The RAPID Challenge - discovering the next great British innovation
Clayden Law is delighted to be supporting The RAPID Challenge. Created by Prodrive Ventures, the investment-arm of the world-leading motorsport and advanced technology group, Prodrive The RAPID Challenge is a new competition aimed specifically at entrepreneurs and start-ups developing innovative physical products. Other partners include Microsoft; NatWest; KPMG; IP Asset and Crowdcube who are all involved in supporting early stage businesses.
Why it has been set up?
Commercialising a hardware product is difficult, that’s why The RAPID Challenge aims to help you develop your product and accelerate your progress.
The RAPID journey
By joining in The RAPID Challenge journey, you’ll benefit from a series of workshops with advice and insight from a range of experts to help develop your project and business plan. The projects with the best plans stand to share in the £50,000 prize package and the opportunity to present in front of investors.
“There are many competitions aimed at entrepreneurs and start-ups, but they tend to be dominated by new ventures providing non-hardware based solutions such as web-based services and apps. Those with a new innovative physical product idea often struggle to find the help they need bringing such a product from concept to production,” said Tim Colchester, Managing Director of Prodrive Ventures. “We believe The RAPID Challenge can be a catalyst for the development of exciting new British-designed and engineered projects with commercial potential.”
All entrants who make it through the initial selection process will benefit from a series of workshops, delivered by the Challenge partners, offering advice and insight on turning their product into a business Those who have the best ideas and business plans have the opportunity to share in a prize package worth over £50,000 and present to investors at a final event in November.
“We are particularly looking for products that are disruptive; something innovative that challenges the status quo,” said Colchester. “We are not looking for just an idea, the concept must be proven, even be at prototype stage, and there must be a sustainable business strategy. As a result of winning The RAPID Challenge we’re looking for projects that we can accelerate to be commercially available within 12 months.”
To be eligible for the Rapid Challenge applications must fulfil these requirements:
- Be a disruptive hardware project
- Have a sustainable business strategy
- Based in the UK
- Pre-revenure or up to £1M annual revenue
- No more than 10 employees
- A proof of concept / prototype
- Demonstrate the potential for commercialisation within 12 months
- Have the potential to or have obtained IP protection.
Applications are now open and close on 15 September 2019. Full details on The RAPID Challenge and how to apply can be found at: www.therapidchallenge.com