For more than 25 years, Science4Life has been running a business plan competition for life sciences, chemistry, and energy. In three competition phases, the startup initiative supports startups from the business idea through the concept and business plan to the start of entrepreneurship. The new competition round with the idea phase has been running for a few days. Aspiring founders and startups in the life sciences and chemistry sectors can submit their business ideas online and participate in the Science4Life Venture Cup. Energy teams submit their business ideas to the Science4Life Energy Cup. In addition to prize money totaling 77,000 euros, participating teams receive access to the Science4Life network, which consists of more than 300 industry experts, as well as online seminars on various startup-related topics and various training materials.
Those who want to participate in the idea phase can register now and submit a three-page idea sketch online by October 14, 2024. The Science4Life template is also helpful when developing the idea sketch. Each team receives detailed written feedback from Science4Life experts, which outlines the strengths and weaknesses of the business idea. The best teams from the idea phase are invited to the digital Science4Life Academy Day – here they receive individual coaching and have the opportunity to discuss and further develop their ideas in personal conversations with industry experts.
Idea phase, concept phase, business plan phase – how the competition works
To ensure that all teams receive targeted support according to their respective stage of founding, the business plan competition is divided into three phases. In the first phase, the idea phase, the focus is on the business idea and its market potential. This allows startups to identify opportunities early and adjust their strategies accordingly. In the second phase, the concept phase, the business model is worked out in detail and discussed in close collaboration with the experts. In the final phase, the business plan phase, the business venture is planned in detail and recorded in an investor-ready business plan in the form of a pitch deck. Teams can then start their own company formation. Startups and prospective founding teams have the option to participate in all or only individual phases. Participation in preceding phases is therefore not a prerequisite for participation in later phases.
