Innovating Future Business
Building on the success of our previous innovation competitions, we are excited to run a new intitiative called Innovating Future Business. The competition encourages innovative, forward-thinking business ideas and is open to current students and graduates of the University of Salford, as well as students and graduates from partner higher education providers also including University Alliance.
This competition will include multiple investors and Universities in a true Dragons Den Style. The prize pool is £5000, but if you impress the judges, you will be in with a chance for further investment at the discretion of the participating company.
A business competition for students and graduates of Alliance universities, in collaboration with The University of Salford, Cariocca Enterprises , Marketing Signals, Wakelet and ANS Group, Web Applications UK.
Entrants must provide a proposal for investment in a start-up or business idea, product or service founded by themselves.
Explicitly, the 5 investors are looking for a proposal that demonstrates a viable business with a low cost of entry, evidence of sound market research, and crucially an innovative idea with the ‘wow’ factor. However, the personality of the founder/co-founders is also an integral part of the final decision – this is something that will come through on the final pitch.
All students and alumni of Alliance Universities can participate.Teams of up to four or individuals can enter the contest.
The competition is open to students and graduates in all subject areas so you do not need to be a business expert, but have a good understanding of the specialisms needed to get your idea off the ground.
Entrants will be selected by their host university on 22 March 2017. They will then be asked to complete a short entry form to introduce both themselves and their business idea ahead of the event on the 10th May 2017. The finalists will have a five-minute slot to pitch their idea, after which time they will answer questions posed to them by the investors, university staff and other industry experts.
To enter participants must:
- Be a current student or recent graduate or a team of students/graduates of an Alliance university.
- Have an innovative business idea.
- Talk to the Enterprise Team on how to enter
- Submit a final application by 10 March 2017
- Be available to pitch their idea in a semi-final to a panel of experts on 22 March 2017
- Be available to pitch their idea in the final on the 10th May 2017
- Throughout the competition the concept they come up with remains the Intellectual Property of the respective competitors.
Entrants aren’t just participating for money, they are also pitching for the opportunity to get seed funding and the room to grow their business idea. As such, entrants must be encouraged to see their business as the real thing, not just a theoretical proposal for a cash prize (third year and alumni are therefore more desirable). We believe that taking part in the process will be a helpful and rewarding process, even for those who do not win the prize, providing the opportunity to showcase your ideas and have them reviewed by leading angel investors.
In the past similar competitions have resulted in companies such as Vinejuice the winners of a 2014 University of Salford competition, who are now established on the Web Applications UK campus, and receiving seed funding for their business from WA:UK Tech Angels, a Greater Manchester based start-up accelerator and angel investment organisation. It’s the ethos of the participating investors to positively impact local tech industries and the wider community.
Visit the University Alliance website for more details. #UAfuturebiz