Melbourne University Entrepreneurs’ Challenge (MUEC) is Melbourne Business School’s premier business plan competition aimed at providing a unique learning opportunity to commercialize research and ideas in a supportive, fun environment that protects teams’ intellectual property.

Since 1999, MUEC links people with great ideas to people with business knowledge, providing teams with the (free) training, industry networks and professional advice needed to become successful entrepreneurs. It provides an excellent opportunity for members of the Melbourne University community to refine their new venture creation and business planning skills.

Entrepreneurship Challenge Theme Announced:

“The $100 Business”

You’ve been challenged.
Can you start a business for $100? What would it be?

$5,000 to the winning team.
$2,000 for runner-up.
Not bad for a $100 idea.

Why “The $100 Business?”

We spend all sorts of time learning about big brands, global ideas, innovations that changed life as we know it! But the simple fact is this: If you want to start a business, you need to offer something people want to buy.

That shouldn’t even take $100.

Why should a start-up have to be backed by a flawless 50-page plan put together by hordes of (expensive) experts in an (expensive) office? Why should a business need to get outside investors on board before it can start selling? Why should you be limited by other people’s conventions?

Give it a try. If the MUEC judges like your pitch, you might even earn $5000 cash for it!

How does MUEC work?

First you:
- Register your $100 idea at MUEC2011@gmail.com
(250 words or less… we need our beauty sleep)

Then you:
- Attend the Design Spa event to work on your idea… and on everybody else’s as well. Think of it as group therapy.

And after that:
- Show up to the Elevator Pitch, and pitch your ideas in 90 seconds or less. Tell us what your business is and how you spent the $100. The judges and audience will vote on the finalists!

If you’re not voted off the island, you:
- Do a slightly longer pitch to the judges.
(Yes, Powerpoint is allowed this time.)

That’s it! No huge business plan required. In fact, no business plan at all. Too easy.

Register here: MUEC2011@gmail.com

Love a good FAQ…

Q: I have no free time. Can I still compete?
A: Welcome to MBS. Have you got 90 seconds? That’s all it takes to get you through the semifinals (Elevator Pitch).

Q: How do I register my MUEC team?
A: Email your team members’ names to MUEC2011@gmail.com, along with a short summary of your idea. (250 words or less, please.)

Q: Do I have to be able to make money off my business?
A: Yes… your idea doesn’t have to be for-profit, but let’s face it, even a social venture needs cashflow. The judges will want to know how you plan to spend your $100, and how you will get paid for the result.

Q: Does my time count toward the $100?
A: Not this time. You’re entrepreneurs, remember? Assume that for this project, you’ve commited some hours to work for free in order to create value later.

Q: What if the dude across the hall designs my website for free — does that count toward my $100?
A: No, but keep it within reason. You can maybe score a free website, but getting free consulting, legal advice, investment, employees, trade memberships? …that’s probably not the right business to be starting with only $100.

Q: Did you just say ‘investment?’
A: Ack! No! Didn’t mean to say that word! For MUEC purposes, please assume that you must create something valuable enough for someone to want to buy it *without* outside investment into your product/service/widget/thingy.

Guidelines for MUEC teams

2 – 6 people per team

At least 50% of each team must be current MBS students

At least 50% of each team must attend each MUEC event.
Yes, you can be on multiple teams.
Team registration closes on Friday, 25 Feb, at 10pm.

How to Register

Contact MUEC2011@gmail.com with your team members’ names and emails.

Include a brief summary (250 words max) of the idea you’ll be working on.

DEADLINE:
25 Feb. 10pm

Summary Calendar

Design Spa: 10 Mar

Elevator Pitch: 24 Mar

Grand Finals: 31 Mar

Awards Dinner: 8 Apr

Upcoming MUEC Events

Design Spa

Date: 10 Mar
Time: 4:30pm – 6:30pm
Place: MBS

Come find out what other teams are working on, and test-pitch your idea to see what they think.

We’ll take you through all the elements of a successful pitch and let you know exactly what the judges are looking for.

Elevator Pitch

Date: 24 Mar
Time: 4:30pm – 6:30pm
Place: MBS

Each team will pitch their idea in 90 seconds or less. Remember to bring some friends to cheer for you — the audience votes will help determine the finalists.

(And yes, there are prizes for the winners.)

Grand Finals

Date: 31 Mar
Time: 5:30pm – 7:00pm
Place: MBS

The finalists from Elevator Pitch will make a longer, more structured pitch to the judges, using a slide template that we will provide.

Slide template and questions will be available at Elevator Pitch.

Awards Dinner

Date: 8 Apr
Time: Evening
Place: MBS

Join us for a scrumptious dinner… and of course a drink or two as well. Pitcher Partners, our title sponsor, will present the winning teams with their prize!

After almost four months of grueling research, planning, and competition, the winners of the Melbourne University Entrepreneurs’ Challenge 2010 have been crowned!  The three winners were formally announced at the delicious and entertaining Awards Dinner on May 7, but for those of you who couldn’t make it, read on!

Our Grand Prize winner, and the new proud owners of probably the largest check ever cut (we do mean that very literally), is team CounselLink.  CounselLink, an eHealth technology, outsourcing, and lead generation company that serves the allied health profession, has already begun making waves in psychology and aims to scale up to other health sectors.  The team presented a strong business plan, backed by an even stronger pitch at the Grand Finals, and it was the Judges’ opinion that CounselLink is positioned to excel in the growing eHealth market.  This team put together such a thorough MUEC plan and presentation that there remains only one question: How did they manage to get the giant check, provided by our title sponsor Pitcher Partners, onto the tram?  CounselLink also received generous in-kind services prizes from Melbourne Angels and McDonald Partners.  Without a doubt, CounselLink is a company to watch.

It was a very close race to the Grand Prize, and our Runner-Up team should be equally proud of their work in MUEC 2010.  Make Me Iconic is a brand new Melbourne-based company that brings this great city’s unsung icons to life.  With their fresh, locally designed homewares and premium crafted Melbourne souvenirs, this team impressed the Judges with their clear, effective business plan and nearly stole the show at the Grand Finals.  Make Me Iconic received invaluable services prizes from Pitcher Partners, McDonald Partners, and Melbourne Angels, which should help their business grow even further.  We can’t wait to see what new products appear on their website next!

Finally, and for the first time ever, MUEC was proud to award team Equoal with the Social Impact Prize, provided by the Asia Pacific Social Impact Leadership Centre.  Equoal will provide ethical tourism options to North American customers, capitalizing on a growing market of young, time-bound professionals with the urge to make a difference in the world.  This team put together a stellar business plan, followed up by a passionate presentation that really set them apart.  The Social Imapct Judges were thrilled to award the $6,000 prize from the Social Impact Leadership Centre to this up-and-coming company.  Equoal plans to expand globally within ten years, so plan your upcoming holidays accordingly.

Congratulations are also in order for all the teams that participated (to whatever extent) in MUEC 2010.  We know it’s a lot of effort, especially during the hectic academic schedules of Term 1, but you really came through with some amazing ideas and solid business plans.  We hope to see all of you next year!

Tomorrow Innovations / Tomorrow Ventures is launching the Tomorrow Innovations incubation program with cash, financing and mentorship.

About Tomorrow Innovations / Tomorrow Ventures:

• Associated with larger fund Tomorrow Ventures which is actively investing
• Based in Palo Alto, CA, USA
• Goal is to inspire, encourage and support global innovation and entrepreneurship

About the Incubation Program:
First-round of $5,000-$10,000 to dozens of selected companies
Second-round convertible debt of $50,000 – $150,000 to a subset of selected companies
Support services including mentorship, development support, community platform, investor introductions and advice

Timeline:
Applications accepted May 17 – June 11, 2010
Grant decisions announced June 30, 2010
Incubation period July 1 – Sept. 30, 2010
Second-round funding decisions announced Oct. 18, 2010

For more information check  http://www.tomorrowinnovations.com/

The text below is published by request of Dr Kar Mei Tang (AVCAL)

The Australian Private Equity & Venture Capital Association Limited (AVCAL) is pleased to announce the introduction of two research prizes in 2010. The aim of this programme is to encourage the development of high-quality research on issues of importance and relevance to the Private Equity and Venture Capital industry in Australia, and to increase knowledge and understanding of the industry through the publication of pertinent articles in the scholarly press. Submissions are invited from academia and industry participants for these prizes.

The prizes are:
• AVCAL Private Equity Research Prize: A$2,500 will be awarded for the best paper on private equity
• AVCAL Venture Capital Research Prize: A$2,500 will be awarded for the best paper on venture capital

Submissions are invited from academia and industry participants for these prizes. Entries close at 5pm (EST) on Friday 10th December 2010 and will be judged by a panel selected by AVCAL.

The submission guidelines are available online at www.avcal.com.au/research/researchprize.