The IBISWorld 3P Innovation Competition is an annual contest for UTS undergraduate and postgraduate students. The competition gives students the chance to explore creative and innovative business ideas whilst being mentored by business professionals.
The challenge requires students to develop a new, innovative product/idea or service associated with the 3P (People, Planet, Profit). The teams are required to develop their ideas into a viable business case, submitting a LEAN CANVAS for judging. The top six canvas will be selected to pitch to a panel of experts for final judging.
Previous winners include an on-demand hiring service for contractors, industrial lift, a digital textbook service, safer, fashionable and practical scooter attire, crowd sourced fashion website, an online art platform, thermoelectric generation devices and a home automation system.
The competition has been proudly supported by IBISWorld since 2013.
What to expect
Students attend an initial briefing session to hear from the mentors about idea generation and how they will help you throughout the competition. Students will then have the opportunity to meet with individual mentors over five half day Saturday sessions, to discuss their ideas and develop their business plan. Business plans are submitted for judging and six finalists are chosen to present their cases to the judging panel for final assessment. The final six teams will also receive pitch training from Sydney Angel, Mathias Kopp.
1st Place $12,000
2nd Place $8,000
3rd Place $5,000
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Watch: How to be an Entrepreneur