The phrase “Idea to Product” refers to applying creative thought to a technology (“Idea”) and developing a market application (“Product”) for that technology. The Idea to Product® Competitions are early-stage technology commercialization plan competitions that aim for unique product ideas with clear market demand that use innovative technologies. I2P® Global is an invitational event hosted by The University of Texas that currently includes about 20 universities from Asia, Europe, and North America.
Each participating university chooses their representative team through a local entrepreneurial competition or course. At the University of Texas, the team is selected at the I2P® UT Austin Competition. I2P® Regional Competitions are also planned for Asia (National University of Singapore) and Europe (Imperial College London).
Student teams representing the invited universities present assessments of their technology-based products or services. The entries should be unique and innovative, be feasible to implement, and address an identified market need, and they must have an underlying technology component. Teams are encouraged to focus on the benefits of their technology and its associated market potential, rather than the technical features. The teams compete for over $25,000 in cash prizes and a chance to compete in the Global MOOTCORP® Competition.
The judging panels include entrepreneurs, venture capitalists, engineers, and intellectual property attorneys. The feedback provided by these faculty, alumni, and community technology and business leaders is the richest resource the I2P program provides to participants. Additionally, the competition provides media exposure for the teams and their products.
I2P® vs. Business Plan CompetitionsI2P® is not a business plan competition. The products and services presented at the I2P® Competition are typically not ready for market introduction and are at too early a stage to detail all of the information necessary for a business plan. Whereas business plan competitions are judged based on having a fully developed business model and extensive market knowledge, Idea to Product® places more value on the technology product itself. The figure below demonstrates this difference based on the stages of the commercialization process. The focus of I2P® is early-stage technology commercialization (Imagine, Incubate, and some Demonstration), while business plan competitions focus more heavily on how to Promote and Sustain the product or business.
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