Everyone has at least one good idea in them but few get the chance to bring them to market.
QUT's innovation arm, bluebox, is launching a $100,000 Innovation Challenge to commericalise outstanding ideas.
It's the first time the annual competition has been opened up to QUT alumni as well as staff and students, and by far the biggest prize pool it's ever offered.
"Game developer Halfbrick Studios and fast-growing restaurant chain Burger Urge are both successful companies created by clever QUT graduates," bluebox Director of Innovation and Engagement Brent Watts said.
"There are 211,000 people in Queensland and around the world who have graduated from QUT and its predecessor institutions - that's a huge source of untapped ideas.
"We want to help unearth innovations that have great commercial potential, be they concepts for new products or services, new business models or a recently launched venture."
One of those innovations is Boardcave.com, web software that is bringing independent surf board manufacturers - still very much a localised cottage industry - into the digital age.
High school friends and QUT graduates Ryan Mets and Chris Greben pooled their respective business and IT expertise to recently launch a web portal that is doing for the independent surf board manufacturers what Wotif.com has done for accommodation providers.
"Traditionally, if you wanted a board you would have to walk into a surfboard store, try to speak with someone to get a rough idea of what kind of board you want and then drive around and see what the other manufacturers were offering," Mr Mets said.
"We've brought comparative buying to the industry. You can go to boardcave.com, research all the different surfboards and their specifications in depth, then order your custom board online directly from the manufacturer."
Chris Greben said the company had recently licenced its software in Brazil, a billion-dollar surfboard market and is now expanding into the US.
"We're really excited about this Innovation Challenge. That $60,000 first prize would allow us to employ the staff we need to take our new concept to the world," he said.
bluebox's Innovation Challenge is open to all QUT alumni staff and students but anyone can vote online for the winner of a $10,000 crowd vote prize.
Entries close on 15 August, after which six finalists will be given expert help to refine their pitch.
Finalists must submit a 30-second speech pitch video in September, as well as present a 10-minute pitch to a judging panel and a live audience in October where the winners will be announced.
For more information visit the bluebox website.
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Media contact:
Kate Haggman, QUT Media, 3138 0358 or kate.haggman@qut.edu.au.
After hours, Rose Trapnell, QUT Media team leader, 0407 585 901.
