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® UT Austin is a student-led event, coordinated by the Technology Entrepreneurship Society with support from the Chair of Free Enterprise.
Participation in I2P® UT Austin is open to all UT Austin students. Student groups 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 cash prizes and a chance to represent UT Austin at the I2P® International Competition.
The I2P® Program provides valuable resources to participants crucial to successful entrepreneurship, including:
- Networks of world-class entrepreneurs, investors, and potential partners.
- Mentorship by faculty, alumni, and community technology and business leaders.
- Education in specific business planning skills and general entrepreneurial insight.
- Content-rich feedback on their technology from judging panels that include entrepreneurs, venture capitalists, engineers, and intellectual property attorneys.
- Opportunities to create a winning team of founders .
- Media exposure and publicity.
I2P® is not a business plan competition. The products and services presented in I2P® are 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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