The Royal Academy of Engineering invites applications for its launchpad competition. Funding aims to encourage young entrepreneurs to start a new business based on their innovation in engineering or technology, with engineering defined in its broadest sense. The competition aims to:
•improve the skills of the awardee:
•develop role models of entrepreneurship;
•bring engineering innovations to market for a wider public benefit.
Applications are open to individuals or small teams. The lead applicant must be UK-based and aged between 16 and 25. They should have a viable and commercial business proposition with a large market opportunity, and be planning to set up a business within the 18 months following the application deadline. The feasibility of the initial product or service must have been proven preferably with a basic prototype.
The winner receives the JG Gammon award, which includes a cash prize of £15,000 and a year’s membership of the enterprise hub. This provides mentoring, training and networking opportunities with UK entrepreneurs and investors. Up to two other individuals or teams may be chosen as runners up.