The Stellenbosch Idea Competition (SIC) relaunched last week in South Africa, inviting innovative entrepreneurs to enter for R100,000 (US$11,296) prize money at stake.
“What sets this competition apart is that you do not need a business plan when you enter, only an idea. With the help of mentorship and workshops you will then have the opportunity to transform this idea into a viable business plan,” the competition invitation states.
Initiated by InnovUS Technology Transfer (PTY) Ltd, Stellenbosch University’s technology transfer company, in collaboration with Nuclues, the competition runs from February 20 to April 9.
“Stellenbosch University is doing a great deal to ensure that students have the opportunity to explore their entrepreneurial talents in and out of class,” said JD Labuschagne, Business Developer at InnovUS.
“As young entrepreneurs we are privileged to be part of an institution that is at the forefront of innovation. This opportunity presented to students and staff will encourage them to actively take part in what the university has to offer.”
Edwin Hertzog, founder of the Medi-Clinic hospital, encouraged participants as they enter into a very competitive field in his speech as the keynote speaker at the launch event in the Fismer Hall, Conservatorium, on the SU campus last Wednesday, February 20.
Competition entrants can decide between submitting an idea for an Android app, a solution for an acknowledged industry problem or an original business plan through a free online entry.
“After the submission date, we invite all the participants to attend four workshops which will focus on accessing the idea and feasibility studies,” Christina Harvett, Program Coordinator at InnovUS, explained.
Submission of final ideas are due on May 10 and selection by the judges will occur on May 14.
Finalists will attend a final pitching workshop to prepare for the final presentation on August 20.
“Young entrepreneurs will benefit from entering the competition. The business knowledge and skills we gained from the mentorship programme as well as the technical knowledge made a huge contribution,” said Dawfre Theron, 2012 finalist.
Theron developed a business with his restaurant special notification app and website, called Munch.
He is one of four finalists that succeeded in establishing a business from the idea submitted in the competition, Harvett told HumanIPO.
InnovUS manages Stellenbosch University’s commercial innovation and intellectual property portfolio through patenting, licensing and the formation of spin-out company.
