Prizes for all winners include incubation services from The Innovation Hub’s Maxum Business Incubator and Climate Innovation Centre (CIC). In addition, prize winners receive seed funding:
- First place – seed funding of R200,000
- Second place – seed funding of R150,000
- Third place – seed funding of R100,000
- Fourth place – seed funding of R50,000
The cash award will be paid on signing the incubation contract in January 2017, and seed funding will be transferred in approximately three payments, tied to agreed development milestones. Where possible, the incubators will facilitate linkages with potential customers with a view to enabling procurement of the innovations. Please refer to the Rules page for more information on eligibility and the awarding of prizes.
All submissions that meet the entry criteria will be judged by an adjudication panel consisting of industry experts, government stakeholders, technical specialists and successful entrepreneurs. Entries will be judged according to the following main criteria:
- Innovation: To what extent does the entry address a need, problem or opportunity in a new way? This can be in the underlying technology, the application of the technology, or the business model, but the award will be for the appropriateness of the innovation.
- Business Potential/ Commercial Viability: Does someone want/ need what has been developed, and are they likely to pay for it?
- Impact: Will the innovation and associated business create jobs, increase the competitiveness of local industry, improve the majority of citizens lives, or enhance government service delivery?
- Feasibility: Is the technology or business model technically possible to execute within a reasonable time/ amount of resources, and does the team have the capacity to implement? Whist concepts are welcome, judging of innovations will favour prototyped or piloted solutions and business models that are close to commercialisation.
- Benefit: Will the entrant benefit from incubation and seed funding, and are they likely to be able to participate in the incubation process consistently?
Adjudication will involve an internal adjudication process performed by incubation managers and specialists from The Innovation Hub to identify the semi-finalists. The semi-finalists will be invited to Business Training in July, following which they will be asked to submit a more detailed concept and business model description which will be sent to an external adjudication panel in August. Finalists will present to the panel in Oct/Nov to select the winners who will be awarded their prizes at a ceremony in November 2017.