IP Australia has partnered with the Licensing Executives Society of Australia and New Zealand to help educate young innovators on the importance of intellectual property through the Graduate Business Plan Competition.
Due to the high number of Australian entries received in 2013 for the worldwide student-based competition, run by the Licensing Executives Society International (LESI), an Australian-based competition was established by LESANZ.
The winner of the Australian-based competition will then be invited to compete internationally.
LESANZ said the competition aimed to raise the profile of innovation in Australia and placed a strong emphasis on intellectual property.
Teams from universities in Australia and New Zealand were required to submit a business plan which was then subject to a preliminary judging round and the final two teams, which included a team from the Australian National University (ANU) in Canberra and a team from Swinburne University of Technology (Swinburne) in Melbourne, then pitched to a judging panel.
Swinburne's team, Reactive Electronics, which aimed to develop intelligent electronic products for industry specific applications, was awarded a $4,000 prize.
Marketing Manager of IP Australia's SA and NT, Chris Hayward said that both teams provided very compelling pitches in regards to their business plans.
"The winning entry was a little stronger in terms of the breadth of IP and their strategy to effectively manage and commercialise it," Mr Hayward said.
"It was refreshing to see young entrepreneurs including IP and the management of this within their business plan as this will be vitally important to the success of their business in the long run."
Reactive Electronics team member Cameron McNab said the LESANZ and LESI competitions were a great way to have their business ideas vetted against the experiences and opinions of industry professionals.
"Their feedback, and the contacts we've made, both in Australia and overseas, will go along way in helping us move forward over the next 12-18 months," he said.
For more information go to this PS News link.
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