Overview
The BUG Competition is developed and run by the University of Gloucestershire, focused upon encouraging greater entrepreneurial activity from the University’s students, staff and alumni.
The competition involves participants creating and submitting a business plan. The business plan is then presented to a panel of BUG Judges and a BUG Winner, along with other awards, are selected with cash and business support prizes awarded!
The BUG Competition is free to all students, staff and recent graduates (of 5 years). It is possible to work in groups up to a maximum of four people.
Please note the BUG Competition is not available to external applicants.
BUG Awards 2012
- BUG Open Award
Open to any University of Gloucestershire student, member of staff or graduate (graduating in the last 5 years) of any field of study who has submitted a business plan to the University's BUG Competition for a new business idea with potential to start-up for real.
- BUG Taught Award
For University of Gloucestershire current students who have been studying business planning as a module on their course and who have submitted a business plan to the University's BUG Competition for a theoretical idea.
The prize packages for each award will be added nearer the time.
The 5 stages of the BUG Competition
Stage 1 - Submit a Business Idea Summary
The BUG Business Idea Summary is approximately 500 words under a number of section headings. To be submitted by Friday 27th January 2012 via an electronic Business Idea Summary Form.
Stage 2 - Submit a Business Plan
The BUG Business Plan should be no more than 20 A4 pages (appendices excluded) and should contain detailed information about the business under a number of section headings. For more help in this area see the BUG Resources page. To be submitted to bugcompetition@glos.ac.uk by the end of Thursday 3rd May 2012.
Stage 3 - Finalist Presentations
The selected finalists will be asked to give a short presentation to the BUG Competition judges. The presentation will be followed by a discussion session where the judges will ask you questions on your business. The presentations will take place on Thursday 24th May 2012.
Stage 4 - Presentation of BUG Awards
The successful BUG Competition finalists will be invited to the University of Gloucestershire Enterprise Awards held on Wednesday 11th July 2012. Here the BUG Winners will be announced and prizes will be awarded.
Stage 5 - Inter-University Business Plan Competition
The University of Gloucestershire will put forward a finalist of the BUG Competition as their entrant for the Inter-University Business Plan Competition at the University South West Enterprise Awards (USWEA). USWEA requires an innovative entry so it may not necessarily be the BUG Winner who is entered. This competition offers an even larger prize fund and more networking and learning opportunities for entrepreneurs.
It is the competitors’ responsibility to ensure that any Intellectual Property (IP) involved with your Business Idea is protected to the standards that the competition requires. To find out more about issues surrounding protection of your idea and intellectual property see the BUG Resources page for links to related sites that may prove helpful.
Other Business Plan Competitions
You may also wish to enter your business plan into one of the following business plan competitions. If you do, please keep the BUG Team informed of your progress. We would love to offer you help and support!
NUE2012
Deadline: 31 March 2012
The National University Entrepreneur business plan competition.
Marketest Business Start-Ups Competition
Deadline: 30 April 2012
Open to anyone 18 years and above who has a new business idea!
EnterprisingU Business Plan Competition
Deadline: 15 June 2012
The competition is open to any student or graduate (of the past 5 years) who has an idea that needs investment to help kick-start their business.
Q&As
Q. Do I need to start the business for real?
A. It is not necessary for you to use your idea to start a business in order to enter the competition. It is also not necessary for you to use the prize fund to invest in your own business if you are successful in this competition. However this is an excellent opportunity for you to gain the experience, knowledge and help to enable you to start up.
Q. Can my idea and business plan relate to an existing business?
A. You can enter the competition with a business plan for an existing business only if it is a new business that has recently started up. If you need to clarify if your entry is valid email us outlining the stage at which your business is at, including how long it has been since start up.
Q. Who will be judging the competition?
A. The judges will be made up from a panel of academics and local professionals who specialise in business enterprise.
Q. What will the judges be looking for?
A. The judges will consider a number of factors when reviewing your business plan and entry to the BUG Competition. These will include:
- The innovativeness of your business.
- The level of thinking which you have applied to your business idea.
- The degree to which you have researched your market, customers, competitors and likely sales forecast.
- The quality of your written plan as a professional, well written and presented document.
- Your understanding and presentation of appropriate costs, revenue streams and financial forecasts.
- Your long-term vision for the business.
- Your motivation and viability for establishing the business.
Q. What makes up a typical business plan?
A. See the BUG Resources page for an example business plan template.
Q. What support is available to me?
A. The BUG Competition aims to provide its participants with as much help as possible. During the course of the competition we will be running a number of workshops designed to help you develop your business idea and plan. There will also be the opportunity to attend one-to-one mentoring sessions so that any problems that you are faced with can be resolved. The BUG Resources page provides a wealth of useful support information including the BUG Library. There is also a BUG esupport service available to you where any queries you have will be answered.
Q. Can I continue to use the BUG support materials if I am no longer taking part?
A. Yes, you can continue to use any of the support materials provided. Please note that only those entering the BUG Competition will be able to attend the additional one-to-one mentoring sessions with our network of BUG Mentors.