2008 BUSINESS PLAN COMPETITION FINALISTS ARE ANNOUNCED - Media release
Now in its eighth year the ENTERPRIZE $100,000 Competition is designed to:
- Provide seed capital to promising start-up companies
- Give participants the experience of drafting a professional business plan for review by potential investors
- Foster networking with venture capitalists and angels
- To promote and support new venture ideas and build successful businesses, as well as providing education and networking opportunities for University of Queensland and other tertiary institution students
Enterprize consists of 4 stages and is open for all entrepreneurs who have business ideas that are ready, or almost ready, to be launched. Each team must have at least one (1) currently enrolled University of Queensland student on the team - see The Rules for more information.
Stage 1 - Submission of Business Concept Plans
At this stage entrants present a concept plan, which is a preliminary 8 page document that maps out the key ideas behind the business plan. Entries will be assessed by a panel of judges who will short-list finalists. These finalists will be invited to submit full business plans.
Stage 2 - Submission of Full Business Plans
Enterprize finalists will then be required to develop and prepare a full business plan of about 30-40 pages. This business plan will provide more in depth information about the business concept, its market potential and how the team plans to bring it to market.
Stage 3 - Public Presentation of Business Plans (Pitch Day)
Following submission of their business plans, each finalist will make an eight minute public presentation outlining their concepts and business plans before an audience that will include venture capitalists and entrepreneurs. The judging panel will assess the business plans against clearly established criteria. The Enterprize winners will be announced at the conclusion of Pitch Day.
Stage 4 - Commercialisation
A feature of the Enterprize challenge is that it will move to a fourth and final stage - supporting the commercialisation of the winning entry. UQ Business School will provide the winning team with a $100,000 prize for the purpose of commercialising their new venture.
In addition to this, i.lab, the Queensland Government's Technology Incubator will provide each finalist team with an entrepreneurs pack consisting of complimentary tickets to attend selected i.lab seminars, workshops and networking functions, a two-year subscription to Australian Anthill Magazine and five 'essential readers' for entrepreneurs - this includes The Art of the Start, Crossing the Chasm, Inside the Tornado, Good to Great and Purple Cow.
The winner of UQ Business School's Enterprize Competition will receive prize money of $100,000. The prize money will be paid to a suitable legal entity established to commercialise the winning business idea. Funds will be released on a progressive basis throughout the year, as and when the winning team meet specific milestones demonstrating progress with the commercialisation of the project. Typically, the winners must launch the new venture within 12 months of the competition and accomplish designated milestones that are defined in each winner's launch plan.
