On Tuesday evening, the Ireland Luxembourg Chamber of Commerce (ILCC) launched its 2016 Innovation Contest at the premises of NYUKO in Luxembourg-Hollerich.

ILCC Chairman, Joe Huggard, introduced the event, the launch of the third Innovation Contest which the ILCC is organising - previous winners were Wellvue in 2013 (at The Impactory) and Sponsor-My-Event in 2014 (at MUDAM within the Founders in a Castle event) - with Geoff Thompson unveiled the details of the competition, including eligibility criteria, information to be provided and prizes.

Synopsis

The Ireland-Luxembourg Chamber of Commerce (ILCC) is organising its third Innovation Contest to promote the concepts of innovation, entrepreneurship and pitching (business ideas), with the support of a number of other organisations including Enterprise Ireland. This year’s contest is going “back to basics” by focusing on early-stage start-ups where the entrepreneurs have formed their business ideas but not necessarily yet created their company.
Scope

Launched on Tuesday 15 March, with the Pitching Event scheduled for Monday 9 May, the ILCC Innovation Contest is based loosely on the Dragon’s Den concept of pitching ideas to potential investors with market experience. As long as the project would be operated from Luxembourg, is an early-stage start-up (<€50k raised) and has a technological component, there is no restriction as to business sector and whether it is product- or service-based, nor whether the participating entrepreneurs are ILCC members or not.

How to Participate

Applicants need to demonstrate that they have covered the four basics: (1) market research; (2) product prototype; (3) (financial) business plan; and (4) have the ability to deliver a pitch.

Once interested entrepreneurs have ticked the four above boxes, they are asked to contact innovation@ilcc.lu with a brief outline of their business idea and the ILCC will be in contact with them. Please ensure that full applications are submitted by Wednesday 20 April 2016 for screening, so that entrepreneurs can be selected to pitch their ideas in front of the “Dragons” on 9 May 2016 (venue to be confirmed).

Pitching Event

The selected/screened entrepreneurs will be invited to pitch their ideas in front of a panel of “Dragons”, each for a maximum 5 minutes. During the next 5-10 minutes, the “Dragons” can then ask questions to better understand the business concept. When all pitches have finished, the “Dragons” will deliberate to choose the best pitch(es) for the awarding of prizes. Judging criteria will be along the lines of the four basics detailed above, with the individual “Dragons” bringing their own market expertise to their critiques and decisions.

Prize-Giving

The pitching event will be followed by a networking reception during which the winning pitches will be awarded prizes from organisations including Enterprise Ireland, Bonn Steichen & Partners, The Huggard Consulting Group, The Corporate Horse Whisperer, LBAN, LuxFutureLab, nyuko, Silicon Luxembourg and Technoport, and possibly more…

The main prize will be a trip to Dublin for two representatives of the winning project, including introductions to an innovation hub and other entrpreneurs there, with Enterprise Ireland facilitating introductions.

The formal part of the launch event was followed by a networking cocktail.

Photos by Emma Terling (above, L-R): Paul Browne, Enterprise Ireland; Evelyn Maher, Bonn, Steichen & Partners; Joe Huggard, ILCC; Geoff Thompson, ILCC