The IET has introduced a new award at the University of Liverpool this year, with the aim of promoting greater innovation and entrepreneurship amongst engineering students.
Through the IET Entrepreneurship Award, students are encouraged to foster links between electrical, electronic and software engineering-based technologies with management.
The award was the brainchild of the IET’s chief executive and secretary Nigel Fine, former IET president and University of Liverpool alumnus Sir Robin Saxby and the university’s Professor Steve Holloway and Professor Murray Dalziel. The foursome discussed the potential of the award in 2010, agreeing to investigate the idea as an opportunity that would recognise the interaction of science and engineering, entrepreneurship and management.
The competition involved teams of students examining the feasibility of ideas from both a technical and a business perspective. At the final judging event two teams presented their business plans to a panel of six judges. The winning team is called (Con) Fusion, an apt name, given the team’s international composition, with members from the UK, India, Pakistan and China.
The award provides an array of benefits including financial support to establish a new business, up to the region of £25,000, and free commercial space within the Liverpool Science Park, together with support and mentoring from the university’s Centre for Enterprise and Entrepreneurship Leadership (CEEL) Management School, industry experts and entrepreneurs.