Futuresax
Encyclopedia
FutureSAX is the inner Saxony
business plan competition of the Free State of Saxony in Germany
that has an objective of lending support to start-up businesses and growing enterprises.
product or service with high market
potential is entitled to take part in FutureSAX for free.
A condition is that the enterprise has a need for finances and the instatement of the business idea is intended to be in the state of Saxony. At least one team member must be able to provide proof of residency or work place in Saxony.
programs and the opportunity to correspond with others in their industry as well as sponsors of the competition.
On the basis of a business or development idea (phase one), the production of a business and marketing strategy develops (phase two) and a detailed and professional business plan (phase three) is constructed. Each phase ends with a confidential evaluation of the practicality of the business ideas by independent juries.
The business plans that have the most judicial approval are awarded with prize money. For the first two award ceremonies, four teams are awarded - one team each per the industries of technology
, ITK, bio
/nano-technology, and service. With the third award ceremony, five prizes in the three categories of “start-ups”, “growth”, and “special university prize” are awarded.
Apart from the phase's closing jury vote, the technical support is guaranteed to the competitors by sponsors, such as regularly offered coaching and seminar meetings about start-up relevant information.
Apart from the technical support with the development of business plans through FutureSAX, the opportunity is granted to the competitors to establish contacts to financial sources such as Venture Capitalists
, etc. at the FutureSAX networking
seminars.
. Thus, it replaced the IT Business Plan Competition, which was exclusive for the IT-industry
that had existed since 1999 and was also presented by FutureSAX.
Since 2002, more than 490 start-ups and entrepreneurs, as well as 10,000 participants in net-working meetings and workshops, have taken part in FutureSAX. However, in the 2006 competition, 140 teams took part and 188 business ideas, marketing concepts, and business plans were submitted. During the years 2003 through 2005, the competition grew approximately 67 percent.
On October 5, 2006, FutureSAX launched into its fifth open-industry competition, which ran until 18 July 2007. The total prize money amounted to 68,000 euro
s.
Saxony
The Free State of Saxony is a landlocked state of Germany, contingent with Brandenburg, Saxony Anhalt, Thuringia, Bavaria, the Czech Republic and Poland. It is the tenth-largest German state in area, with of Germany's sixteen states....
business plan competition of the Free State of Saxony in Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
that has an objective of lending support to start-up businesses and growing enterprises.
Business plan competition futureSAX
The competition is possible due to Businessplan-Wettbewerb Sachsen GmbH (BPWS), which is operated by the Sachsen Aufbaubank - Förderbank.Conditions for participation
People with an idea for an innovativeInnovation
Innovation is the creation of better or more effective products, processes, technologies, or ideas that are accepted by markets, governments, and society...
product or service with high market
Market
A market is one of many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services in exchange for money from buyers...
potential is entitled to take part in FutureSAX for free.
A condition is that the enterprise has a need for finances and the instatement of the business idea is intended to be in the state of Saxony. At least one team member must be able to provide proof of residency or work place in Saxony.
Procedure
FutureSAX is divided into three competition phases, in which the competing participants are aided under consultation in the development of their own business plans. During the course of the competition, the business ideas continually evolve; the participants profit from free seminarSeminar
Seminar is, generally, a form of academic instruction, either at an academic institution or offered by a commercial or professional organization. It has the function of bringing together small groups for recurring meetings, focusing each time on some particular subject, in which everyone present is...
programs and the opportunity to correspond with others in their industry as well as sponsors of the competition.
On the basis of a business or development idea (phase one), the production of a business and marketing strategy develops (phase two) and a detailed and professional business plan (phase three) is constructed. Each phase ends with a confidential evaluation of the practicality of the business ideas by independent juries.
The business plans that have the most judicial approval are awarded with prize money. For the first two award ceremonies, four teams are awarded - one team each per the industries of technology
Technology
Technology is the making, usage, and knowledge of tools, machines, techniques, crafts, systems or methods of organization in order to solve a problem or perform a specific function. It can also refer to the collection of such tools, machinery, and procedures. The word technology comes ;...
, ITK, bio
Biotechnology
Biotechnology is a field of applied biology that involves the use of living organisms and bioprocesses in engineering, technology, medicine and other fields requiring bioproducts. Biotechnology also utilizes these products for manufacturing purpose...
/nano-technology, and service. With the third award ceremony, five prizes in the three categories of “start-ups”, “growth”, and “special university prize” are awarded.
Apart from the phase's closing jury vote, the technical support is guaranteed to the competitors by sponsors, such as regularly offered coaching and seminar meetings about start-up relevant information.
Apart from the technical support with the development of business plans through FutureSAX, the opportunity is granted to the competitors to establish contacts to financial sources such as Venture Capitalists
Venture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
, etc. at the FutureSAX networking
Social network
A social network is a social structure made up of individuals called "nodes", which are tied by one or more specific types of interdependency, such as friendship, kinship, common interest, financial exchange, dislike, sexual relationships, or relationships of beliefs, knowledge or prestige.Social...
seminars.
History
On 7 November 2002, FutureSAX started as a Saxony industry competition for start-ups and recent growth enterprisesBusiness
A business is an organization engaged in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit...
. Thus, it replaced the IT Business Plan Competition, which was exclusive for the IT-industry
Information technology
Information technology is the acquisition, processing, storage and dissemination of vocal, pictorial, textual and numerical information by a microelectronics-based combination of computing and telecommunications...
that had existed since 1999 and was also presented by FutureSAX.
Since 2002, more than 490 start-ups and entrepreneurs, as well as 10,000 participants in net-working meetings and workshops, have taken part in FutureSAX. However, in the 2006 competition, 140 teams took part and 188 business ideas, marketing concepts, and business plans were submitted. During the years 2003 through 2005, the competition grew approximately 67 percent.
On October 5, 2006, FutureSAX launched into its fifth open-industry competition, which ran until 18 July 2007. The total prize money amounted to 68,000 euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
s.