Student debt concerns spurred Dreamfarm inventor on

A young Australian entrepreneur has explained how his student debt and finance concerns motivated him to make a success of his home gadgets business.

Alex Gransbury, 28, first started Dreamfarm – a kitchenware design company that now boasts a $1 million annual turnover – by developing products in a back shed during his time as a commerce university student, the Sydney Morning Herald reported.

Mr Gransbury explained how he had been encouraged to press ahead with his inventions after selling his first "Grindenstein" prototype (a dispenser for used coffee grinds) to a local retailer.

"The thrill of his first sale, demand from local retailers – and the need for cash to buy beer and concert tickets – kept the university student focused," commented the newspaper. "Paying loans back to banks and increasingly nervous family members was a fair motivator, too."

In addition, the businessman revealed that seven years later and with Dreamfarm recently launching six new products, he can finally take home a wage from the company.

Meanwhile, it was reported last week that "financial literacy" could become part of the schools maths curriculum in a bid to help youngsters compare student finances.

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