Thinking about entering the qutbluebox Innovation Challenge? To give you the best chance of being selected as a finalist in the Challenge, we’ve put together some tips to help make the process easier for you.
What does it take to be selected as a finalist?
Each finalist in the qutbluebox Innovation Challenge will have two things in common: an innovation with commercial potential, and an entrepreneurial mindset.
What type of innovation are the judges looking for?
The judging panel don’t have any guidelines to the type of innovation other than it must be commercially-relevant new to world. You can enter a novel product, process or service, or business model. However, your innovation must be more than just an idea. You need to spend some time assessing your idea and demonstrate that there is a reasonable market for your innovation and that you have a realistic vision for commercially developing your innovation.
What information do the judges want about my innovation?
You really need to ‘sell’ your innovation. Provide the judges with enough information so that they understand what your innovation is as well as its value. When explaining your innovation, keep your description free of jargon and if possible technical terms.
Why do you want to know what problem/solution the innovation is addressing?
The commercial value of your innovation is largely dependent on the issue/problem/gap in the market your innovation will address. So clearly explain why it is significant and why it should be taken to market.
How much information do you need about the market?
At a minimum, you need to explain who will benefit and therefore potentially “buy” your innovation. These are the end-users or customers.
Once you understand your customer-base you can start profiling the potential market size and value. Consider also the geographical location of your market. If possible, put some figures and values to your market estimates. If relevant, include demographic information about your customers.
What else is already in the marketplace addressing this issue? Who are your potential competitors? It may help to explain the current market for your competitors.
Money, resources & development
The three questions about money, resources and development are to help the judges understand what needs to be done to develop your innovation to the point where it is a viable product. Consider time frames, resources (financial, physical and human), and barriers to entry. Explain where your innovation is at in this development process and the impact winning the Challenge would have in progressing it to the next stage.
When addressing the resources questions, it’s important to ‘sell’ yourself and your team / company if you have one. No one invests in an innovation unless the individual or team behind it has the skill, zeal and determination required to take the innovation to market. The quality of your application form should reflect your own qualities.
Applications close on Friday 15 August so enter now before you miss out!