Through the support of the Innovative Entrepreneurs Programme, Faizaan, who has only recently completed his master’s degree at the University of Leeds, is on the verge of launching his first product into market, a vitamin D extract derived from mushrooms. With a strong scientific foundation and an active patent process for the production method, he is ready to enter the market with a clear business model and strategic marketing plan. 

Purpose of the Support 

Faizaan Noyda, Co-Founder & Managing Director at Newway Biotech Limited, hoped to gain clarity on his business’s value proposition, refine his product-market fit, and receive expert guidance on taking his first product to market. Support through the programme focussed on one-to-one coaching as well as participation in facilitated Action Learning Sets. Through this tailored coaching he was able to transform a very broad initial idea into a structured plan with a clear direction for market entry. 

Challenges Faced? 

One of the main challenges for many entrepreneurs is balancing innovation with market needs. Whilst Faizaan is passionate about the business focussing on mushroom-based products, identifying the right target audience and product-market fit was difficult at first. Also, navigating the regulatory landscape in the UK and ensuring their products met health and safety standards before market launch proved to be very complex. 

Engagement Process 

Faizaan states that one of the key highlights of working with RTC North, especially under Chantelle’s guidance, was the process of refining the company's value proposition. Coaching helped them connect with the right people in the industry which was crucial in the very early stages. The coaching support helped them to narrow their focus and align their product with customer needs. Faizaan said, "It was incredibly valuable to have an external perspective on our business, which not only shaped our strategy but also bolstered our confidence in moving forward with our launch plans." 

What’s Next? 

His innovative approach integrates the tasteless mushroom-derived vitamin D into food products, such as snacks and beverages. Having progressed from prototype development and testing Faizaan is now finalising his product launch. As the programme concludes, the immediate next step for the business is to seek regulatory approval for its mushroom-based products and prepare for market entry later this year launching its test-product which are mushroom crisps full of protein. The business is also in the process of raising further investment to scale production and make its products widely available. Additionally, they aim to strengthen partnerships with academic institutions and industry leaders to further substantiate the health benefits of its products.  

Support Outcomes and Benefits 

As a result of the support, Faizaan has officially registered his business, achieving a pre-seed valuation of £1.5 million with SEIS eligibility. Interest from potential investors is growing, and he has successfully secured grant funding from Health Innovation UK to support product validation with the University of Huddersfield. He has additional products planned for launch in 2025 with finalised company branding, product development and packaging. They are preparing for Bcorp status and have also secured Memorandum Of Understanding (MOU) with production facilities in India, positioning the company well for future growth. 

 Quote from Advisor 

“Faizaan’s entrepreneurial journey is one of growth, persistence, and learning. He has navigated the complexities of bringing a biotechnology product to market, from product ideation and regulatory compliance to funding applications and investor pitches. Despite the challenges posed by juggling his academic commitments, he has demonstrated remarkable discipline and focus, balancing both worlds effectively. His progress has been inspiring, and with continued dedication, he is on a clear path to achieving his entrepreneurial goals.” 

Quote from Client 

“Joining the Innovative Entrepreneurs Programme was an exciting step for me as a start-up business. I started with the overarching concept of addressing vitamin D deficiency through the use of mushrooms - nature's bounty. The outstanding coaching received from Chantelle at RTC North was critical in refining our value proposition, which has considerably clarified our direction and positioned us on a clear path forward with a fresh perspective." 

To learn more about the programme, visit: https://www.wybusiness-skills.com/innovative-entrepreneurs/