How the Competition Works

Each participating Higher Education Institution (HEI) has signed a Memorandum of Agreement with conditions set out by the Innovation Fund (IF). The Business Process document will form part of the Agreement in which it will be referred to as "Appendix 1".

PHASE 1 - The Institutional Phase:

This phase of the competition is held internally by each of the HEIs involved. Each HEI will select the 3 top business plans submitted by that institution's entrants. The 3 chosen entrants will then have their business plans forwarded to the IF for phase 2 of the competition.

The closing date for phase 1 is Monday the 31st of August 2009 at 16:00.

The following process should be completed by each participating HEI for phase 1:

• Step 1 - A competition manager from each HEI must be appointed to liaise with the Innovation Fund.
• Step 2 - Students and supporting academic bodies involved are to be informed of the processes involved, relevant competition dates and competition entry requirements.
• Step 3 - The competition manager must plan and co-ordinate at least 3 customised workshops.
• Step 4 - Students involved need to have access to guidance and mentorship in the development of their business plans.
• Step 5 - A panel of adjudicators must be selected in order to judge the internal stage of the competition.
• Step 6 - The panel of adjudicators must select the three best business plans submitted by students from their HEI.
• Step 7 - An awards ceremony is to be hosted where the abovementioned three finalists are announced.
• Step 8 - The competition manager is to ensure that the 3 finalist's business plans are to be submitted to phase 2 (the National Phase) of the competition.

Download the full details of the business process, the business plan requirements, templates, guidelines and information about the prizes by going to our Resources Section.

PHASE 2 - The National Phase:

The 3 finalists from each qualifying HEI will be submitted to phase 2 of the competition. Assuming that approximately 20 HEIs will be involved, this translates into 60 business plans. In January, each team will be required to participate in a 5-day workshop in their region. The purpose of this workshop is to give the students access to professional business planning professionals who will help them transform their business plan from a 10 page concept plan to a full 20-30 page business plan. This full business plan will then be submitted to the adjudication panel.

The IF will appoint a national team of adjudicators comprising representatives from inter alia, industry, the IF, technology and innovation consultancy firms, incubators, sponsors and Venture Capitalists. This judging panel will consist of 4-6 members. Adjudicators involved at the institutional level are illegible for consideration at the national level. All top 3 selected students from each participating HEI will exhibit their Innovations at the National Awards Exhibition. Adjudicators will shortlist the top 10 and subsequently the top 3 business plans from the 60 plans. The IF reserves the right to put in place a pre-screening of the 60 business plans to select those business plans that are fit to proceed to the national phase. This pre-screening process will include representation by at least one external person.

Using the prize money received, participating students should be committed to pursuing the commercialisation of their business plans beyond the awards received from the IF. The prize money at phase 2 of the competition will be administered in terms of the conditions of the competition agreement - 75% of the prize money must be used for commercialisation of the business plan and 25% must be allocated to the relevant department(s) - in accordance with the National Innovation Competition Agreement.

The Awards Ceremony

The glamorous awards ceremony will be a formal dinner that will have a high media profile. Expected attendees at the Awards Ceremony include:

• All finalists.
• Representatives from each participating HEI (Vice-Chancellors, Deputy VCs and the HEI Steering Committee of each participating institution).
• Potential investors and sponsors.
• Representatives from the various incubators.
• The National Phase's judging panel.
• High-profile members from industry.
• The Minister of the Department of Science & Technology.
• The Minister of Trade & Industry.
• The President of the National Research Foundation.
• Innovation Fund staff.
• Members of the media.

Browse the Frequently Asked Questions section of this site to have all of your queries addressed.