Features

WHAT'S THE BIG IDEA? — NIC 2009 LAUNCH

By JP Kloppers

The 2009 National Innovation Competition is to be launched this month (March) with a record of  21 South African higher education institutions participating. This overwhelming positive response from across the country makes this the biggest IF-NIC competition yet.

The competition's theme for 2009 is “What's the Big Idea?” Entrants will be required to submit their creative business ideas to compete for a cash prize of R300 000, which will be used to turn their winning business idea a profitable business reality.

The competition will take place in two phases. Phase one will be carried out internally by each of the education institutions involved. Here internal judges will pick their three best entrants to go through to the national phase of the competition. First prize in phase one of the competition is R50 000, as well as the opportunity to compete in the national finals.

To take home the national grand prize, student teams will have to devise a technologically innovative business idea strong enough to beat the other 60 finalists that will go through to the national phase. Last year's winner, Robert Bosch, from the Nelson Mandela Metropolitan University of Port Elizabeth, impressed judges with his “replacement for zinc-oxide in vulcanized rubber.” Over the past year, Bosch has used the competition's prize money to commercialize the technology that he developed, and is currently in negotiations with some international tyre manufacturers to license this technology.

But Bosch didn't find himself in first place all on his own. He was given plenty of guidance and advice along the way from mentors and helpers appointed by his university. Once again this year, universities will be required to run a series of workshops giving the students valuable advice on the forming of their business plans and the strategies needed to present it successfully at the competition.

Other prizes up for grabs include R10 000 for the best business plan exhibition at the national phase, as well as up to R100 000 for the winning student team to cover costs in entering an international business plan competition. Where this is not possible, the money will be used to help the students attend an international conference in line with their business case.

The student teams wanting to enter the competition have until the end of August 2009 to complete their business plans and hand them in to their respective universities.

Should you want to know more about the Innovation Fund Competition, visit www.innovationfund.ac.za.