If you are successful in the written part of the competition, you will be invited to London to pitch your idea to one of the Judging panels. This can be a daunting task, and you will be expected to demonstrate three key elements to your entry, namely: the novelty; commercial viability; and benefit to patient care. Commercial viability, does not necessary mean that it has to make money, it means that the project is sustainable and can be funded in some way even if it is run on a not for profit or charitable basis. The way you describe your idea is often called an elevator pitch. If you have to describe your idea to someone in an elevator within 30 seconds - could you do so? (note: you should assume this person is a lay person and knows nothing about you or your field). If you cannot then you clearly haven't thought through the proposition enough and haven't summarised it effectively. In your brief summary, you must describe the innovation. What type of innovation is it? (eg a service, a medical device, software, a diagnostic or a therapeutic). Who is it for? (eg is it for diabetics, elderly patients, adolescents etc); State the stage of development (eg is it a concept, at prototype stage or alpha (product undergoing internal testing), beta (product in clinical trials), a pilot study or is it in production.); State the stage of the project (are you pre-incorporation, a private company or a more advanced business?) and whether part of a much wider business (eg a programme within a PCT). An unfocussed and hence poor entry will begin: Venous ulceration represents a major problem for diabetic patients and accounts for more days in hospital than any other diabetic complication. Lower limb amputation is much commoner amongst the diabetic than the non-diabetic population, and both this and foot ulceration are frequently due to diabetic neuropathy. The pathophysiology of diabetic neuropathy is complex and is often preceded by external trauma on top of sensory loss and biomechanical changes. The prevalence of venous ulcers in the NHS is very high and can be a significant drain on NHS resources both in terms of nursing time and cost of dressings, and are very burdensome to the individual patient. I am a researcher working for a hospital in Neverland and in 1999 we decided to try to invent a new treatment for ulcers as in a paper published in the Journal of Venous Ulceration and Diabetes it was stated that "there is a need for new therapies". Our innovation is...... Despite being very useful information, it waits right until the end to "get to the point" and you may have lost the Judge's interest before you have even described your innovation. A good entry will begin: For an early stage technology: This innovation is a medical device used for treating venous ulcers. A UK patent has been applied for. The innovation is at a concept stage and the business is pre-incorporation. The global market for wound care products was in excess of $5.8 billion in 2002 and continues to grow, largely driven by aging of the population, increased incidence of diabetes and continued advances in technology. Our innovation is..... The same technology in a more advanced format: This innovation is a medical device used for treating venous ulcers. Patents have been granted in four countries. The innovation is at a Beta stage of development and the team have formed a private company to be used as the sole vehicle for commercialisation of the technology. The company has raised £150,000 to date from private sources and is now looking to raise a further £1m. The global market for wound care products was in excess of $5.8 billion in 2002 and continues to grow, largely driven by aging of the population, increased incidence of diabetes and continued advances in technology. Our innovation is..... Good Luck.... |
