Channelling their own experience, two young entrepreneurs are on track to turn their business into the next big thing.
Jack Coombes and Spencer Abbott have been announced as the 2024 Generation Innovation (GI) Challenge winners for their business Launched Sportswear.
The pair have designed practical and fun grip socks for everyone from athletes to those with a physical impairment.
The founders impressed GI judges and the audience with their idea and commercial acumen, earning them the top honour.
Now in its 10th year, 10 young entrepreneurs representing eight ventures participated in the 2024 challenge.
They participated in masterclasses, boot camps, market research, pitching and interviews to help perfect their ideas.
This culminated in three finalists being selected to present a pitch video to a panel of judges on October 2 before a winner was selected.
This year’s runners-up were Georgia Winnett and Mia Mullarvey for their Bear-Able business idea and James Sadler for his Guardian’s Angel pitch.
The Focus Pen founder Quinn Kruizinga was awarded the Spirit of GI Award.
As talented football players, Jack and Spencer were both struck down by injury, sparking the idea for their business.
“What inspired Jack and I to develop Launched Sportswear was when we both tore major ligaments in our knees slipping while playing representative rugby league,” Spencer said.
“This setback unfortunately ended our NRL dreams, but allowed us to focus on our passion for business and try to help others stay less injury prone through grip socks.”
Jack said the grip socks could be used anywhere from the sports fields and gym to hospitals and the home.
“Our product provides rubberised insoles in the bottom of our socks,” Jack said.
“This provides stability and grip therefore for the user limits in-shoe movement, increases balance, traction and confidence.”
The young entrepreneurs, who already have an online store, agreed the GI challenges had been an invaluable tool to steer them in the right direction.
“The generation Innovation challenge has provided myself with the fundamentals of operating business, key public speaking and pitching strategies and most importantly the confidence to fulfill my venture,” Jack said.
Spencer said the next step for Launched Sportswear was to expand the offerings.
“Next up for Jack and I will be continuing to sell our grip socks online while expanding our catalogue,” he said.
“We also hope to connect with more businesses in the local community whether they be in the medical or sports fields to extend our wholesale reach.”
GI chair Shane Cunningham said this year’s cohort demonstrated growth and enthusiasm during the program.
“This year’s GI Challenge was extra special being our 10th year,” he said.
“Generation Innovation is proud to have supported more than 160 young entrepreneurs, some of whom are now ‘giving back’ by helping to deliver the program.
“We’re very grateful to our partners and mentors who we rely on to run Generation Innovation and deliver the challenge each year.”
The GI Challenge is an independently run entrepreneurship program for 15–21-year-olds from the Sunshine Coast and Noosa regions.
Since 2015 the challenge empowers young entrepreneurs to translate an idea into a viable business through mentoring, skills development and business connections in a collaborative and inspiring environment.
For more information generationinnovation.com.au.
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