Awards and Prizes

The main benefit of (re)innovate challenge is that participants will learn how to develop their ideas into viable business plans. You’ll also learn a proven framework that can be used to drive innovation in your business in the future. To make things even more exciting, we’re giving participants the chance to win significant awards and prizes.

Important note: You don’t have to nominate which award category you would like to enter yet. You’ll only have to do this when you submit your final business plan. Also, you can be eligible for more than one category.

State Awards

Every participating team will be eligible to win awards in their respective state across six categories:

1. Process Innovation
   Process innovations are those that improve the way your business operates. They could range from streamlining everyday day tasks to reinventing the way you manufacture goods.
2. New Market Offering
   This category is for new products or services that your business will be able to sell to customers. Product and service innovations help your business grow through increased sales and revenues.
3. Business Model Innovation
   The business model is the way in which an organisation makes money. This category is for ideas that will help your business capture value in new ways.
4. Sustainability
   For businesses to become more sustainable they can’t keep doing the same old things. Put simply, to be more sustainable we need new ideas. This category is therefore for ideas that have substantial environmental and social benefits.
5. Regional Innovation
   Innovation doesn’t just happen in capital cities. We’re expecting heaps of innovative ideas from businesses right across Australia. This award category is for the best ideas from businesses based in regional Australia.
6. Export Offering
   Exporting Australian products, services and resources is vital to the health of our economy. That’s why we’ve created an award category specifically for export oriented ideas.

National Prizes

Teams that win state awards will then be eligible for the national prizes. A national prize will be given for the best business plan in each of the six categories used for the state awards. Extra prizes will also be given for:

1. The best Small, Medium and Large Business innovations
   Forget the previous categories; here we’ll be comparing David against David and Goliath against Goliath. A prize will be awarded to one team representing a small business, one team representing a medium business and one team representing a large business.
2. The overall (re)innovate challenge Winner
   Finally, the grand prize will go to the hottest concept from any of the award categories. Here we will be looking for an idea that will take the world by storm and is capable of delivering huge benefits to the business your team represents.

To show how serious we are, (re)innovate challenge has a prize pool of over $100,000!