The University of Queensland’s Enterprize Business Plan competition is back, giving Australian entrepreneurs the opportunity to compete for $100,000.
Entries for the Enterprize 2011, a national business plan competition coordinated by the University of Queensland (UQ), has opened for applications. Each application must consist of a business plan up to eight pages long and the chosen finalists will be provided with the opportunity to compete for the final prize of $100,000.
The competition, which is organised by the UQ Business School, was created to provide seed capital to companies in their infancy, the creation of networks of business angels and venture capitalists, and the promotion of entrepreneurship and new venture ideas.
“Since its inception in 2001, UQ’s Business School Enterprize competition has showcased dozens of innovative ideas and products to potential investors and provided seed capital to promising start-up ventures,” said Professor Ian Watson, Academic Dean and Head of UQ Business School.
With the number of participants increasing every year, the Enterprize 2011 competition is expected to attract a record number of entrants.
The four stages
The Enterprize 2011 competition is divided into four stages.
- In the first stage, entrepreneurs from all over Australia are invited to submit a short business plan, up to eight pages. Applications close 22 July. Those who are chosen to advance to the next stage will be announced in August.
- In the second stage, finalists will be required to submit a full business plan, between 30 and 40 pages long, which will be reviewed and analysed by the judges.
- In the third stage, finalists will be interviewed by the judging panel on the contents of their business plan.
- For the fourth and final stage, the finalists will give a pitch, up to eight minutes, to the judges in an attempt to persuade them to award their project the $100,000 prize.
Past winners
Past winners include Southern Innovation in 2010 (see below), CoolMe in 2009, a vest with cooling effects to help firefighters and mine workers, and Bilexys in 2008, a technology that extracts chemicals from wastewater allowing them to be re-used.
All Australian residents are eligible to enter the competition.
