If this is you, UTS in partnership with Virginia Tech University has an opportunity of a lifetime! To participate in VT KnowledgeWords Global Challenge… put forward your business plan to compete against global teams for $25,000 major and $5,000 runner-up prizes. UTS will be sending a team of up to 5 students with $2,000 from BUiLD. You don’t want to miss this, get onto it TODAY!
Elite student teams from around the world will gather in Blacksburg, Virginia, USA to celebrate global entrepreneurship and to compete for the VT KnowledgeWorks Global Challenge Trophy. The objectives of the challenge are to celebrate the energy and creativity of university students, recognise their important contributions to the global economy, and develop their entrepreneurial ideas.
While at Virginia Tech you’ll have the chance to be mentored by experienced technology companies, workshops with leading entrepreneurs, and sharpen your business acumen through incubation. Plus you’ll be working with teams from around the world, building invaluable networks of future business leaders and entrepreneurs. More information on the event on the website (opens an external site).
How the process works
UTS:BUiLD and the UTS Business School are coordinating the UTS team, however applications are open to all UTS students. The road to VT and the chance to win $25,000 is like this…
- Assemble a team of up to 5 currently enrolled UTS students
- Develop a business idea (in any industry, sector or arena)
- Register your team by 15th May
- Develop a business plan addressing the judging criteria
- Submit your business plan by 15th June
- Shortlisted applicants notified by 18th June
- Presentations and winner selected 22nd June
- Winning team to participate in the U.S from 19th to 25th August 2012
|11th April 2012||Online team registrations open
|5pm 15th May 2012||Online team registrations close|
|5pm 15th June 2012||Submission of business plan|
|5pm 18th June 2012||Shortlisted applicants finalised|
|22nd June 2012||Presentations for shortlisted teams & winner announced|
|19th to 25th August 2012||Winning team competes in USA|
The judging panel is made up of business executives and UTS professors. All submissions will be assessed by the judging panel through a 10 minute presentation followed by a 10 minute Q&A session. The judge’s decision will be final. Your team will be assessed on the following grounds, quality and conciseness being paramount:
|Description of product/service features||10|
|Description of underlying technology/product/service development required||10|
|Target market and how your solution matches their needs||20|
|Market size data||10|
|Competitive position in your chosen market||10|
|Business model & financial sustainability||20|
|Funding needs and potential sources||10|
|Presentation skill and content||
The winning team will receive a UTS:BUiLD travel grant up to the value of $2,000 towards the costs of flights, accommodation and meals.
The winning team will compete for VT KnowledgeWorks Global Challenge prizes a $25,000 Grand Prize and $5,000 runner-up prizes.
Business Model Generation by Osterwalder and Pigneur website (opens an external site)
An example of a business plan Innov8 Tech – INFINITY (pdf, 1,459k, 25 pages)
UTS Entrepreneurship Lab @ u.lab.
Competition small print
- Late submissions will not be accepted;
- New and innovative products, ideas or services at any developmental stage may be submitted as the basis for the Business Plan. These however, must be new and may not be a part of an existing business;
- Intellectual property (IP) associated with the project will remain with the teams;
- The decision of the Judging Panel is final, and no correspondence will be entered into between UTS and entrants. The judging panel’s decision is final and cannot be appealed against.
To be eligible teams must be:
- Current Undergraduate or Postgraduate UTS students
- Enrolled as a full-time student
- Enrolled in both Autumn and Spring Semesters 2012
- Minimum of 3 students maximum of 5 per team
- At least 1 team member must be enrolled with the UTS Business School