The Royal Academy of Engineering in partnership with the Institution of Engineering Designers is pleased to announce an exciting new event aimed at fostering the commercialisation of student design projects.
What is it?
An event to showcase the very best final year student projects and provide an opportunity for those involved to present their work to a panel of experts made up of venture capitalists and business angels who will offer advice and potentially funding to develop the project into a commercially viable product.
Who may enter?
Entries are welcome from all engineering and product design degree courses in the UK.
How does it work?
Projects will be assessed at a series of regional events which will be held in June 2010. Full details are available from the
regional event schedule, including locations, dates and details of the organiser.
One project from each region will be selected for the Innovation Hothouse Final which will be held in London on 21 September 2010 as part of The Royal Academy of Engineering’s London Design Festival programme.
What form will the assessment take?
At the regional event each entrant or team of entrants will be expected to make a presentation on their project for between 10 and 20 minutes to a team of two Judges, who are both senior industrial designers with a track record of innovating new products in several industrial sectors. This will be followed by a question and answer session lasting no longer than 10 minutes. The Judges will rate each project using this standard set of
criteria and provide each team with appropriate feedback on their project and presentation.
What form will the final take?
The final will be different from the regional events. The finalists will pitch their projects to a panel of four people who are either venture capitalists or business angels. The Panel will address each project from a commercial perspective as potential investors in terms of either development funds or venture capital. The members of the Panel are busy people and the opportunity to secure potential investment for a project is very real.
What help will finalists be given to make their projects ready for the final?
Each finalist will be assigned a local Business Coach who will help them work up their project to a stage where it is ready for presentation at the final. The Business Coach will advise on both the technical and commercial aspects of the project and help develop the business plan. They may also bring in other people to help work up the project or choose to act alone. Whoever else is brought in to advise on the project, the Business Coach will become part of the project team and support the finalist at the final.
Confidential Disclosure Agreement
All participants, judges and
members of the supporting team will be required to
sign a Confidential Disclosure Agreement to protect
the Intellectual Property of the projects being
presented. The necessary form will be issued to
applicants and will need to be completed before the
regional event in which they are to take part. All
regional events will therefore take place behind
closed doors and access will be strictly limited to
those who have completed the necessary
documentation.
The final will be a public
event but in the intervening period from the
regional event, the Business Coach assigned to each
project will, as a priority help register the
Intellectual Property if this has not been done.
What do I gain by entering this event?
Apart from the possibility of securing funding or venture capital should you reach the final, there is the experience of being exposed to leading industrial innovators and designers, venture capitalists and business angels at an early stage in your career. In addition each entrant will be offered free one year graduate membership of the Institution of Engineering Designers and a certificate of attendance for their CPD record.
How do I apply to enter this event?
All prospective applicants must submit an
online application form. The only additional information you will be required to submit is the business plan relating to the project should you have one.
Once an application is received it will be allocated to a region and we will enter your project on the relevant programme.
Are my costs covered in entering a regional event and if I get to the final?
Travelling expenses incurred by those presenting projects at both the regional events and the final will be reimbursed.
Closing Date
The on-line application
facility will be closed on the 9th June 2010 at
4.00pm.
Further information:
All questions should be addressed to Ian Bowbrick at the Academy
