Form a team of 2-5 people, outline your business idea on three pages and submit it. Have the chance to win 6.000â‚?for the first prize, 3.000â‚?for the second and 1.000â‚?for the third!
The Idea Challenge is a business idea competition hosted by the Center for Digital Technology & Management (CDTM) and supported by the EIT ICT Labs. It aims at enhancing new business ideas and offers the respective teams the opportunity to win up to 6.000â‚?and to receive valuable feedback. The competition consists of two stages. In stage one, the business ideas must be described on three written pages and be handed in via the application mask. The application deadline for the first stage is November 30th. In the second stage, the best seven teams are invited to Munich for the finals, which take place on December 13th-15th.
The importance of digital technologies in everyday lives is of increasing importance. Fields of use are not restricted to personal computers and communication anymore, but rather find use in a variety of fields such as medicine, logistics or power engineering. Nevertheless, there are still many challenges that have to be met by the use of digital technologies and the creation of new exciting business models. As digital life covers a wide array of possible applications, the pool of possible ideas is very broad. Your idea could be an app, a new service or a hardware product. With your business idea, we want you to answer the question of how digital technologies can further change our lives in the future. Submit your ideas, tell us what benefits your ideas offer and letâ€™s work together on your ideas in the finals!
Your business idea must be connected to the field of digital technologies and have the potential to influence our lives in the future.
Be invited to the finals in Munich, work on and pitch your idea and have the chance to win 6.000â‚?for the first prize and a personal coaching for your team.
Transforming an idea into a successful business is a long and challenging path. With the Idea Challenge 2012, we want to offer you a possibility to work on and enhance your idea. Experienced entrepreneurs will give you substantial feedback and connect you to people that can help further your business idea. In addition, the top three teams will win professional mentoring beyond the event.
Some things that you can expect from the finals:
|20:00||Welcome evening with dinner and speech|
|8:30||Arrival at location, snacks for breakfast|
|9:00||Introduction & Founders talk 1|
|10:30||Workshop round 1|
|13:30||Workshop round 2|
|15:30||Workshop round 3|
|8:30||Arrival at location, snacks for breakfast|
|9:00||Founders talk 2|
|11:00||Workhop round 4|
|12:30||Working entrepreneurs lunch|
|17:00||Munich afternoon surprise break|
|20:00||The Awesome Munich Entrepreneurs Night|
Each team must consist of 2-5 students or doctoral candidates. Within this team, three written pages about your business idea have to be uploaded to our application tool. Write about the product, the challenges and the opportunities and hand it in until November 30th by using our application tool.
All submitted business summaries will be reviewed and rated internally by a professional jury. The seven best ideas will be chosen and the teams will be invited to Munich for the finals from December 13th-15th.
The finals will take place in Munich. The seven teams will have the chance to work with experts on the core parts of their ideas and to prepare a final pitch. The winner of the 6.000â‚?will be chosen on December 15th. There will be a great supporting program and a lot of networking during the finals. Travel and accommodation expenses will be covered (see also F.A.Q.)
Teams must consist of two to five people. The Idea Challenge primarily addresses current university students, doctoral candidates and recent graduates. At least 50% of the team members must have been enrolled at a university within the past two years.
The submission should include a concise description of the product or service, a market and competitor analysis, the business model and a short team description. Each aspect should fill about one fourth of the three pages. If necessary you are allowed to add one to two pages annex (e.g. tables, CVs, pictures).
There is no minimum length requirement, however, the key components of the idea must be covered. The idea description must not exceed three A4 pages and annex two A4 pages.
i) Innovativeness ii) Feasibility iii) Chances of economic success iv) Connection to the topic of â€˜â€™Digital Life of the Future" v) Team fit (fit within the team and for execution of the business idea) vi) Overall quality of the submission (formal, elaborateness)
Applications can be written in English or in German. They must be submitted in PDF format with the recommended typeface of Times New Roman or Courier in font size 12. Please include everything into one single PDF file (<5 Mb).
We can ensure you that the CDTM and its partners will not take advantage of your ideas. However, please be aware that you have to pitch your idea to the other participants during the finals. We believe that discussing ideas openly is far more valuable than the small risk of abuse.
Martin Zeil is the Deputy Prime Minister of Bavaria and the Bavarian Minister of Economic Affairs, Infrastructure, Transport and Technology. Having studied law, Zeil worked as head of the legal department of a private bank. He became member of German parliament in 2005. Since 2008 he is now member of the state parliament of Bavaria and the Bavarian Minister of Economic Affairs.
EIT ICT Labs is one of the first three Knowledge and Innovation Communities (KICs) selected by the European Institute of Innovation & Technology (EIT) to accelerate innovation in Europe. EIT is a new independent community body set up to address Europe's innovation gap. It aims to rapidly emerge as a key driver of EUâ€™s sustainable growth and competitiveness through the stimulation of world-leading innovation.
Teams must consist of two to five people. The Idea Challenge primarily addresses current university students, doctoral candidates and recent graduates. At least 50% of the team members must have been enrolled at a university within the past two years. Teams with ideas at an early stage of development as well as those that are in the process of founding or that have already founded their company are eligible. However, you can not apply if you already received funding (e.g. business angel, venture capital, membership in an incubator). If you already received scholarships (e.g. EXIST-GrÃ¼nderstipendium) and/or other prizes you are allowed to apply.
Furthermore, due to VISA issues we only allow applications from the VISA-free Europe.
At least 50% of the team members must have been enrolled at an university within the past two years.
The finals are taking place in Munich on December 13th-15th. You will be invited to Munich by us! We will cover transportation costs within Germany up to 250â‚?total and 350â‚?within Europe. Furthermore, you will be invited for the hotel stay in Munich.
The submission should include a concise description of the product or service, a market and competitor analysis, the business model and a short team description. Each aspect should fill about one fourth of the three pages. If necessary you are allowed to add one to two pages annex (e.g. tables, CVs, pictures). Based on the following criteria, the respective ideas will be evaluated: i) Innovativeness ii) Feasibility iii) Chances of economic success iv) Connection to the topic of â€˜â€™Digital Life of the Future" v) Team fit (fit within the team and for execution of the business idea) and vi) Overall quality of the submission (formal, elaborateness).
Regarding the first round, a mixed team of entrepreneurs, venture capitalists, consultants and parts of the management team of the CDTM will rate the ideas. Every application will be read by at least three reviewers. During the finals in Munich, a jury of entrepreneurs and venture capitalists will decide on the final winner.
The competition consist of two rounds. For the first round, the business idea and the team description must be submitted in written form. On the basis of the submissions, the best seven ideas are chosen and the respective teams invited to Munich for the finals. During the two-day finals, advice from professionals from diverse fields will be provided. The program includes various workshops about different aspects of the business model and pitch training. This will allow all participants to improve their ideas and skills. Finally, the results will be presented in front of the jury, which will choose the winner of the 6.000 â‚? The detailed schedule is uploaded on our website.
The topic is generally very broad to allow for a variety of ideas to be eligible. However, we expect a solid connection of the business model to the topic. This may be through the technology that is used as the basis of the product, the form of the product (e.g. an app) or the partners.
You will be invited to Munich by us! We will cover transportation costs within Germany up to 250â‚?total and 350â‚?within Europe. Furthermore, you will be invited for the accommodation.
Yes! All involved parties (jury and organizing team) signed a non-disclosure agreement. However, if you are invited to the finals, please be aware that you of course have to pitch your idea to the other participants during the finals. We believe that discussing ideas openly at that stage is very important.
The Center for Digital Technology and Management (CDTM), a joint institution of the Ludwig-Maximilians-UniversitÃ¤t MÃ¼nchen (LMU) and the Technische UniversitÃ¤t MÃ¼nchen (TUM), offers talented students the international and interdisciplinary study program Technology Management. In close cooperation with industry, research and education at CDTM focus on how to manage High-Tech, while CDTM is simultaneously committed to preparing the students for future leadership positions in their professional career. Technology Management is part of the Elite Network of Bavaria.
Ever since the foundation of CDTM, entrepreneurship has been one of its fundamental pillars. Accordingly, CDTM supports entrepreneurship with a variety of activities aiming at facilitating the foundation and growth of entrepreneurial ventures. CDTM does thereby not limit its efforts to exclusively support members of the program, external ventures and individuals are welcome as well. The ultimate goal is to establish a lively and thriving start-up community in the area of digital technology. Entrepreneurship
CDTM is committed to helping Munich become a leading European â€œhubâ€?in high tech management education and research. CDTM has established exchange programs with leading universities around the globe. Several leading companies and public sector organizations support the CDTM not only financially but with great personal resources and enthusiasm.