Latitude 56 Degrees supported by the Sporting Chance Initiative, and started by two recent graduates from the University of Strathclyde have won a national business award for their pioneering product design company.

Kevin Fox and Lawrence Broadley scooped the £15k first prize at the Scottish Institute for Enterprise (SIE) National Business Plan Competition for Latitude 56 Degrees, the company they set up to design innovative products for the adventure sport and travel market.

The young entrepreneurs, who both live in the Glasgow area, were praised for their efforts by Dragons' Den star James Caan at the SIE Student Enterprise Summit in Dundee.

Their products include the Rat-Pak, an ultra-portable suit carrier for cycling commuters. They have developed their prototype with the help of the SCoPE award and the Sporting Chance Initiative in collaboration with Strathclyde University.

Kevin, 22, said: "It's a real privilege to have won the competition - we were up against some great companies.

"We've been supported by the Sporting Chance Initiative via prototype development funding which has allowed us to make real progress and get closer to getting the product to the market.”

"It has been fantastic to form our company around the sports we know and love, and we're very excited about the future."

Kevin and Lawrence studied at Strathclyde's Department of Design, Manufacture and Engineering Management and became friends after winning scholarships to study at one of the USA's top 10 technical universities, California Polytechnic State University in Los Angeles in 2004.

Their shared passion for adventure sports - including surfing, endurance running and rock climbing - was the foundation for their success. The pair fended off stiff competition from 300 other entrants to land the prize of £5,000 cash and a £10,000 package of business support.

Latitude 56 Degrees has already gathered momentum with a string of awards, including the 'Dragons Glen' enterprise award at the Outsider Festival in Aviemore, and an award from the Prince's Scottish Youth Business Trust growth fund, and ‘Essential –Strathclyde Entrepreneurial Network’ funding.

James Caan, Dragons' Den star and CEO of private equity firm Hamilton Bradshaw, said: "It's really encouraging to see so many people who are not only full of ideas, but also have the commitment and drive to turn them into valuable business opportunities.

"Being enterprising is about having an idea, doing your research and then having the confidence and determination to really push ahead, go out there and make it happen. These students are doing exactly that, which is great to see."

James Barlow, Chief Executive of SIE, added: "Latitude 56 Degrees stood out as a business of real substance, which is exactly what SIE aims to promote. Lawrence and Kevin have real vision and are making fantastic progress."

For more information about Latitude 56 Degrees, visit www.lat56.com