Matís and Landsbankinn have joined forces to create a competition for innovative business ideas that utilize Icelandic raw materials or design in the fields of food industry and biotechnology.
The aim of the competition is to support the expansion and development of projects in the food and biotechnology industries with the goal of boosting sustainable value creation in the Icelandic economy.
The competition is entitled “This Is Something Else” and refers to the frequent comment that innovation in Icelandic business and industry should be able “to offer something else”. This elusive something else is a well-known yet ill-defined idea. This competition affords the opportunity to do “something else”.
Landsbankinn is offering an ISK 1 million cash prize and Matís will provide expert advice on developing the business idea, as well as facilities, valued at ISK 2.5 million. The owners of exceptional business ideas will be offered the opportunity to present their concepts to a select group of investors.
As part of the competition, the owners of the top ten business ideas will be provided with instruction on development and production processes in the food and biotechnology industries, as well as training in preparing business plans and presentations for investors.
The organizers of the competition intend for it to be a strong incentive for the development of small and medium-sized companies in the food and biotechnology industries with the goal of boosting sustainable value creation in the Icelandic economy.
Deadline for applications is 17:00 hours on 2 September 2013.
Projects that will be considered
All marketable ideas in the food and biotechnology industries that utilize Icelandic raw materials or design are eligible to apply.
Ideas that will be considered:
- New business idea – Icelandic raw materials
- Known business idea – non-Icelandic products/processes adapted to use Icelandic raw materials.
- The application shall be formatted as follows.
- It shall not exceed 15 pages
- Applications/business ideas along with accompanying documents shall be mailed as attachments to email@example.com before 17:00 on Monday 2 September 2013. The subject of the email shall be the name of the business idea.
- Teams from Landsbankinn and Matís will review and assess the applications.
- A panel of judges from Landsbankinn, Matís and independent professionals will select the winner.
- The award presentation will be held at the end of September.
It is important to keep in mind that the quality of the application may decide between similar business ideas or projects. Should the panel of judges deem any applications to be insufficient it reserves the right to reject them.
The following criteria will be used to assess eligible business ideas:
- How interesting the idea is to the food and biotechnology industries.
- The eligibility and likelihood of success of the team/entrepreneur.
- Project descriptions accompanying the idea.
- Marketability and expected return on investment.
- Novelty of the business idea.
- The relevance of the business idea to international markets or its local innovation value.
- The likelihood that the business idea will generate profit within two years.
- The product’s environmental and social impact during its entire life cycle from sourcing raw materials through production, sale, use and to disposal.
- Potential for job creation.
Please direct queries about applications to Páll Gunnar Pálsson, Project Manager at Matís at firstname.lastname@example.org or email email@example.com. We will get back to you as promptly as possible.
Various parties can assist in the preparation of applications.