There are three stages to the ScottishPower & Ibedrola Challenge: ideation, development and commercialisation. The overall programme will begin in February 2018 and conclude in September 2018 when the winners will be selected. The detailed process is as follows:
Call for proposals
Participants will submit their proposals by 11.59pm Sunday 4th February and a judging panel comprised of staff, entrepreneurs and Scottish Power-Iberdrola managers will evaluate proposals based on a predefined set of criteria (e.g. originality and feasibility of proposal, market potential, team’s ability and expertise profile).
Development training through Enterprise Pathway
Successful teams will be invited to join part of the University of Strathclyde’s flagship entrepreneurial skills development programme; Enterprise Pathway. As part of the ScottishPower & Iberdrola Challenge, teams will be able to access Enterprise Academy and Enterprise Challenge training – stages 2 and 3 of the Enterprise Pathway programme. Details of these stages below:
- Enterprise Academy: The 2 day Enterprise Academy weekend, (stage 2 of Enterprise Pathway), will be held on the 17-18th February 2018, on University of Strathclyde campus. Teams will receive expert advice on how to develop their business model, undertake market research, identify target customers, pitch for investment and establish their business enterprise. They will also be partnered with expert mentors to offer them advice on how to develop and refine their business proposals.
- Enterprise Challenge: All teams attending the Enterprise Academy will progress onto Enterprise Challenge (stage 3 of the Enterprise Pathway programme). As part of Enterprise Challenge, all Iberdrola teams will attend a “Pitch for your Pint” event on Monday 26th February 2018. Here, teams will have the opportunity to learn from entrepreneurs who have effectively used video pitches to convey their business ideas. Following this, on Monday 5th of March 2018, teams will submit a 60 second video pitch, outlining their business, which will be reviewed by an expert panel. Teams will then be short-listed and the finalists progressing to the next round.
Those shortlisted will be guided through a dedicated commercialisation workshop, covering issues such as intellectual property, entrepreneurial finance, legal issues and technology roadmapping. Teams will continue to work with a dedicated mentor through the process of preparing their project for market launch.
At the end of this phase, the finalists will present their final business pitches to an expert panel in early September 2018. Seed funding will be awarded to both the winners and runners up, whilst the winning team will be given the opportunity to take part in Iberdrola's "Innovation Week" in Madrid. This will involve the opportunity to pitch their own ideas to Iberdrola executives and their partners, as well as a chance to network with other participants/winners from other Iberdrola sandpit programmes.