A competition aimed at assisting budding entrepreneurs who have the will and ambition to turn their business idea into reality that are students at or have graduated from the University of East London.
The winner will receive a share of the £20,000 prize package in cash and business growth support to help the idea flourish.
The annual E-Factor business ideas competition is provided by the University of East London.
The Competition is aimed at assisting budding entrepreneurs who have the will and ambition to turn their business idea into reality.
Competitors will go through a series of events, culminating in the best going head-to-head in the Grand Final in May 2016.
Finalists (last five) from previous year’s competitions may not apply again, unless they have a new business idea. Unsuccessful applicants from previous years may apply with the same or new business idea.
The competition is not open to registered or trading companies. Applicants must be in the pre-start up phase (ie with a business idea and looking to start a business).
- Individuals or teams can enter however there must be one point of contact supplied for the team for all correspondence. (Maximum team size four.)
- Applicants are restricted to one entry to the competition, and have to be studying or have studied at the University of East London. Graduates have up to two years to apply, after this period the team will not consider the application.
- Competition finalists will be required to attend meetings with UEL’s business advisers as well as attend workshops designed to help develop their business ideas and pitching skills. Failure to attend may result in disqualification from the competition.
- All semi-finalists are required to deliver a 10 minute presentation to a panel of judges. Failure to attend will result in automatic disqualification.
- All finalists are required to deliver a 10 minute presentation, the panel scores and audience vote will combine to select the overall winner. Failure to attend will result in automatic disqualification.
- The judges’ decision is final.
- All applications will be held in confidence. It is the responsibility of the entrant to confirm that they have the right to exploit the intellectual property contained in their plan and to take appropriate steps to protect it.
- The winning entrant(s) must use the grant money to set up the business as outlined in their application.
- Grant monies will only be paid by cheque or bank transfer to the name of the winning participant’s business account. All finalists must open a business bank account to be eligible to progress to the final.
- The winning entrant(s) will be required to provide an update of their business progress to UEL which reserves the right to publish this information.
- UEL reserves the right to make any changes to the rules and conditions of the competition. Finalists will be sent electronic notification of any changes within 48 hours of them being made.
- UEL reserves the right to reject any application or plan that is not submitted in accordance with the stated format.
- All finalists must submit a bio of their business two weeks prior to the final.
- By entering the competition winners and semi-finalists agree to provide follow on information after the competition for student/graduate tracking purposes and to assist with helping the University of East London to promote their students, and the competition.
The winning entrant(s) must use the grant money to set up the business as outlined in their application.