IDEA TRACKApplications Closed
GROWTH TRACKApplications Closed
- Competition opens for registration on 29 February 2012.
- The deadline for submitting an application is 20 March 2012.
The Bandwidth Barn has been nominated as ORGANISERS to oversee the operational organisation of the competition. A Workgroup, consisting of members from the business and academic community in the Western Cape, has been appointed and will be responsible for approving members of the judging panel (nominating committee); approve the operational rules of the competition; to propose and approve the prizes of the competition; to verify judges’ selection of finalists in each round and to resolve any conflict that may arise due to interpretation of the competition rules and regulations. The resolution of any conflict that may arise regarding participation in the CTEC 2012 will be at the sole discretion of the Workgroup. The Workgroup’s decision is final and irrevocable.)
WHO CAN ENTER
Anybody over the age of 18 may enter the competition. You must be a South African citizen or permanent legal resident. You may enter an idea for a business (product or service) that has not yet started operating or you may enter an existing business that has been trading for a while and now needs funding to develop a new idea, product or service, grow or expand.
Please note that businesses or proposed businesses should be owner-managed – or applicants must be actively involved with the business; no franchises or subsidiaries of large national companies are allowed to enter. No Section 21 companies, non-profit entities and other Public Benefit Organisations may enter the competition.
Ideas, products and/or services entered must be the original work of those entering them and may be entered by either an individual or team. There is no size restriction for teams.
By submitting a business plan, candidates represent and warrant to the CTEC that they have the rights, titles and/or interests in the business plan submitted, that the information it contains is accurate and complete, and that by submitting the document to the CTEC they are not and will not be violating any contract or third party rights including any patents, copyrights, trade secrets, proprietary or confidential information, trademarks or right of privacy.
The CTEC Organizers and Workgroup reserves the right to disqualify any entry that, in its sole judgement, violates the letter and spirit of the guidelines, processes and rules of the CTEC, and its decisions are final and binding.
- The amount of capital required must not be less than R100 000.00 (One Hundred Thousand Rand).
- You must have an existing business plan.
- Your business idea, product or service must fall within the defined categories and industries.
- Your business must be based in or have a presence (satelite office etc.) in the Western Cape.
- To enter the Growth categories, you must be able to produce a set your latest annual financial statements if so requested.
- To enter the Idea Stage category, basic market research should have been done and you must be able to present the results of such research if so requested.
CATEGORIES & INDUSTRY SECTORS
The competition has two main tracks of which you must choose one to enter, depending on the development phase or stage of your business. You will not be allowed to enter the same idea, product or service in more than one main competition track.
Main competition tracks
- Track 1 – Idea Stage – The business is not trading yet, although it may have been formally registered.
- Track 2 – Growth Stage – The business has been trading for less than two years or an established business that has been trading for more than 2 years and are now launching a new product or service or need capital to expand the current operation.
There are two open categories - these are:
- Industry – Eligible for entry into this open category is innovative ideas, products and services with a commercial application and that have a strong technology focus.
- Social Entrepreneurship – The idea, product or service must primarily be aimed at addressing significant social problems/issues and improving the lives of people within the identified social areas. This may include solutions aimed at addressing issues in education, food and water, poverty alleviation, safety and security, healthcare, etc. All solutions should be technology-based. It must however be able to generate a profit and be scalable.
You may only enter ONE of the two open categories – in other words you’ll enter your idea, product or service under either the Industry category OR the Social Entrepreneurship category.
The Industry category has three sectors for which you may enter your idea, product or service – these are:
- Biotechnology & Healthcare
- Clean Technology
- ICT, Telecoms & Media (including mobile and new media)
The Social Entrepreneurship category has three sectors for which you may enter your idea, product or service – these are:
- Biotechnology & Healthcare
- Clean Technology
- ICT, Telecoms & Media (including mobile and new media)
You may NOT enter the same idea, product or service into more than one sector category.
HOW TO ENTER
Complete the online application form for either the Idea Track or the Growth Track by following the relevant link. If you wish to complete the form in part and finish at a later stage, ensure you create a ‘Form Login Account’ before you start. Instructions can be found at the top of the form.
- You may only enter online. No other form of entry will be accepted.
- All applications, video clips and full business plans must be submitted in English.
- All projects must be presented in the format specified by the organization. Once submitted, the organizers will notify participants if further information or clarification is required.
You may enter your idea, product or service into any one of the two tracks (Idea or Growth) depending on where your business is in its development cycle. You may enter into any one of the Open Categories (Industry or Social Entrepreneurship) and any one of the Sector Category (see CATEGORIES & INDUSTRY SECTORS) most relevant to your idea, product or service.
You may not enter the same idea, product or service more than once.
The competition has two rounds:
- Round 1 – Opening Round. In Round 1 – Opening Round you only need to submit the online application, completing all the relevant fields fully. Judges assess and score all applications using a two-part evaluation form on the basis of the criteria set out in the section entitled SELECTION OF PROJECTS.
The top five applications in both of the tracks will be announced at the Friday night TechBash event.
- Round 2 – Finals. In Round 2 – Finals, finalists will be expected to submit a full, written business plan (online) and present this in person to a panel of judges in Cape Town during the weekend of 24 and 25 March 2012. Each applicant or team will have 10 minutes in which to present to the panel of judges. These time limits will be strictly enforced. The basis of your entry into the Finals will be the original application submitted and the written business plan.
Applicants and teams will not be allowed to observe other participants’ or teams’ sessions in their division (Track) until after they have presented their own plan. Only once an applicant or team has finished its presentation, may they observe sessions of the teams that follow them.
An LCD projector, screen and laptop will be provided during Round 2 – Finals. Finalists must submit their presentations to the Organizers at least 2 hours before the start of the competition on Saturday.
The CTEC 2012 has three cash prizes in each track as indicated below. Although entries are invited on an industry basis, finalist will compete against each other across sectors based on the track entered.
Track 1 – Idea Stage
1st Prize – R20 000
2nd Prize – R10 000
3rd Prize – R5 000
Track 2 – Growth Stage
1st Prize – R35 000
2nd Prize – R20 000
3rd Prize – R10 000
TechBash Innovation Challenge Winner
Aftercare (mentoring, office space/desk, bandwidth etc)
The prize winners will be determined by a panel of judges and will be based on the final scores – see JUDGING.
Winners will be announced on Sunday 25 March 2012. Finalists will designate, at the time of their selection as finalists, the name of the individual or company to whom payment of the prize money will be made in the event of winning a prize.
JUDGING & SCORING
Finalists will be selected by a judging panel. All decisions or scores of the judging panel will be validated by the organizers and Workgroup and judges’ decision will be final.
The judging panel will be composed of industry specialists and business experts and a minimum of 5 judges will be appointed in each round of the competition.
The judging process is strictly monitored throughout by the Organizers and Workgroup. Judges will be requested to sign a confidentiality agreement. In order to prevent judges and applicants communicating with each other prior to the competition, the names of the judges will not be published.
The scoring in all rounds will be based on the following:
- 80% of the score based on the business proposal and presentation
- 20% of the score based on the assessment of the entrant’s entrepreneurial qualities, experience and potential.
The following criteria will used by the competition judges in each round to evaluate and assess applications:
- Originality of the idea.
- The feasibility of the business model given the market opportunity and the idea, product or service.
- Scalability, in terms of the growth potential.
- A well-conceived implementation plan and implementation timelines.
- The overall likelihood of the idea, product or service succeeding.
- Potential for growth and impact on the global market.
- Economic and social impact.
- Serious technology with sustainable competitive advantages preferred, but not required.
- The company must have a high innovation component, understanding innovation in the broad sense (product, process, business plan, etc.).
- Any evidence of the demand for the [proposed] product or service in the market; including potential market size, growth opportunity within the market, etc.
- Demonstrated knowledge and understanding of the target market.
- Competitive analysis.
- Marketing plan addresses issues like positioning, pricing, advertising and promotion, etc.
Financial viability & sustainability
- Fundability – The potential to attract funding from financial institutions, angel investors, venture capitalists, etc.
- The feasibility of the financial model and goals.
Demonstrated leadership ability
- Leadership experience.
- Strength and experience of the management team.
- Evidence of previous management, leadership, sales, technology or sector specific experience.
- Previous work experience.
Risk assessment & contingency plans
- Identified risks for the business and contingency plans to mitigate the risks.
TRAVEL & ACCOMMODATION
Unfortunately no travel or accomodation will be provided for contestants as all entrants must be based in the Western Cape. Any travel or accommodation costs encurred will be for you own account.
Any and all materials presented, including business plans, must be appropriate for public dissemination. They must not include any confidential information that the entrepreneur does not wish to make public. Due to the nature of the competition, the Organizers or its representatives will not be held responsible for the confidentiality of the business plan and its content.
Participants in the CTEC 2012 agree that they will:
- Make a public presentation of their business plan and participate in the informal presentations and discussions with interested parties.
- Follow all the competition rules and regulations and accept the final results.
- Meet all deadlines or face disqualification.
Participation in the CTEC implies full acceptance of the present rules and regulations. Any failure to meet deadlines or comply with the procedures expressed in these rules and regulations will disqualify the candidate from the competition and, consequently, make them ineligible to win any prizes.