Frequently Asked Questions
Q.1. Do I have to be in a business course to enter?
No you don’t need to be in a business course, the competition is open and recommended for all courses in CIT. There is a resource for students whom need help with the Business Plan Template.
Students in the 2014 competition came from a variety of backgrounds:
- Dept. of Electrical and Electronic Engineering
- Dept. of Mechanical, Bio medical & Manufacturing Engineering
- Dept. of Computing
- Dept. of Tourism and Hospitality Studies
- Dept. of Management andMarketing
- Dept. of Accounting and Information Systems
- Dept. of Media Communications
Q.2. I’m afraid of my idea being stolen, is there a chance that this will happen if I enter?
If the product/business has patent potential it is recommended that students seek Intellectual Property advice to ensure their product/business is protected prior to any potential disclosure through presentations and/or display at Innovation Day (awards ceremony).
Innovation Day and the Awards Ceremony of the competition is open to the public and may be broadcasted to interested persons through media, which may include radio, television and the Internet. Any data or information discussed or divulged at the awards ceremony by entrants should be considered information that will likely enter the public realm, and entrants should not assume any right of confidentiality in any data or information discussed, divulged or presented at the awards ceremony.
Q.3. Does it have to be outside of my course work?
No, we would encourage students to use projects from their coursework as it takes off the pressure of doing it outside your own college work.
If you wish to put in an idea that’s outside your course work then that’s great too!! Use the time off in January to put the Business Plan Template together.
Q.4. Do I have to do it on my own or can I enter with a group?
We would encourage to enter as a group to lessen the workload but we accept individual and group projects.
Q.5. Can I enter with a group project and with an individual project?
No, you can only enter the competition once so you must choose between your individual project or your group project.
Q.6. What are the deadlines?
Expression of Interest:Complete as soon as possible at
Business Plan Template:12.00noon on Friday, 12th of February 2016
Q.7. Where can I enter my expression of interest?
Online:
Q.8. Where can I find the Business Plan Template?
Online:
Q.9. How long should my business plan be?
Follow the template which is available online at
Q.10. Is there anyone that could help me with my business plan before I enter it into the competition?
There is a video presentation that will take you through the key parts of the Business Plan. This will be available from mid-November.
Q.11. I’m not good at making financial projections, should I still enter the competition?
The financial projections are merely a guide to what might happen over a year regarding potential sales etc. These shouldn’t be a factor to not enter the competition as they are just estimated projections.
Q.12. What will the adjudication panel be like, will they be tough on my projections?
The adjudication panel are there to support you and guide you in the right direction with relation to your idea. It is in no way like what you see on Dragons’ Den. If your projections are slightly off,they will guide you on how to rectify them. This won’t make you any less eligible for a prize.
Q.13. How long should my pitch be?
If you are shortlisted and offered an interview, you must follow the instructions given to you at that time and use presentation template given. The presentation/pitch will be 20minutes in length which includes the Q&A.
Q.14. How many slides should be in my pitch?
If shortlisted, you will be given a presentation template so follow the instructions given and use the template provided.
Q.15. Do I have to use PowerPoint?
It is not compulsory to use PowerPoint. However, to ensure a smooth flow/effective time management between participants, it would be best to use the PowerPoint template. They will be gathered in advance so the presentation will be ready on the screen when you arrive.
Q.16. Will I have to provide information on what I will spend the prize money on?
You won’t have to provide any information on what you will spend the prize money on. However it is recommended to express what you intend to spend the money on.