Edinburgh BioQuarter Innovation Competition 2015
Edinburgh BioQuarter is proud to present the 2015 Innovation Competition, open to staff and post-graduate students from the University of Edinburgh and all employees of NHS Lothian.
This year, we've prizes worth up to £23,000, including a grand prize of £10,000 plus £10,000 worth of expert advice from a business advisor, to help develop your business idea, product or service concept.
- Enter by 10 April 2015
- Finalists announced - 24 April 2015
- Award ceremony – 9 June 2015
- Royal Infirmary of Edinburgh Main Mall – 29 January 2015; 10.30am-2.30pm
- Roslin Institute Building Foyer – 12 February, 11.30-1.30
- University of Edinburgh Main Library Foyer – 26 February, 10.30-2.30pm
- Anne Ferguson Building Foyer, Western General Hospital – 10 March, 12-2pm
- Chancellor’s Building Foyer, Little France – 25 March, 11.30-2.30pm
Categories and prizes
Best new business idea
- Winner: prize of up to £10,000 for the most viable business creation prospect plus £10,000 worth of expert advice from a business advisor
- Runner-up: prize of up to £5,000
Best high-quality product or service concept
- Winner: prize of up to £5,000
- Runner-up: prize of up to £3,000
Supported by European Economic Development Funding
Before entering this competition, please take a few moments to read about the Competition Process and the rules – this will give you a much better chance of success!
The Innovation Competition Process – How to enter
We are looking for creative thinking and new ideas in either the Best new business category or the Best high-quality product or service concept category.
We want the best new business ideas as well as concepts for medical products or services related to human or animal medicine that will deliver a real benefit to patients.
The most successful entries will be highly creative concepts that can be turned into a company or be developed by existing successful businesses.
Your idea could be anything: it could be an e-health application, such as a patient monitor for smart phones, an idea for a new drug, a diagnostic tool, a piece of software, or a chemical or biological application.
A series of Innovation Competition Roadshows will be held in various locations within University of Edinburgh and NHS Lothian premises from January to March to enable you to learn more. At these road shows you’ll have the chance to ask questions and get more information about the Competitions and how to ‘pitch’ your entry idea from the BioQuarter internal team and competition sponsors.
The top eight entries, as determined by the BioQuarter internal team, will be selected as finalists in April 2015. There will be five finalists in the New Business Ideas category and three in the Product or Service Category.
The finalists will then be asked to undertake a ‘Dragon's Den’ style closed-doors presentation in May to a judging panel comprised of our sponsors, and representatives from the BioQuarter. The finalists will be mentored by members of the BioQuarter internal team ahead of these presentations.
The overall winners of the competition will be announced, and all prizes presented, at an awards ceremony in central Edinburgh in June 2015.
Innovation Competition Rules
BioQuarter terms and conditions:
- The grand prize of up to £10,000 plus £10,000 worth of expert advice from a business advisor, and runner up prize of £5,000 will be awarded to support the development of new business ideas. Funds are eligible to go towards the provision of customised business and technical advice which can include technical assessment/development work; market assessments; business planning; legal fees; fund raising and other advice to support the development of the idea
- BioQuarter reserves the right to change total prize money
- BioQuarter, under the terms of the funding, cannot give the money directly to academic groups or individuals.
- If entries to do not meet the required standards, BioQuarter reserves the right to not award a prize(s) at all
- The prizes of £5,000 and £3,000 for best high quality product and service concept must also be used to further develop your business concept.
- All monies will be retained by Edinburgh BioQuarter who will pay for the advice on your behalf.
- All prizes should be claimed by 14 September 2015. Failure to claim a prize by this date may result in that prize being declared null and void.
- Prizes will be spent in agreement with a member of the BioQuarter Business Creation Team.
Prizes from sponsors
- Winner in each category will each receive an IP consultation package from Marks & Clerk LLP. Further details regarding this package will be provided at the Awards ceremony.
- The winner of the most viable business creation prospect will receive corporate legal services from MBM Commercial worth £1,500 over 24 months (see conditions below) and advisory, accountancy and/or tax services from Springfords worth £1,500 over 24 months (see conditions below).
- The winner of the best high-quality produce and service concept will each receive £750 worth of legal services from MBM Commercial and £750 worth of advisory, accountancy and/or tax services from Springfords. Both of these prizes will also be subject to the terms and conditions outlined below.
Conditions for BioQuarter Innovation Competition from MBM Commercial and Springfords:
- The winning businesses will need to clear standard money laundering checks
- Standard engagement letters must be signed by the prize winners
- Services are to be taken up within 24 months of the date of winning the award
- The value of services will be determined by the value of time recorded on the work in progress ledger by staff at their normal hourly charge out rates
- Both parties will agree the timing of services in advance of work being carried out to ensure staff availability
- Sponsors will notify prize winners if services are approaching the prize limit and both parties will agree in advance the costs of any further work to be carried out - these additional costs must be paid for in accordance with their normal credit terms