Prodrive Ventures gets physical by launching £50K prize innovation competition
Prodrive Ventures, the investment-arm of the world-leading motorsport and advanced technology group based at Banbury, has launched a new competition aimed specifically at entrepreneurs and start-ups developing innovative physical products.
The RAPID Challenge is supported by a number of partners, including Microsoft; NatWest; KPMG; Clayden Law; IP Asset and Crowdcube which are all involved in supporting early stage businesses.
RAPID stands for "Realising Advanced Performance through Innovative Design".
“There are many competitions aimed at entrepreneurs and start-ups, but they tend to be dominated by new ventures providing non-hardware based solutions such as web-based services and apps. Those with a new innovative physical product idea often struggle to find the help they need bringing such a product from concept to production,” said Tim Colchester, Managing Director of Prodrive Ventures. “We believe The RAPID Challenge can be a catalyst for the development of exciting new British- designed and engineered projects with commercial potential.”
All entrants who make it through the initial selection process will benefit from a series of workshops, delivered by the Challenge partners, offering advice and insight on turning their product into a business Those who have the best ideas and business plans have the opportunity to share in a prize package worth over £50,000 and present to investors at a final event in November.
“We are particularly looking for products that are disruptive; something innovative thatchallenges the status quo,” said Colchester. “We are not looking for just an idea, thenconcept must be proven, even be at prototype stage, and there must be a sustainable business strategy. As a result of winning The RAPID Challenge we’re looking for projects that we can accelerate to be commercially available within 12 months.”
Applications are now open and close on 15 September 2019. Full details on The RAPID Challenge and how to apply can be found at: www.therapidchallenge.com
Application Criteria
To be eligible for the Rapid Challenge applications must fulfil these requirements:
- Be a disruptive hardware project
- Have a sustainable business strategy
- Based in the UK
- Pre-revenure or up to £1M annual revenue - No more than 10 employees
Desirable attributes:
- A proof of concept / prototype
- Demonstrate the potential for commercialisation within 12 months - Have the potential to or have obtained IP protection.
Prodrive is one of the largest independent, full capability motorsport & advanced engineering organisations in the world. Prodrive Ventures is the investment arm of Prodrive, injecting business and technical input to support early stage businesses in delivering innovative and commercially sustainable propositions.
