A new entrepreneurship competition to transform business ideas from students and early-stage researchers at UCD into business plans and commercial enterprises was launched by NovaUCD today. Winning entries in the team-based SUSSED! Competition will share a €10,000 prize fund, receive 6-months free incubation space in NovaUCD and obtain professional support in forming their new ventures. The overall winner will also represent UCD in the Europe-wide UNICA Entrepreneurship Competition for Students and Young Researchers which takes place later in 2009.
NovaUCD is responsible for the commercialisation of intellectual property arising from UCD research. NovaUCD also provides entrepreneurs and knowledge-based start-up companies with a comprehensive business support programme and incubation facilities to assist them in bringing their innovative ideas to fully developed commercial enterprises.
Speaking at the launch of the SUSSED! Competition, Professor Mark Keane, UCD Vice-President for Innovation said, “This competition, which is being organised by NovaUCD, is designed to encourage UCD students and early-stage researchers to translate their energy, novel business ideas and technologies emerging from UCD into new indigenous commercial ventures. The development of such ventures form the backbone of the Government’s vision for Ireland’s economic future and the building of a Smart Economy.” He added, “The SUSSED! Competition also aims to further develop a culture of entrepreneurship among the students and researchers at UCD and to enhance their entrepreneurial skills.”
The SUSSED! Competition will be run in two stages. Participating teams will be asked to submit their business plans setting out their business ideas. These business plans will then be reviewed by a Judging Panel which will contain a mixture of experienced entrepreneurs, academics and industry representatives from diverse sectors.
The Judging Panel will then short-list the teams which will go forward to the “Dragons’ Den” stage of the competition. These teams will then make presentations to the Judging Panel who will select the top three prize-winners.
To enter this competition prospective teams need to register their interest with NovaUCD by 6th April. The final deadline for the submission of application forms and business plans is 15th May.
Details of the SUSSED! Competition, including, timelines, rules, assessment criteria and other related information are available via www.ucd.ie/nova/
