ENTERPRIZE: UQ's $100,000 Business Plan competition

The University of Queensland today is launching a unique competition - ENTERPRIZE - designed to promote and support Australia's next generation of entrepreneurs.

A prize of $100,000 will be granted to the team that comes up with the best business plan, as judged by a panel of three experts.

The competition is open to all aspiring entrepreneurs, on the condition that each team of up to seven members has at least one current University of Queensland student who is an active participant.

Executive Dean of the UQ Business School Professor Ian Zimmer said ENTERPRIZE is designed to help entrepreneurs undertake new business ventures.

'The competition will provide seed capital to promising start-up companies as well as providing participants with valuable experience in drafting a business plan for review by potential investors,' Professor Zimmer said.

'The business plan must describe a market opportunity, a product or service designed to meet that opportunity, a way of generating revenue and a description of how and why the venture will succeed.'

ENTERPRIZE consists of four stages - submission of business concept plans, submission of full business plans, public presentation of plans and commercialisation.

The university will provide the winning entry with a $100,000 prize for the purpose of commercialising the new venture. The funds will be released in increments linked to the accomplishment of milestones that are defined in the launch plan.

For more details about the competition visit http://www.enterprize.uq.edu.au or contact Deborah Williams (email: d.williams@gsm.uq.edu.au, tel. 07 3365 8509).

MEDIA CONTACT: Peter McCutcheon (tel. 07 3365 1088, 0413 380012)