The University of Queensland now runs a yearly business plan competition called ENTERPRIZE that offers a cash prize of $100,000. Seed capital is provided to promising start-up companies and participants have the experience of drafting a professional business plan for review by potential investors and networking with venture capitalists and angels. The winner also enjoys one year’s occupancy and access to the University’s technology incubator.
On the educational front the project provides business development experience and networking opportunities for University of Queensland and other tertiary institution students.
The prize is paid in increments linked to the accomplishment of milestones that are defined in a launch plan. The winners must launch the new venture within 12 months of the competition and accomplish designated milestones within the following 12 months.
The competition commences with the submission of an 8 page Business Concept Plan that maps out the key ideas – the deadline this year is 25 July. Entries are assessed by a panel of 3 judges who short-list finalists in different categories. These finalists are then invited to submit full business plans.
The Enterprize event has been run since 2002. Last year’s winner was Olympic Triathlon team physiotherapist Mark Alexander who is marketing a self treatment and posture correcting device called BakBalls. The product is now being sold online.