Entering your business idea or commercial opportunity is a great way to determine the strength of your business concept. You can also team up with business students who can help your shape your business plan. In the RMIT business plan competition there is up to $100,000 in prizes available which would help kickstart any business.
On 10 March 2010, RMIT University’s Vice-Chancellor & President, Professor Margaret Gardner, today launched the 2010 RMIT Business Plan Competition. Now in its 10th year, the Business plan competition gives all RMIT students a fantastic opportunity to develop their innovative and creative ideas into a business plan, to start up a new business or other venture.
Professor Gardner commented that “As part of the Business plan competition students can take part in free Business Skills Workshops run by industry professionals, join entrepreneurship and innovation networks and benefit from the opportunity to have a business mentor advise them on their business idea and business plan”.
Over 2000 students have taken part in the Competition since 2001, with many past competitors now running successful businesses both in Australia and globally. Their success has been helped along by the generous prize money on offer to successful entrants and this year is no different. Successful teams are in the running to share in cash and other prizes to the value of up to $100,000.
Professor Gardener said that “Prize money, networking and mentoring have all been key success factors in the launching of these new business ventures and the growth of the business plan competition. I encourage you to participate and make the most of the many opportunities it offers all RMIT students”
Business Plan Competition Structure
The RMIT Business Plan Competition takes place in three rounds:
- Round 1-Online Registration and Questionnaire (Closes Monday 31 May 2010 at 4.00pm AEST). All teams register via the Competition website and complete an online questionnaire regarding their business concept. This must be completed by the specified closing date. Each questionnaire is evaluated by 3 different judges. On the strength of the questionnaire, and the judges’ marks, successful entries progress to Round 2.
- Round 2-Submission of a Business Plan (Closes Monday 2 August 2010 at 4.00pm AEST). Selected teams are offered the opportunity to work with a ‘Mentor’, and after fully developing a Business Plan, they submit their entry online for the judging of Round 2. Each fully completed Business Plan is evaluated by 3 different judges.
- Round 3-Resubmission of Business Plan (Closes Monday 30 August 2010 at 9.00am AEST). The selected finalists from Round 2 will have their Business Plan evaluated by a panel of different judges. On the Pitching Day, the teams will have the opportunity to pitch their idea/concept to the panel who decide on the winning teams. Visual presentation, quality and enthusiasm are a must in this Round!
Business Plan Awards
Share in the prize pool of approximately $80,000 including the following
- RMIT University 1st Prize: $25,000
- Fuji Xerox 2nd Prize: $10,000
- RMIT University 3rd Prize: $5,000
- Award for International Trade: $5,000
- Award for Creative Industries: $5,000
- The Citipower and Powercor Energy Innovation Prize – $5,000
- The Portmans Fashion & Textile Prize – $5,000
- Lewis Holdway Lawyers provide legal services to the value of $20,000
- Award for Environmental Sustainability – Laptop and in-kind business consulting to the value of $10,000
- GrantReady Award for Excellence – in-kind business services and workshop to the value of $5,000
Teams
There must be at least two people in a business plan team. The team leader must be a student currently enrolled at RMIT University (TAFE, undergraduate, postgraduate, full-time or part-time student, and offshore campus). Teams of between 3 and 5 people are likely to benefit from a richer diversity of skills, but the number of team members is up to you. Cross-faculty/cross-sectoral teams are encouraged as ideas and expertise from a range of people and backgrounds will usually be helpful in developing your concept and Business Plan.
