Thomas Edison was once quoted saying “…the value of an idea is in the using of it”. Regardless of how good an idea is the real challenge is in the execution of a well formulated plan to turn that idea into a viable product and bring it to market. By producing a robust business plan and presenting the case persuasively, the ability of the project to secure funding will be significantly enhanced. It will also justify the credibility of the team charged with taking the opportunity forward. This is where a business plan competition can come in handy.
Converge Challenge has helped us transform our research project at the University of Aberdeen into a high-impact commercial opportunity. The programme afforded us a low-cost opportunity to stress-test our business plan. The judging panels made up of industrial leaders, investors and business advisers were representative of the real world fund raising scenario. It gave us confidence that in the end the foundations of the plan would be grounded in reality and that any flaws were ironed out at a point where they are not fatal to the company.
Every qualifying stage of the competition involved developing skills that are often neglected in the day-to-day tasks of entrepreneurs. From a 1-minute elevator pitch to a 10-minute investor presentation and all the writing in between, our talents were stretched in all directions. We were offered structured training courses and mentoring in entrepreneurship delivered by serial entrepreneurs who provided us with tools to complete every stage of the competition.
We were also invited to networking events and given access to meet public, private and 3rd sector funders, make useful contacts in industry, and learn from and share with other entrepreneurs. We managed to get a few meetings with investors this way and the preparation meant that we were confident walking into those VC board rooms and taking the onslaught of questions they threw at us.
Converge Challenge has been an incredible experience for Saccade Diagnostics. Winning the competition provided us with non-dilutive seed capital which we are using to leverage further investment. The award package also included support-in-kind from sponsors who are currently helping us with all aspects of setting up our company including legal, financial, intellectual property, branding and corporate governance. There has been significant publicity surrounding the outcome of the competition which has gone a long way to raise our profile. Following this success at Converge Challenge, we went on to win the North-West European Best Open Innovation Business Award and shortly after that Saccade Diagnostics was nominated for a Scottish Life Sciences Innovation Award. We also secured further funding from the Wellcome Trust to strengthen our due diligence around intellectual property, regulatory approvals and market engagement.
While the financial inducement is undoubtedly an attractive element, it is of secondary importance when the other real benefits resulting from participating in a competition are considered. For anyone thinking of applying, we cannot recommend Converge Challenge highly enough. Do it now and don’t miss out!
