Ideas are at the heart of many business ventures and it may be difficult, at times, to find the motivation to get those ideas out there. However, it doesn’t have to be that way. This past fall the Coastal Bend Business Plan Competition Committee created a competition to do just that: The Innovation Competition.
The Innovation Competition, which consists of two phases, is coordinated and supported by the Coastal Bend Business Plan Competition Committee, and encourages entrepreneurs to think and share their ideas, especially student entrepreneurs from the colleges and universities within the Coastal Bend region. The two phases of the competition include: 1) an Innovation Submission and 2) an Invited Presentation.
On Oct. 3rd, 2014, the Innovation Competition debuted for the first time and began with the submission phase.
During the first phase, participants submit an online application and creative video that is under 2 minutes to showcase their innovative ideas. The ideas that are shared in these videos can range from a new and innovative product, service, to technology or business process.
Although the competition encourages the exploration of ideas it is also important to put forth an idea that is innovative and one with a reasonable chance at success. Whether the idea has a competitive advantage within the market or whether it fulfills/ solves a customer’s needs is just a sample of the type of things that the judges look for in the competition.
Competitors advance to the final round based on the quality of their ideas and seven finalists were named after the first round concluded:
- 3D Printer Extrusion Head Using Metal
- Aerial Drone Cinematography
- Eagle Ford Mobile Network App
- Fault-Free Multi-Rotor Craft UAS Platform
- Thonk
- Underwater Remotely Operated Vehicle
- Winged Water Walking
During the second phase of the competition, finalists gave 10 minute presentations before the Coastal Bend Business Plan Competition Committee on Nov. 18th, 2014, which was followed by a 10 minute question-and-answer period.
After the second round was concluded a first and second place winner were selected. Prizes were awarded based on the viability and uniqueness of their ideas, and were given feedback on how to turn their ideas into a reality.
First place: Eagle Ford Mobile Network App
Second place: Fault-Free Multi-Rotor Craft UAS Platform
For more information:
https://www.google.com/webhp?sourceid=chrome-instant&rlz=1C1CAFA_enUS606US606&ion=1&espv=2&ie=UTF-8#q=innovation%20competition