The Maxum Business Incubator at The Innovation Hub, in Pretoria, in conjunction with the University of Pretoria and Ideabank, is proud to announce that the Business Beat competition produced a total of 38 applicants by close of day on 2 February 2009.
Business Beat is a competition for individuals with innovative ideas in the areas of ICT, bioscience, electronics, energy, and/or smart materials and manufacturing.
Competing for a Maxum Pre-incubation Start-up Package - free office space at The Innovation Hub for six months, mentorship, networking opportunities, and the chance to join the full incubation programme - selected applicants will get to present their innovative idea to a team of MBA students from the University of Pretoria for concept refinement prior to presenting it to the Maxum Selection Advisory Panel.
“The response was phenomenal! We are not merely talking numbers of entries here; even the quality of innovative concepts/ideas is amazing. The next phase will involve short-listing to find the most solid ideas to go through to the next stage. The second phase of Business Beat is the most intense as this will involve presentations, one-on-one, between the entrepreneur and the MBAs until a well packed business proposal is submitted,” says Patricia Dlamini, Manager of the Maxum Business Incubator.
From the 38 applications received, those selected will be invited to present their innovations at a Business Beat function, scheduled for 17 February 2009. The event is certain to be an interesting, informative, and innovative journey for candidates and adjudicators alike.
It all started on 3 November 2008 with what was called an “Ideacamp” - a forum established to help make innovative business ideas a reality. The forum addressed issues relevant to launching innovative applications with global potential.
Business Beat - 2 forms the second phase of the initiative with the aim to help structure teams to compile a business plan, and demo model, of innovations with revenue potential.
Patricia Dlamini explains: “It is truly encouraging to note that there is huge potential for innovative ideas coming out locally; now we have to address issues like funding of early stage concept. We are presently in discussion with venture capitalists and also government-funded programmes like SPII (IDC) to see how the funding gaps could be addressed.”
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