What is LAUTECH Innovation Challenge?
LAUTECH Innovation Challenge is a student competition open to all LAUTECH undergraduate and post-graduate students. Teams and individuals compete to create innovative startups that will help solve important societal problems. The winner receives N1 million in seed capital to launch and scale their business.
What is the goal of LIC?
The aim is to tell the other side of the LAUTECH story. The brand LAUTECH is famous for two parallel things; Cybercrime and the other less celebrated – Innovation. The unfortunate narrative that the former has crafted for LAUTECH has simply been as a result of the latter not being championed and given the kind of public airing it deserves. The technological space as well as other sectors of the Nigerian economy are replete with very brilliant minds who are LAUTECH products. This is the real LAUTECH – an institution that by default brings the entrepreneur to the fore in its teeming mass of students; that inculcates resilience, grit and creativity in its student populace.
Who can participate?
LAUTECH student (undergraduates and post – graduates) teams of a minimum of three and a maximum of four persons make up a competing entry. Individuals can also participate.
Can a University alumnus compete?
No! All University alumni are prohibited from competing and entries submitted by them will not be considered valid for a spot in the competition.
How can I apply?
Log on to www.lic.ennovatelab.com
Is registration free?
Yes. You are not required to make any form of payment to anyone at any point in time to register for the competition.
When do applications open?
Applications officially opened on the 15th of July.
When does application close?
Application officially closes on the 28th of September.
What challenges do applicants tackle?
All applicants will create solutions that solve problems in the following thematic areas; Energy Access or Distribution, Human Security, Quality Education, Financial Inclusion, Quality Extractive Industry Processes, Qualitative Healthcare, Food Security.
Can student teams come from other universities?
No. All applicants must be LAUTECH students.
Can we tackle more than one challenge?
All applicants are advised to focus on just one of the thematic areas.
Who can I connect with in case I have questions?
For further clarifications you can call or WhatsApp the following numbers: +2348163246055, +2347037062556, +2348109846416, +2347051676603. Or send an email to: thisislautech@gmail.com
What are the judging criteria?
- 1. Any solution proffered must align with the seven (7) thematic goals of the LAUTECH Innovation Challenge.
- 2. Must be impact centered.
- 3. Business must be scalable and profit driven.
- 4. Must be a social enterprise.
Who are the Judges?
The Judges are selected from the business, innovation and academic circles. Our main judges will be those who have experience with investment options.
Can I submit another entry after the first one?
No. Only one entry is allowed to be made per team and per individual
Can I change a team member after registration?
No. The competition will reckon with only the originally enlisted team members as bonafide candidates for the competition
What are the stages of the competition?
- Stage 1: General call for entries to be submitted as PowerPoint slides saved in PDF format. Deadline for this stage is September 28.
- Stage 2: 50 teams are shortlisted and submit a one minute video of their pitch. Deadline for this is October 19.
- Stage 3: 30 teams are shortlisted for the semifinals which is slated for October 27.
- Stage 4: 10 finalists pitch on the Grand Stage which is scheduled for October 27.
How will I know that my application has been accepted?
Upon submission, all successful applicants will receive confirmation emails.
How will I be notified if I qualify to proceed to the next round?
All successful teams will receive emails confirming their progress to the next stage.
Will I be provided with materials to help with my solution?
Links to important resources are on this website as well as our social media platforms.
Will my idea be protected?
Yes. We guarantee that all submitted intellectual property will be actively protected from any form of theft.
Can I pitch an existing business?
Yes.
What will happen if I miss the deadline for the next round?
Applicants are strongly implored to be on the lookout for information regarding the competition.
Can I apply if I have an idea that’s not related to the thematic areas?
No. All applications will be judged using the given thematic areas.
What are the rules and regulations for pitching at the Grand Finale?
The presentation will be for 10 minutes and finallists are advised to adhere to this rule.
What are the terms and conditions of this Innovation Challenge?
Ennovate Lab and Hybrid Capital will have a percentage equity in the business.