- Teams to be made up of 1-4 students enrolled in a UTS degree (undergraduate or postgraduate);
- All team members must be enrolled at the time of registration
- At least 1 team member must attend the workshop
- New and innovative products, ideas or services at any developmental stage may be submitted as the basis for the Business Plan. Ideas 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;
- Your team will be disqualified if there is any evidence of copyright infringements or plagiarism;
- Teams must identify themselves using the team name and the team member’s names on their submission;
- The judge’s decision is final and cannot be appealed against.
Consultation Sessions Guide
Session 1: Idea Generation
- What are the key societal, work/study related problems/issues that annoy you – list them
- Ask the question; is this a global/domestic and/or personal problem/issue?
- If they are global or at least domestic problems/issues what are the solutions to them?
Session 2: Idea Selection
- So you have a number of ideas – has anybody else thought about solving them?
- Can you have a better/more efficient solution?
- Can you protect your intellectual properly?
Session 3: Implementation and Financing Consultations
- Do a competitor analysis on your idea
- Research and document the possible market size and scalability of your ides
- Is it financially viable?
Session 4: Draft Lean Canvas
All teams should be able to answer all the following questions
- Overview: the problem and solution
- Key details of about the product or service
- Market Analysis
- Marketing Strategy
- Financial Plan – including investment required and expected return
- Management/Personnel Summary
- start-up costs, projected sales, personnel plan, start-up funding, projected profit and loss statement, projected cash flow statement and projected balance sheet
Lean Canvas / Pitch Assessment Criteria
1. Quality of the idea – 25% weighting
a) What problem does your offering solve?
b) What is your product or service offering and how does it work?
c) What is the market for this idea?
d) What is your unique value proposition and why does your offering solve the problem better than its potential competitors?
e) Can the associated intellectual property be protected?
2. Implementation of the idea in a business context - 25% weighting
a) How will you market the offer?
b) What is the intended manufacturing or service delivery process?
c) How will it be distributed or provided?
d) Is there any environmental impact associated with the product or service?
e) What are the key strengths/weaknesses of the team proposing the idea?
3. The investment (from a potential investor's point of view, would I put my money into this?) - 50% weighting
a) How much investment is required?
b) How will your business make money?
c) What return on investment is forecast?
d) How long will it take to pay back the investment?
e) What are the key risks as you see them and how do you intend to mitigate against those risks?