Student Enterprise @ Purple Door

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Enterprise Challenge

The Enterprise Challenge is a two stage competition run by the Portsmouth Centre for Enterprise (PCE), inviting all Portsmouth students to identify and develop an idea or different ideas which have commercial potential.

The Challenge is open to all registered students from the University of Portsmouth. You can enter Stage One or Stage Two, or both, and you may enter as a team or by yourself.

Below is a breakdown of the many stages and processes of the Enterprise Challenge, including important dates of certain events such as submissin deadlines and ceremonies where applicable.  Please ensure you make a note of these.

Stage One

Note: This Stage is now closed. However, check back in September 2013 for a chance to enter again!

Winners

Have you got an idea that can make money or change lives? If so, enter our Enterprise Challenge Competition.

Stage One asks University of Portsmouth students to enter their idea(s) on our Facebook App.

Prizes

Prizes up for grabs include:

• iPad
• £100
• £50

How to win

Our esteemed judges will decide on the first and second prize winners based on the viability and innovation of the ideas.

However it is up to your friends and family who wins the third prize. The ideas with the most votes win the prize! Share your idea with as many friends and family as possible! The earlier you upload your idea the longer you have to get votes.

You can enter as many ideas as you like!

Head over to www.uopenterprisechallenge.com

Submission deadline

Closing date for entries is Friday 30th November 2012.

If you would like to discuss your idea in more detail, we offer free and confidential support. To arrange a meeting email enterprise@port.ac.uk.

Stage Two

This stage asks you to develop your idea further. You need to submit a business proposal and prepare a three-minute pitch to present to the judges. Judges are interested not only in your idea but the way you will develop it into a successful enterprise. They will also be looking for projects that are commercially realistic (e.g. hover cars might be a great idea but how realistic are they in terms of technology, costs, safety?) or have social value. Showing evidence that your idea is commercially or socially viable is the key.

Closing date for entries is Friday 22nd March 2013.

Business Proposal

Criteria for your business proposal:

1. What have you already done?
   • Evidence about what you have done so far in relation to their idea
   • What have you learnt from these experiences about what works or does not work in business?
2. What do you plan to do next?
   • What is your compelling vision?
   • What makes you think you can deliver this vision?
3. The Market
   • What is the need that is perceived for the product or service?
   • What evidence has been gathered about proving the need?
   • Demonstrate that the offer does not already exist
   • Who are the main competitors and what are their strengths and weaknesses?
   • Where might new entrants emerge from (i.e. future threats)?
4. Getting to the market
   • What are the routes to market?
   • What are the revenue streams?
   • What are the recurring revenue streams?
5. Making a profit
   • How will the product or service be priced?
   • Is the price sufficient to allow a gross profit sufficient to cover all overheads and leave a surplus?
   • How does the pricing structure compare with direct competitors?
   • Have you tested what price the market will bear?
6. Resources
   • What skills do you already have?
   • What skills do you currently lack and how will you acquire the ones you lack?
   • What resources do you need to achieve your first sale?
   • What resources do you need to survive for 12 months?

Please note: 2000 words maximum. Evidence can be presented in the appendix.

Three-Minute Pitch

You need to prepare a three-minute pitch to present to the judges on Wednesday 24th April 2013. This is your chance to sell your idea to the judges in a more personalised and creative output. You need to show evidence of why your idea should win, focus on what you have already done and what you will do next. Think about the following:

1. Start with a “hook”
   • A scenario/story is a good way, product demo/prototype or prop
   • What problem are you solving?
   • You have the solution!
2. Draw your audience in
3. Answer the following questions and any more from your proposal that are relevant:
   • What is your product or service?
   • Who is your market? (is there a clear demand?)
   • What is your revenue model?
   • Who is behind the company?
   • Who is your competition?
   • What is your competitive advantage?
   • Added value? (National strategic interest, Environmental, Social)
4. Don’t just describe your idea
5. Show what impact your idea will have on your customer
   • Use your scenario/story to do this
6. Finish with a Call to Action

Be creative and make your idea stand out!

For ideas on how to make a great pitch check out the links on our Diigo page.

Support

Do not fear! Support is available. If you need assistance in writing your business proposal, the dedicated staff at Student Enterprise can help. Come along to our Enterprise Clinic held in Purple Door (Wednesdays, 14:00 – 16:00 and Fridays, 09:30 – 11:30) to discuss your idea.

You can also email us for more information at enterprise@port.ac.uk or call 023 9284 3543

How to Enter

Step 1:  Submit an entry form (downloadable below) along with a copy of your business proposal.

Step 2: Attend your assigned pitching slot on Wednesday 24th April 2013 and present your three-minute pitch to the judges. Please note pitches will be filmed.

Step 3: Attend the presentation and awards evening on Wednesday 1st May 2013 to find out if you have won.

Submission Deadline

All Stage Two entries must be sent electronically to enterprise@port.ac.uk by 16:00 on Friday 22nd March 2013.

Prizes

Prizes are top secret until the awards evening. They will be targeted to help you move your idea to the next stage.

If you would like to discuss your idea in more detail, we offer free and confidential support. To arrange a meeting email enterprise@port.ac.uk.