Frequently Asked NIC Questions
Q. Who May Enter the NIC?
Q. May I Enter as Part of a Team?
Q. What Type of Innovation Should my Business Plan Describe?
Q. What Can I Win and Do I Get to Keep All the Prize Money?
Q. If I Am Selected As One of the Top Three Entrants at My HEI, Who Will Pay For My Travelling and Accommodation to Participate in the Exhibition and to Attend the Awards Ceremony?
Q. Where Do I Find Help to Write My Business Plan?
Q. Who Are the Adjudicators and What Would They Be Looking For in a Business Plan?
Q. Who May Enter the NIC?
A. The competition is open to all South African students under the age of 35 years, who are registered at South African Higher Education Institutions (HEIs). This includes part-time, distance learning and post doctorate students as well as postgraduates and undergraduates. Visiting foreign students may only assume a supporting role within a project team, with the prior written approval of the Innovation Fund (IF).
Q. May I Enter as Part of a Team?
A. You may enter as an individual student or as a part of a team, but we recommend that you participate as part of a team, as teams will be favoured.
Q. What Type of Innovation Should my Business Plan Describe?
A. Any technological innovation with the potential to result in a tangible product or process improvement or service (or a combination of these) will qualify for entry into NIC, subject to the business process. Besides being potentially financially viable, resultant business plans must demonstrate either proof of concept or evidence that achieving it is in process.
Q. What Can I Win and Do I Get to Keep All the Prize Money?
A. Prizes for the top three entrepreneurial students / student teams are as follows:
Phase 1: Institutional Phase Prizes
1st Prize: R 50 000
2nd Prize: R 30 000
3rd Prize: R 20 000
* Prize money to be used at sole discretion of the student(s)
Phase 2: National Phase Prizes
1st Prize: R 300 000
2nd Prize: R 200 000
3rd Prize: R 150 000
75% of the prize money is to be used by the student(s) for commercialisation of the business plan and the remaining 25% to be allocated to the relevant department(s). Should it prove impossible to commercialise the business plan, any surplus of the amounts allocated to commercialisation activities, must be paid into a bursary fund to be set up by the HEI to support historically disadvantaged students registered for science or engineering degrees at the Institution. The HEI shall provide the IF with a report on the establishment and allocation of funds from the bursary fund.
Best Exhibition Prize (R10 000): Attendees viewing the NIC student exhibitions will vote for their best display on the day. The prize money shall be utilised at the sole discretion of the winning student exhibitor.
International Competition: The IF will make every attempt to market the winning team internationally. The best business plan will receive up to R100 000 to cover costs for possible travel to participate in an international business plan competition to present their winning business plan. Where this is not relevant, the money is to be spent participating in a relevant international conference in line with their professional line of study.
Q. If I Am Selected As One of the Top Three Entrants at My HEI, Who Will Pay For My Travelling and Accommodation to Participate in the Exhibition and to Attend the Awards Ceremony?
A. The IF will make all the travel and accommodation arrangements, as well as settle the bill! You will be our guests!
Q. Where Do I Find Help to Write My Business Plan?
A. Speak to your lecturer and/or Professor, search for help on how to write business plans on the Internet, in a bookstore, or in a library. You can also visit the IF website or contact us.
Q. Who Are the Adjudicators and What Would They Be Looking For in a Business Plan?
A. The HEI Steering Committee will select the panel of adjudicators to evaluate the business plans received, but if need be, the IF will assist in obtaining relevant adjudicators with the desired and suitable expertise.
The adjudicators selected to evaluate the relevant business plans should have multi-disciplinary expertise and the necessary experience to ensure a thorough, high-quality evaluation and scoring. The panel of adjudicators should also be representative of gender and race.
Names and CVs of adjudicators selected must be forwarded to the IF for approval BEFORE evaluation of any business plan starts. If the IF, at any stage, feels that an erroneous choice of adjudicator/adjudicators has been made, the HEI Steering Committee, with the help of the IF, must appoint a 'replacement' adjudicator.
The HEI judging panel should consist of a minimum of four and a maximum of six adjudicators, with at least two business experts and/or multi-disciplinary, technology-based experts. It is imperative that these adjudicators are not involved with the 'grooming' and/or guiding of student business plan processes at any stage. The selected adjudicators should not have been involved in, or a part of any preparation of business plans at Phase 1 of the NIC.
Before receiving any business plans for evaluation and rating, adjudicators should sign a non-disclosure agreement (NDA) that will be supplied by the HEI Steering Committee. Copies of this NDA will be kept on record by the IF.