COMPETITION
By organizing this competition, CIDAUK aims to uncover and support ground-breaking ideas that can lead to significant technological advancements. Moreover, this competition serves as a platform to facilitate funding support for students and university incubators dedicated to researching and implementing these transformative ideas.
OUR GOAL
Where Ideas Fuel Innovation
CIDAUK's goal is to promote innovation both within the UK and on a global scale, contributing to the betterment of society and the future of humanity.
We believe in the power of technology to solve complex problems and improve lives.
ENTRY REQUIREMENTS
Our requirements ensure that the entries we receive are of the highest quality and have real potential to make a significant impact in the tech industry.
EDUCATION LEVEL & SUBJECT AREA
The competition is open to university students in the UK who are currently engaged in doctoral research.
The research should be focused on an innovative idea within specific areas of innovation that include, but are not limited to:
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Finance
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Medical
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Construction
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Chemistry
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Art & culture
These fields have been chosen in light of our top client profiles and market needs.
RESEARCH-FOCUSED CRITERIA
The innovation or idea should be research-focused with the potential to apply for a patent.
This ensures that the entries are not only innovative but also have the potential for commercial application and intellectual property protection.
Participants should be able to demonstrate how their research and proposed business plan could feasibly be completed at least within a 3-year timeframe.
SELECTION CRITERIA
The selection of the winner is a meticulous process...
...governed by a set of well-defined criteria. Our panel of judges, consisting of industry experts, investors, and academic professionals, will evaluate each submission with a keen focus on the following key aspects.
Genuine Innovation
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The core of the evaluation process centres on the uniqueness and novelty of the innovation. The proposed idea must address specific pain points in the UK market that are currently unmet by existing solutions
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The innovation should not only be unique but also demonstrate a clear understanding of the market gap it intends to fill.
Impact Assessment
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Entries must provide a comprehensive analysis of the qualitative and quantifiable impacts their innovation is expected to have post-implementation. This includes potential social, economic, and environmental benefits.
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Judges will look for well-researched projections and estimations that support the proposed impact, underlining the potential effectiveness of the innovation.
Patent Potential
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High potential for patent application is a crucial criterion. The idea should be protectable as intellectual property, indicating its novelty and non-obviousness.
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Submissions should include an initial assessment of patentability or even steps already taken towards securing a patent.
Viability & Scalability
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The feasibility of the proposed business plan is paramount. The panel will assess whether the idea is practically implementable and sustainable over the long term.
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Scalability is another vital factor. The potential for growth and expansion of the idea, both in terms of market reach and technological development, will be carefully considered.
COMPETITION TIMELINE
Major milestones* in 2024
* Subject to change without prior notice
1. Introduction Talk / Roadshow
1 Feb - 1 Apr 2024
These events are designed to provide comprehensive information about the competition, offer guidance on the application process, and answer any preliminary queries from prospective participants.
2. Submission Deadline
26 Apr 2024
All applicants are encouraged to submit their entries by this date to ensure their innovative ideas are considered for the competition.
3. Pitching
Mid May 2024
Applicants are invited to present their ideas to our panel of judges and given the opportunity to directly receive feedback and advice on their plans.
4. Result Announcement
Late May 2024
Following a thorough review and evaluation process by our panel of judges, the results of the competition will be announced through our official channels and directly communicated with the participants.
