Fostering innovation, developing new entrepreneurs and creating new opportunities and businesses for the benefit of Queensland and Australia is the aim of a competition being run by Griffith University.
The Griffith Innovation Challenge encourages students to develop genuine business plans.
Chair of the Competition’s Steering Committee Ken Bennett said the aim was to foster innovation and get students from different study areas working together on new ideas.
Nearly 40 teams are battling it out this year to create the best business plan and share in $40,000 worth of cash and prizes. First prize, sponsored by Dell, is $10,000 plus each team member receives a laptop. Students from all Schools of the university have entered.
The business plans may be commercially (for profit) focused or community oriented (non-profit) and may form part of assessment, work experience, internships, placements, scholarships or just be a good idea.
The students are teamed up with mentors and participate in a number of workshops to help them develop their idea and any Griffith student in second, third or final year studies at the undergraduate or postgraduate level can enter.
Mr Bennett said the mentors were from industry, government or the university and provided a level of professional and/or life experience which helped to inspire the students.
“Students have to adopt and adapt their university studies to a concept and create a business plan that reflects subjective and objective reality,” he said.
“The Griffith Innovation Challenge encourages students to develop a range of professional skills including teamwork, leadership, project management, commercial assessment and awareness, networking and marketing and promotion.”
The entries are judged by a panel of internal and external judges and will be announced at an awards night at the end of November.
The competition began in 2005 through financial support from the Australian Government’s Innovation Awareness Strategy.
This year’s competition will be launched at G’s Restaurant, Griffith’s Nathan campus on October 2 at 4pm to thank sponsors who include Diamond Sponsor Dell Australia and Silver and Bronze sponsors Gold Coast City Council, Logan City Council, The Australian Institute of Export and the Queensland branch of the Australian Organisation for Quality.
For further information on the competition visit www.griffith.edu.au/business/griffith-innovation-challenge/