2018 Idea Challenge FAQs

2018 Idea Challenge FAQs

2018 Idea Challenge FAQs

How many ideas can applicants apply with?
Applicants may only submit one project. This will allow you to focus all your efforts on developing your product and team through to a winning presentation.

Do we get the prize money in cash?
Yes… However, the prize money must be used to further your idea and the Fund will work with you to get your prize money released.

Could you have created the product before the competition?

If I present will someone steal my idea?
This is a common question. Consider the following:

  • Everyone has ideas but they have no value per se. Once you have moved your idea to a validated product or prototype is there true value.
  • Winners will get published, validating prior art which will provide you the ability to claim “first mover” with the idea if the legal process requires discovery.
  • The Idea Challenge team has executed a non-compete non-disclosure agreement with the RIVF and they are bound to keep your idea confidential.

What is in it for me?
This will be well worth your time and effort:

  • Professional services will be offered to help you along in the process.
  • This will prepare you for the Business Model Competition.
  • Last year’s prize money was $15,000 with a $7,500 First Prize.
  • One finalist will be offered a secure co-working space for a full year - value $10k
  • The opportunity to gain valuable experience on how to develop and present ideas.

Can students who were not picked go to the workshops?
No. We are limiting the post pitch workshops to the finalists as we will be providing one-on-one mentoring to help the teams prepare.

Are the workshops mandatory?
Yes. To facilitate the best possible outcomes, and to ensure that all teams are prepared to the same level, we are making the attendance to the workshops mandatory. It’s free professional advice and coaching that some entrepreneurs pay thousands of dollars for!