Tech start-ups are being offered a prize pot of $50,000 in this year’s IT Invention Test competition, the Geelong-based initiative that has opened up for applications for its 2012 round.
Now in its third year, the competition is aimed at innovators who are looking to commercialise their early-stage tech and web business ideas.
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The winner of the competition will get $10,000, along with three free months at Future Capital’s incubator.
Other prizes include three one-week entrepreneurship courses at the University of California, $8,000 for the top sports technology entry and $4,500 for the top Geelong regional entry.
The top three entries will get 12 months’ free mentorship, while the top 20 will get a one-day course on how to pitch their ideas.
Based in the Victorian city of Geelong, the competition aims to attract entries from across Australia, with finalists presenting their projects to a judging panel on November 1.
Last year, Wizzyboard, a touchscreen gaming application aimed at children, won the top prize at the competition.
“The competition provides a great commercialisation pathway for entrepreneurs. We were particularly impressed with the commercial potential of some of last year’s finalists, and many of them have gone on to launch into commercial businesses.” said ICT Geelong’s chairman Robert Reed.
“We have again focused on improving investment pitching education for entrants. We will have a one-day pitching education workshop to help the top 20 or so entries to prepare for the verbal pitches to a panel of technology commercialisation experts.”
“We were keen to continue to increase the involvement of the investment and commercialisation community, and provide a mentoring program that will help the best entrants succeed with their ventures.
“It’s great to have sponsors like Melbourne Angels, Angel Cube, Future Capital, Pitcher Partners and Commercialisation Australia on board to deliver parts of the program.”
“We are also being a little parochial this year, with dedicated cash prizes for the top Geelong industry entry and the top Deakin University entry.”
“One of the seeds for the establishment of the competition was to improve the entrepreneurial culture in Geelong, and it is important for ICT Geelong to reward those that are being truly innovative in the region.”
For more information on the competition, click here.