The Big Idea

The Big Idea rewards students for developing new and innovative ideas.  The 2011 competition has launched! Please read carefully for all the updated information you need to make your entry. Please note that there have been some significant changes from previous year's competition criteria.

The Big Idea competitions is open for all undergraduate and postgraduate students at the University of Glasgow.  There is a prize pool of £1,000 for the competition and the winners receive £500 cash.  The leading entries will also receive an invite to enter the Scottish Institute for Enterprise Scotland wide New Ideas Competition.

What we want
All you have to do is develop a business idea that you think would be successful. That could be a new product, new service or even a new market for an existing product/service. What's more, you don’t actually have to set up in business, just come up with the idea! To enter describe your idea in no more than 1,000 words paying attention to what the idea is, why it’s needed, who it’s for and how it will make money. Oh, and don't worry we won't steal your idea!

What does this mean?
You should detail exactly what your product or service is. Don’t use lots of technical language, explain it in a clear and concise manner.

A few points you should consider when compiling your Big Idea entry:

What problem or need does the idea address?  What pain that consumers or businesses currently suffer will you be curing with your idea?  Why will customers care?  Is there a real need for the product or service?

What is your unique selling point?  What makes your idea better than something that already exists? Why should the customer change from what they currently buy to your product or service?  And talking of which, what is your competition?

Who is your customer?  What is your market?  Is it the public, is it businesses?  Where are they – local, national, international?  How big is the market - how many potential customers could there be?  How you would let people know your product or service exists?  Would you sell it through shops or on the internet? 

How will your idea make money?  You don’t have to go into too much detail about finance but you should consider how your idea would make cash.

What is it about you that could make your idea a success?  If you were to take this idea forward what skills do you have that could help it succeed?

Judging criteria
Entries will be judged by our expert panel.  They are entrepreneurs, funders and business advisors who work with business ideas and ventures on a day to day basis and know what makes a good idea.

They will be judging the entries on four main criteria:

Potential
Could this business idea be turned into a business opportunity?  Is this an idea that your target market (i.e. the people who would buy it) actually wants?  Is there the potential for funding to get it off the ground?  Could strategies be implemeneted to move the idea forward?
Awareness
Have you demonstrated understanding of the market, your competition, your unique selling point and how it would make money?
Innovation
How does your idea differ and improve on what already exists?
Impact
What economic, social, cultural or environmental benefit would your idea bring about if successfully implemented?

Deadline

The deadline is Friday, November 18th 2011 at 12pm.

Help!
If you'd like to enter but feel a bit daunted,  you can make an informal appointment with Student Enterprise Executive by emailing her at eileen.scott@glasgow.ac.uk

What the entry has to include
Please ensure you include a cover sheet which includes the following details for each team member:

· Name
· Current course and date of completion
· Idea Title
· Contact details – a phone number and e-mail address

If you are e-mailing us please ensure your document is either a PDF or Word file.

How to Enter

Please email your entry to eileen.scott@glasgow.ac.uk or  you may hand in or mail a paper version. Please email eileen.scott@glasgow.ac.uk for address.

If you are encountering any difficulties, please contact the Student Enterprise Team at 0141 330 4533 during office hours. 

Rules
Students can enter individually or in teams of up to four.  All team members must be students at HE institutions in Scotland and at least half the team must be matriculated students at the University of Glasgow.

You cannot enter an idea that has won a cash prize in a previous Big Idea competition.

Postgraduate students include all Masters programmes, taught PhDs and PhD students.

The winning entries will be chosen by a panel of independent judges.  Their decision is final and no correspondence on this matter will be entered into.

Any intellectual property generated from the ideas will remain the property of the student.  Judges will complete confidentially agreements prior to viewing the entries.