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CUBS launches Entrepreneurship at CUBS Business Idea Challenge (BIC)

Posted on: 07 Dec 2020

CUBS launches Entrepreneurship at CUBS Business Idea Challenge (BIC)

The Entrepreneurship at CUBS Business Idea Challenge (BIC) is a new entrepreneurship competition open to all CUBS students from all levels and programmes. The Challenge comprises of two main categories: undergraduate and postgraduate. You can enter the BIC as an individual or as a group. You can submit a maximum of two individual ideas and one group idea. Your idea can be a product or a service.

The BIC is about you and your business idea. It is about embarking on a journey, exploring your entrepreneurial skills and creating something that could make a difference in our society and stand out in the market. Ideas from any sector are welcome. Accept the challenge and win amazing prizes!

The BIC is organised in two phases. In Phase 1, you submit (1) your three-minute video pitch and (2) your two-page (max. 1,000 words) idea description via email. Successful applicants will progress to the next step. In Phase 2, you submit (1) your four-page (max. 2,000 words) Business Plan via e-mail and (2) you pitch your business idea live to a panel of judges via Microsoft Teams. During Phase 2, and before the submission of your Business Plan and the pitching session, you will have an opportunity to participate in two, one-to-one 30-minute, mentoring sessions that will assist you in your preparation.

Key rules and dates for BIC 2021:

  • All applications will be submitted online via e-mail before each deadline.
  • Each applicant can submit a maximum of two individual and one group idea.
  • In Phase 1, the video submission can last a maximum of 3 minutes and it should cover (not limited to): introduction, market dynamics, justified need for a new product/service and description of the business idea.
  • In Phase 1, two-page (max. 1,000 words) idea description will be submitted in a Word document with these headings: Introduction, Market dynamics and a gap, Motivation for the business idea, Description of the business idea, Customer value proposition (why should the customer buy your product/service?) and Conclusions.
  • In Phase 2, four-page (max. 2,000 words) Business Plan will be submitted in a Word document with these headings: Introduction, Market (dynamics, target market and customer validation), 4Ps (Product, Price, Place and Promotion), Competitor and risk analysis, Unique selling points, Positioning of the product/service, Sales projection and Business model (how do you plan to generate revenue?).
  • In Phase 2, the live pitch will be performed by the applicant(s).
  • In Phase 2, the applicant/group can attend a max. of two mentoring sessions.
  • Throughout the BIC 2021, all health and safety rules related to COVID-19 must be respected at all times.

The e-mail address for submitting your application and queries is: lana.repar@ucc.ie

Applications open: 7th of December 2020
Deadline for Phase 1: 15th of February 2021
Announcement of successful applicants: 1st of March 2021
Start of Phase 2: 1st of March 2021
Deadline for Phase 2 (Business Plan submission): 29th of March 2021
Live pitching: 16th of April 2021
Announcement of the winners: By 23rd of April 2021

 

Download the CUBS BIC Student Guide