Business Beat, a new initiative of Maxum Business Incubator of The Innovation Hub, has just introduced a competition that will empower prospective entrepreneurs of technological innovation to shape their innovative ideas into solid, profitable businesses. Winners of the competition will receive the once-in-a-lifetime opportunity to kick-off their brainchild with an invaluable Maxum Pre-Incubation Start-Up Package, which will enable them to immediately commence with developing their businesses in a professional environment, while having a pool of resources and highly qualified mentors at their disposal. All that, while not having to incur most of the expenses that usually accompany the start-up of a business!
The Maxum Pre-Incubation Start-Up Package includes the following:
* Free plug-and-play shared office space for a period of six months (a R500 deposit, telephone costs and consumables for own account)
* Attendance of Izazi entrepreneur forums which provide the opportunity to network with like-minded businesses
* Exposure to experienced mentors and the Maxum management team, who will provide guidance on the full process of decision-making in business, from determining what is necessary to converting an idea into a solid, profitable business
* An opportunity to first sample the benefits before becoming part of a full Maxum Business Incubator Programme
* Introduction to venture capitalists once it has been established that your business idea is commercially viable.
To qualify for this once in a lifetime opportunity, the business idea must demonstrate technological innovation in at least one of The Innovation Hub's focus areas: information communications technology, biosciences, electronics, engineering of advanced manufacturing and/or materials, or energy and the sustainable environment.
Entrepreneurs, who meet this criterion, simply have to follow five easy steps:
1. Compile a five-slide PowerPoint presentation that outlines the business concept, as well as the commitment to the enterprise (For an example of the template, contact bngwenya@theinnovationhub.com);
2. Prepare to present the idea/concept to a group of MBA students who, if they see an opportunity to build a business around this idea, will engage in discussions with the inventor to further the matter;
3. Once it has been agreed that the idea is a prospective business opportunity, a business proposal must be submitted to Maxum, for consideration to join the Pre-Incubation Programme;
4. Should the business plan appear to be viable, it will be presented to the Selection Advisory Panel, who will determine whether it qualifies for the Pre-Incubation Programme;
5. Applicants, who have passed the evaluation successfully, will be invited to pre-incubate their business ideas and locate their businesses at Maxum Pre-Incubation premises at The Innovation Hub in Pretoria, with the objective to eventually be linked with venture capitalists and investors to fund their new businesses.
Critical Dates
Very importantly, all entrepreneurs who would like to participate should take note of the following critical dates:
* Deadline for receipt of PowerPoint applications: 2 February 2009 (E-mail bngwenya@theinnovationhub.com for the template to be used.)
* Successful applicants will be invited to present their idea at a Business Beat function: 9 February 2009
* Business Beat function that will link entrepreneurs with key stakeholders in the process: 16 February 2009
* Deadline for receipt of business plans/proposals for submission into the Maxum Pre-Incubation Programme: 2 March 2009
* By mid-March participants will receive consolidated feedback from the panel on the areas that they need to improve upon
* Final submission of proposal: 15 April 2009
* Notification of competition winners qualifying to join the Maxum Pre-Incubation Programme: 30 April 2009
“Statistics show that many great ideas have never come to fruition because inventors have not followed the correct, formal procedures,” says Patricia Dlamini, Manager of Maxum Business Incubator. “Most importantly, they have failed to consider the commercial viability of their idea. This competition will serve as a platform from which innovators of high-tech ideas will be matched with people who have proven skills to conduct effective market research and compile sound business strategies. Once that process is complete, entrepreneurs will at least have an accurate projection of the potential of their business, whether it is indeed feasible, and of course whether they have everything they need to prove to venture capitalists that the idea is worth investing in. Which is why entering is a win-win situation for any prospective technological entrepreneur,” explains Patricia enthusiastically.
Why form part of the Maxum Pre-Incubation Programme?
With a close to 80% successful track record of companies who have been part of Maxum and who are still in operation as successful businesses, there is no doubt that Maxum Business Incubator is the place to be. So if you are a techie with a new, innovative idea, grab this chance with both hands and enter now.
For more information, e-mail bngwenya@theinnovationhub.com, call (012) 844 0084, or visit http://www.maxum.co.za.
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