25k Award - FAQ's
Who is eligible to enter the competition?
All currently registered full time and part time students and research staff employed within the University of Ulster and Queen's University of Belfast are eligible to enter. Research Staff of any publically funded organisation are also eligible to enter. People who do not meet this requirement may join a team in the competition provided that one team member is a student of these educational institutions.
Ideas that have made it through to a previous 25k award top ten can not be re-entered. However, teams can re-enter with a different idea.
How big can the teams be?
Teams can be of any size but from experience we would recommend that teams have between three and six members.
What are the steps of the Competition?
The deadline for the 2 page idea submission is Friday 24th April, this will be sent to the 1st round judges to decide those that go through to the elevator pitch event.
An elevator pitch will be held to determine the successful top ten applicants/teams, who will then be allowed to progress to stage II of the competition to compete for the £10,000 award. They will be asked to submit a detailed business plan (no more than 25 pages including appendices) by Friday 24th July 2009
The judging panel will assess the final submissions in the first week of September and will choose the £10,000 winner. At an awards dinner on Thursday 24th Spetember, the £10,000 winner will be announced as well as the winners of each category, who will recieve £2,500. All 10 applicants will receive an award of £500.
What should be in the outline business plans?
A pro forma of the 2 page idea submission is available to download from www.nisp.co.uk/NISP-25k-structure.aspx. This needs to be submitted to roisin.clancy@nisp.co.uk by Friday 24th April.
Who are the judges?
The judges are a panel of professionals who will dedicate time to assessing and critiquing the plans. They include: venture capitalists; bankers and successful entrepreneurs/business people
What will the judges look for in a plan?
The judges will consider many issues when evaluating the business plans including :
- Is the business opportunity both attractive and realistic?
- Can the business compete successfully?
- Do the market and financial projections demonstrate that the team understands its market and its business?
- How long will it take to bring this product/service to the market?
- Has the team tested its idea in the market place?
- Who are the customers? Have the team made an effort to identify and profile their anticipated customer base?
- Does the team have the right skills to make the business succeed?
- What roles will the team members play in the venture?
- What levels of staffing will be required and what will be the management structure of the proposed venture?
- What is the amount of equity capital investment required?
- Is there a banking facility requirement?
- Have the team identified potential sources of funding?
- When will the company 'break even'?
- Have the team demonstrated, through detailed cashflows and profit and loss accounts, the long term viability of the business venture? (Plans should demonstrate at least 3 years of financials)
- What is the expected time and amount of pay-off to investors?
- Is the plan clear and well written?
Will the business idea be protected?
The business plans will be treated as the confidential property of the entrant teams. Copies of the entries will not be given to third parties. A non disclosure agreement will be signed by all judges to ensure protection of the intellectual property.
Where can help be obtained?
Structured participant support in the form of seminars for stage 1 and mentoring for stage II will be provided throughout the business planning process. In addition there are a number of good sources of information available to participants through :
University of Ulster
Contact: Cecilia Hegarty
Tel: 028 70323381
Email: cb.hegarty@ulster.ac.uk
Website: http://www.nicent.ulster.ac.uk
UUTech: www.uutech.co.uk
Queen's University of Belfast
Contact: Richard Millen
Tel: 028 90272571
Email: r.millen@qub.ac.uk
Website: http://www.qub.ac.uk
QUBIS: http://www.qubis.co.uk
Health and Social Care
HSC Innovations
Contact: Tim Cox
Tel: 028 9063 5794
Email: Tim.Cox@crsc.n-i.nhs.uk
Additional Market Research Information can be obtained from the following sources : Belfast Central Library - Business LibraryTel: 028 90 243233
Mintel
Website: http://www.mintel.com
Business Opportunity Profiles
Website: http://www.cobwebinfo.com
Keynotes
Website: http://www.keynote.co.uk
Invest Northern Ireland
Website: http://www.investni.com
How can students register?
Submit a page idea pro forma by downloading from www.nisp.co.uk/NISP-25k-structure.aspx and send to roisin.clancy@nisp.co.uk. For further details contact Northern Ireland Science Park on 02890737800.