A communication system that removes the need to wire buildings separately for Internet and intercoms has won an annual business pitching competition organised by UNSW.
Bringing together Business, Science and Engineering students, the Peter Farrell Challenge Cup is part of a series of initiatives organised by the AGSM Innovation Commercialisation Entrepreneurship (ICE) Forum at the Australian School of Business.
The goal is to foster entrepreneurship within UNSW and other universities offering programs in innovation and entrepreneurship.
Vying for the competition title were eight finalists, who were given 10 minutes to pitch their business plan to a panel of high-profile company founders and venture capitalists. Students developed business plans for their own idea, or represented other companies who donated their intellectual property in order for students to learn how to write a business plan.
Winning business group Renovo, including UNSW Diploma of Innovation Management students Sam Thorp, Simone Li, Tim Ellis and Stephanie Kong, pitched a business plan for a groundbreaking Internet-protocol-based product, from intercom company Bellon. It saves time and money by integrating Ethernet wiring with intercom systems in apartment buildings.
Judges were impressed by the innovative business pitch, which detailed an investment and five-year exit strategy for investors.
Student Tim Ellis says the Bellon system has enormous international potential because it eliminates the need for buildings to incorporate separate sets of wiring for Internet and intercoms, heavily reducing costs.
"The competition was rigorous and gave our group a great insight into how Science and Business can work together. I've learned a great deal about the incredible breadth of business possibilities," says student Sam Thorp.
"We now have practical skills in preparing business plans, giving us greater insights into the development process for any Science products we may create in the future. This removes the need for outsourcing different parts of the development process," says Ms Kong, a Biotechnology student.
In second place was Hydrokinetics, a company that has developed a water-based refrigeration compressor. Third place went to a cardiac monitor for high-value horses, developed by Compass Business Solutions.
Team Renovo will receive high-level strategy and legal consultation from Deacons Legal and the Kalori Group, as well as a $5000 cash pprize.
The AGSM Social Endeavour award was awarded to Weedless Landscapes, a weed-removal device using high-pressure steam.
Representatives from each team will fly to Melbourne for the Ernst & Young Entrepreneur of the Year award ceremony next week.
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