What is the National Innovation Competition?

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The Student Business Plan Competition will consists of two phases:

Phase 1 – Institutional Phase: Present – 30 November 2005 latest.

Prizes for best business plans at Phase 1 will be awarded as follows:
1st Prize: R50 000
2nd Prize: R30 000
3rd Prize: R20 000

In this phase, the prize money will be utilized at the sole discretion of the students.

The three winners will be automatically entered into Phase 2 (National Phase) where they will compete with the top three winners of all other HEIs in South Africa for the grand prize of R300 000 to the best business plan in the country.

Phase 2 – National Phase; 1 December 2005 – end February 2006.
The three winners from Phase 1 are automatically entered into Phase 2 of the NIC where they will compete with the three finalists of all other HEIs in South Africa.

From all entries received at Phase 2, only 10 finalists will be selected to present their business plans to the Student Business Plan Competition judges at a designated location. Presentations will be done in a business trade-fair environment. All 10 finalists are obliged to attend the NIC Awards Ceremony. All accommodation and travel expenses for the 10 finalists selected to compete in Phase 2 will be covered by the Innovation Fund. All logistics will be planned and coordinated by the Innovation Fund.

Phase 2 prizes will be awarded as follows:
· 1st Prize: R300 000
(75% to the winning student or student team for commercialization of the business plan and 25% to the HEI Department of the winning student or student team)
· 2nd Prize: R200 000
(75% to the winning student or student team for commercialization of the business plan and 25% to the HEI Department of the winning student or student team)
· 3rd Prize: R150 000
(75% to the winning student or student team for commercialization of the business plan and 25% to the HEI Department of the winning student or student team)
· Best Exhibition Prize: R10 000
Attendees viewing the NIC student exhibitions will vote for their best display on the day. The prize money will be utilized at the sole discretion of the winning student exhibitor.

All finalists and winners at both Phase 1 and Phase 2 are chosen at the appointed judges’ discretion.