Heartening news from the MG Rover debacle that led to 6,000 redundancies.
Before they lost their jobs in April, Martin Thirlaway and David Durrant designed and developed accessories such as baby seats and satellite navigation for Rover.
They were already toying with the idea of going into business for themselves, when Rover's collapse turned that idea into a reality.
"We were already unnerved by events at Rover and had some thoughts, but there is nothing like a final catalyst," Mr Thirlaway told Business Insight.
Both put £1,500 into the pot to start XSR Enterprises, hired an office, created stationary and business cards and waited. The first contracts - with Jaguar and Xpart, which supplies accessories for MG Rover - came after six to eight weeks.
The two had several things going for them. They were fortunate in that they did not need a huge chunk of capital and they chose the appropriate environment, Coventry University's technology park. They also benefited by signing up to the university's Vision Works programme which supports business start-ups and entrepreneurs.
"We've had a business mentor, free of charge, who helped us present a financial plan to the bank," Mr Durrant said. "We've also met a number of other automotive companies involved in the programme and explored ways we can work together. At least one contract we've won came as a direct result of being based at the technology park."
XSR, for the time being, is more of a consultancy. If a car firm is too busy to come up with an accessory it can in effect outsource the project to XSR which will furnish the design, liaise with suppliers and test the product to make sure it comes up to scratch.
"We can take away a project and deliver it at the other end," said Mr Thirlaway.
Eventually the team wants to come up with their own product ideas.
"There is a shortage of accessory suppliers in the automotive industry and that's where we come in," Mr Thirlaway said. "A client might dream up a new accessory, such as an alloy wheel, and we can make it happen."
It's the sort of tale to gladden Gordon Brown, the chancellor who has a yen for entrepreneurs.
