up a business plan for any business – a completely new one or one which already exists.

A Dragon’s Den style presentation was made by the three finalists from Alford, Robert Gordon’s College and the Gordon Schools in Huntly in front of members from the finance network. Teresa Bremner, membership network manager for the Chamber and finance network co-ordinator, said: “We are all really pleased with the results of the Y Factor.

“The level of detail, the obvious amount of work and just the sheer enthusiasm of the pupils was amazing.

“We asked the finalists why they had chosen to get involved with the project and were surprised – and delighted – when they told us that at some point they’d like to start their own businesses.

“The standard of entries exceeded all our expectations and we’re glad to report that there are some really talented and confident students out there.”

Each team was provided with a mentor, who talked through subjects like managing company finances, product development, how to put together a marketing plan and budgeting.

three finalist pitches included the Foodzstuff app idea from the Alford Academy team, coffee cubes for refreshment on the move from the Robert Gordon’s College business Cuba, and The Big Picture, a photo booth venture proposed by the Gordon Schools in Huntly. Christine McLennan, Aberdeenshire Council Enterprise Development Officer said: “The Y Factor promotes the financial sector for school-age pupils and helps pupils develop skills in product development, time management, creative thinking, problem-solving and teamwork using a real life context.

“It is an example of collaboration between industry and education where work done in business studies, personal and social education and maths meets the real life world of commerce and finance.”