The steadily-rising price of oil, and, in London, a congestion charge of £8 for cars entering the centre of the city, mean more and more people are traveling by bike. Cheap, quick and relatively healthy (if you don't suck in lungfuls of fumes) the downsides are being caught out by the British weather and where to put your bike when you arrive.

So with that in mind, James Steward and Natalie Connell are deserving winners of this year's UK's Young Entrepreneurs Of The Year Award for their Cyclepod.

An intelligent, space-saving design, the pods vertically store eight bicycles within a two-meter diameter, which is half the room needed by traditional storage units, according to the makers. The design also lets cyclists lock both the bike's frame and front wheel so they can't be stolen, and the umbrella will at least keep the rain off when you're not riding. There's no faulting the modernist design either, which is already cropping up in certain parts of London, and at the headquarters of multinationals like Pepsi.