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LITEntrepreneurshipCompetitionLogo.pngLIT’s Active Leadership in Enterprise Bursary
 
 
 
Competition Detail
LIT’s Development Office is seeking LIT Students with ideas and vision, who can devise and communicate a plan to achieve that vision. Judges will be looking for innovation, impact, realistic expectations, clear plans and a persuasive ‘unique selling point’.   (And) Or do you have a business idea that you think could be Franchise ‘able globally?
 Plans submitted will be first assessed by a panel of judges. Short-listed candidates will then attend a ‘pitching’ round with the best pitch winning the ultimate prize – an opportunity to realize their dream and start their own business!
The inaugural LIT ‘Company of the Future’ Competition being launched in March will help LIT students leverage their talents and ideas to create tomorrows leading companies.
In LIT we have helped created over 170 companies since 2007 in our Hartnett Enterprise Acceleration Centre and now in the National Franchise Centre (a partnership with the Limerick Chamber of Commerce). The opening of the Thurles Community Enterprise Centre is also imminent, with centres opening in Clonmel and Croom in 2013. LIT has vast experience in helping people start businesses, scale their business and sustain their business.  We want to encourage our Students and Graduates to engage with the Enterprise and Research Offices and realise their dreams of being their own boss. It’s all about execution, and we help entrepreneurs turn their ideas into reality.
 
There are two Prize’s:
·         A €25,000 prize fund per winner
o   €10,000 LIT Active Leadership in Enterprise Bursary
o   Training, mentoring and office accommodation on the one year long LEAP programme in the Hartnett Enterprise Acceleration Centre, National Franchise Centre or the Thurles Community Enterprise Centre worth €15,000
 
Guidelines for completing the application
 
YOU MUST READ THESE GUIDELINES BEFORE FILLING IN THE APPLICATION FORM
 
The application form has the following questions. For each question, here are some points you might like to consider. These are upper word limits only. If you can make a compelling case in fewer words, there is no need to use the full quota.
 
Give a short summary of your innovative idea (max 100 words)
·         What is the idea?
·         Who will it benefit?
·         Why does the world need it?
 
Describe the beneficiaries or users of your product, service or process (max 200 words)
·         Are the beneficiaries the same as the people who would pay for it?
·         What is the particular niche or sector you are going for?
o   countries, ethnicities, gender, age, level of learning, workplace, etc
·         Are you offering it directly to consumers or to other businesses and organisations?
·         What evidence is there that people will want this?
·         Include any real data from reports, research, or even your own surveys if you have any at this stage of developing your idea.
 
Describe the product, service or process in more detail (max 200 words)
·         Is it a business, product, service, charity, social enterprise, policy change or other innovation?
·         Why is it original?
·         How do you know it's not been done before?
·         How does it work?
·         What are its features?
·         How do people or organisations use or implement it?
·         What is its life-span?
·         Can it be protected to stop other people copying you?
 
Outline previous innovations or existing work that your innovation is based on (max 150 words)
A totally new idea is a very rare thing indeed.
·         What gave you the inspiration for this?
·         Are there similar solutions that aren't as good?
·         Has something like this been tried in the past?
·         Are you applying an innovative step by taking something that exists into a new market, or for a new use, or to a new location?
·         Have you considered growing the business using the Business Franchising model?
·         Are there intellectual property rights that you would need to negotiate?
o   Copyright
o   Patents
o   Designs
o   Trademarks
Explain the compelling reason for people to want this innovation? (max 150 words)
·         Does it offer better value than the alternatives?
·         What are the main benefits?
·         And how do these relate to the features?
·         Will it improve their lives?
·         Will it save them time or money?
·         How much?
·         Why wouldn’t other substitutes be better?
 
What are the biggest challenges in bringing your innovative idea to fruition? (max 200 words)
·         Money?
·         Re-educating users?
·         Manufacturing?
·         Changes to the law or policy?
Outline your financial and time estimations (max 200 words)
·         How much might it cost to develop the innovation to get it to market?
·         What is the cost to the end user or other stakeholders? Estimate as best you can.
·         How long might development take?
·         What are the key milestones and when would they occur? e.g.
        recruiting people
        launching a marketing campaign?
        buying stock
Outline the strengths you would bring to bear on this, and what help you would need from others? (max 200 words)
·         Talents  e.g. organisation or selling
·         Skills e.g. finance, marketing, legal, design, engineering etc.
·         Knowledge and experience  e.g. running a business, manufacturing processes, fundraising,
These lists are far from exhaustive, we're just looking to see that you know what your role would be and are realistic about when to call for help
Illustrate what ethical, social or environmental impact will it have (max 200 words)
• Both positive and negative
• Draw up some scenarios

 

This competition is only open to LIT students. To download the application form you will be asked for your LIT credentials. Enter in the following format:

Student\knumber
Password



 

 

For more information contact

Gillian Barry

Enterprise Development and Business Liaison Manager

 

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