Terms and Conditions
- The AUT VenturesInnovation Challenge is open to individual entrants or team entries where at least one team member is a current employee or student of AUT.
- Winning entries from previous AUT VenturesInnovation Challenges cannot be resubmitted to the 2016 competition.
- By entering into the AUT VenturesInnovation Challenge, you will be disclosing and demonstrating your entry to the public which may impact on your ability to formally protect your Intellectual Property Rights. You must ensure that you are comfortable sharing any information and ideas in this way.
- The information you disclose in your entry and the inherent Intellectual Property (IP) should belong to you or your team and should be the product of your own work.
- Ensure you have the rights to disclose the Intellectual Property or confidential information of another party before you disclose it.
- Before disclosing AUT-owned Intellectual Property or confidential information, check with AUT Enterprises Limited if you may do so.
- Ensure you are familiar with AUT's Intellectual Property Rights Policy - 05/08/2015.
- The project being developed must have potential market applications.
- Entrants must have conducted some market and competitor analysis to validate their concept's commercial potential.
- The project can be from any research discipline or commercial domain.
- By accepting these Terms, the entrant agrees that the AUT may use the entrant's name, videos, texts, and photos in connection with the publication and promotion of the AUT VenturesInnovation Challenge and AUT. The entrant shall cooperate with all reasonable requests to promote the AUT VenturesInnovation Challenge. No financial compensation will be paid to the entrant for cooperation in promotional activities.
- AUT Enterprises Ltd. reserves the right to reject and remove any inappropriate entries.
- AUT Enterprises Ltd. is not liable for any damages as a result of these actions.
- Neither AUT nor AUT Enterprises Ltd. are liable for any Intellectual Property Infringement that arises from entries.
- No entrant can use the AUT and AUT Enterprises Ltd. brands for marketing, advertising, public relations and endorsement or other similar purposes without prior consent.
* Entries submitted after the deadline will not be accepted.
- Since the AUT VenturesInnovation Challenge is a competitive process, the more developed your commercial concept is, the better.
- Entrants are required to submit concepts that are at least at proof-of-concept or prototype stage.
- Entrants are encouraged to include information on any interest shown by industry, any customer feedback or any stats on sales already achieved (if the concept has progressed that far).
Conditions of Award
The finalists will;
- be awarded a cash grant, payable upon receiving an invoice from the finalists no later than three months from the date of the award
- payment will be made within two months of the date on the invoice
- it is the finalists' responsibility for their own tax obligations on the receipt of grant consideration
- deliver a report of commercialisation activities and outcomes with attached receipts for related expenditure once the grant has been spent.
* spend the grants on eligible project-related expenses only, such as; market analysis, IP analysis, business planning, technical development and testing, business development and marketing.
The judging panel will evaluate AUT VenturesInnovation Challenge entries according to the following overarching criteria:
- The entrant should demonstrate entrepreneurial skills and the ability to drive the successful and profitable commercialisation of their concept.
- The entrant should be able to make a passionate, clear, concise and persuasive pitch for their concept.
- The entrant must demonstrate a realistic understanding of the market potential of their concept. The applicant should have begun to assess any likely risks and barriers to market entry. This could include aspects such as lack of financial resource and time, significant regulatory hurdles, or inability to access core capability required to deliver the end-product.
- Apart from the concept, technology and market, consideration should have been given to other commercial aspects (finance, logistics, sales, marketing etc.).
- Particular consideration should have been given to whether there is an opportunity to acquire competitive advantage.
* Barriers arising from competitor IP (e.g. overlapping patents, copyrights etc.) should have been identified, as well as such barriers relating to components used in the construction of the idea which were already in existence (e.g. open source software and related license agreements).
AUT Enterprises Ltd. will award winners with the following cash grants at the finals which must be redeemed within 3 months of the award date.
1st prize: $5,000*
2nd prize: $3,000*
3rd prize: $2,000*
Crowd favorite: $2,000*