SIE Fresh Ideas Competition Guidelines for Entrants

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1 SIE Fresh Ideas Competition Guidelines for Entrants The SIE Fresh Ideas Competition is looking for promising ideas which could turn into potential businesses. The competition is aimed at students and recent graduates from Scottish universities and colleges who have an idea and would like to investigate the possibility of turning it into a business or social enterprise. The ideas do not need to be well developed and the entrants will not be expected to have a strategy to put the idea into practice. From October to January, each MONTH, there will be three cash prizes to be won: 500, 250 and 100 as well as High Commended entries selected from the best of the rest of the other entries received each month. Monthly winners and Highly Commended entries will be invited to go forward to the next stage of the competition and could win a top prize of 1000! How do students or recent graduates enter the competition? Eligible students and graduates can enter the competition online by completing the online entry form which you can access at Notes on Eligibility: 1. Entrants must be students or recent graduates at a Scottish University or College. 2. Recent graduates must be no more than 2 years post graduation. 3. Students or graduates can come from either undergraduate or post-graduate courses. 4. If entering a team, ALL members of the team must be eligible students or recent graduates (NOTE: this is different from the SIE New Ventures Competition (NVC). 5. Entrants who have entered in previous SIE competitions can apply to this one. 6. If you entered in an earlier month and did not win you can enter again providing the idea has been significantly updated. 7. Entrants who have taken significant steps to turn their idea into reality and who are eligible for the NVC are not eligible for this competition (see the competition rules for the NVC). 8. SIE reserves the right to determine move entries from Fresh Ideas to NVC. To Enter Entrants should complete the online entry form available at The entry can be edited at any point up until the most applicable monthly closing date at which point it will be taken as a final entry. After monthly judging, all entries stored on the online entry system will be deleted, ready for the next month. It is highly recommended that entrants keep a copy of their entry information. Notes: 1) Social enterprise SIE considers a social enterprise to be a sustainable enterprise which employs at least its main staff and which is operated on sound business principles in order to benefit a social or environmental cause reinvesting some or all of its profits for the benefit of the cause, rather than for the purpose of wealth generation. 2) By entering the competition, you agree to let SIE share your contact details with your local University or College student enterprise support services, who may offer you additional help and support with your idea Scottish Institute for Enterprise Page 1 of 5

2 What happens next? At the end of each month, SIE will review all the competition entries received during the month and select the monthly winners. Entrants will be advised of their status during the week following the close of that monthly stage. Judging will include a screening process to identify whether the entry could potentially be more suitable for the New Ventures Competition, which is for more advanced business ideas, and which has larger cash prizes. Monthly winners and Highly Commended entrants will be invited to the next stage of the competition and participate in Exploration Day (see below). Exploration Day Exploration Day will be held on Saturday 20 February This exclusive invite-only workshop for entrants in the SIE Fresh Ideas Competition and New Ventures Competition provides entrants with an opportunity to learn from experts on how to improve their ideas and learn how to effectively communicate about their idea. Contestants will also learn how to enhance their entry to optimise their prospects of getting to the final stage of the competitions. They will also develop valuable skills including how to successfully pitch to competition judges and have a chance to make helpful business contacts at the closing networking reception. Venue: John McIntyre Conference Centre, Edinburgh Note: SIE will reimburse participants for lowest rail or bus fare to and from the event What happens after Exploration Day? Fresh Ideas entrants who wish to continue on in the competition must resubmit their competition entry online taking into account all the learning from the Start-Up Day. This submission must cover all of the issues addressed in the Template at Appendix A and must be completed by the final closing date: midnight on Sunday 28 February. This will be taken as the entrant s final submission for the competition! Entrants should note that if they have turned their idea into business between being selected as a monthly winner or Highly Commended entrant and the date for making the final submission, they are ineligible for the SIE Fresh Ideas Competition and should develop their re-submission in accordance with the guidelines for the SIE New Ventures Competition. All finalists in the competition are encouraged to access advice or support from the relevant SIE business advisor as well as from business mentors either from their university or elsewhere to assist them with their entry. Shortlisting SIE will shortlist entrants on Thursday 03 March 2016 based on their final submission. The shortlisting panel may take advice from the SIE business advisors who have had interactions with the business to inform the shortlisting decision. Up to 15 Finalists will be selected to progress to the finals. Shortlisted finalists will be notified by Friday 04 March Final presentation and judging The finalists will be invited to do a short pitch of their business ideas to a panel of expert judges on Saturday 12 March 2015 and will be judged on their Business Idea summary and their pitch. SIE will reimburse participants for lowest rail or bus fare to and from the event Scottish Institute for Enterprise Page 2 of 5

3 The SIE Summit and Reception All Finalists from both the Fresh Ideas and New Ventures competitions will be invited to attend the SIE Student Enterprise Summit 2016 where the overall winners will be announced. Finalists will also be invited to attend the exclusive Summit Reception later that evening to celebrate. DATE: 23 March 2016 Assembly Rooms, George Street, Edinburgh SIE Advisor support SIE s business advisors will be available to work with all entrants at all stages of the competition, including in the preparation of their original entry, revised idea submission at stage 2 and pitches if the entrant is selected for the finals. The advisors are also available to work with winners and promising entrants after the competition to help them to turn their idea into a business Scottish Institute for Enterprise Page 3 of 5

4 Appendix A SIE Fresh Ideas Judging Criteria SIE judging criteria: 1. Feasibility of the Business Idea: potential to make money or attract finance 2. Credibility of Team: enthusiasm, relevant knowledge and experience 3. Market: demonstrated understanding of market and their Unique Selling Point (USP) 4. Potential impact or level of innovation 5. Quality of communication: structure of presentation, clarity of pitch Scottish Institute for Enterprise Page 4 of 5

5 Appendix B Key Dates for Fresh Ideas competition 1. Monthly rounds: The competition formally opens on 02 October! Closing Judging Winners Announced OCTOBER 29 October 30 October 02 November NOVEMBER 26 November 27 November 30 November DECEMBER 17 December 18 December 21 December JANUARY 28 January 29 January 01 February 2. Invites to stage 2 of the competition will be sent out w/c 01 February Exploration Day: Saturday 20 February All stage 2 participants will have to resubmit an updated online entry by midnight on Tuesday 01 March SIE select finalists on Thursday 03 March Finalists will be notified by Friday 04 March Fresh Ideas final judging: Saturday 12 March Top prize winner announced at SIE Student Enterprise Summit : 23 March Scottish Institute for Enterprise Page 5 of 5