SciQuest Challenge 2023

1. Programme Summary

The Scientific Social Entrepreneurship Challenge (SciQuest Challenge) is a pitching competition organized by the Faculty of Science Career Guidance Unit (FoS-CGU) in partnership with SIRED Student Society to encourage entrepreneurship among undergraduates. The programme is a multi-day event, which will end with the Final Pitching Competition on the 14th of November 2023 at the University of Peradeniya premises.

The organizers expect the participation of 500 undergraduates in the programme. In addition, twenty resource persons will be present as mentors and speakers throughout the programme.

Starting with a simple one-minute pitch of a business idea, the participants will be able to see how the idea could be brought to life through techniques and tools like design thinking and lean canvas. Next, the mentors would sit with the participants to help them develop their ideas into solid business concepts. Finally, the participants will pitch the concept to local entrepreneurial leaders with another opportunity for critical feedback.

2. Organizing bodies of SciQuest Challenge

The Faculty of Science Career Guidance Unit will be in charge of getting the required permission from the University administration, finding funds for the event and deciding on the final pitching competition lineup.

The Society for Industry Relations and Entrepreneurship Development (SIRED) will handle logistics, food, and entertainment.

The final pitching competition is a Global Entrepreneurship Weekend (GEW) event, and it is the only GEW event at the University of Peradeniya. ICTA, which is the Sri Lankan partner of GEW will help finding resource persons, transportation of resource persons. Further, ICTA will assing volunteers to lookn into the project’s proceedings.  

3. Background to the Programme

The SciQuest Challenge programme bridges the gap between a business idea and a full-blown business concept. Additionally, it brings science into the entrepreneurial picture, by assigning students ventures that would heavily involve science.

The Sri Lankan state universities harbour some of the best talents on the island, offering solid degree programmes that enable students to succeed in Science, Technology, Engineering, Mathematics, Management and Humanities. However, using the entrepreneurship potential of these students to help build and sustain the Sri Lankan economy was overlooked for decades, and the graduates were expected to work on their own to look for entrepreneurship opportunities. Thus a need for complementary programmes that help undergraduates to develop their ideas into business concepts arose.

On the other side, Science undergraduates of the University of Peradeniya get one of the most solid scientific backgrounds in the nation, enabling them to be successful in scientific ventures, which comprises mostly of research and education. The entrepreunership potential of science graduates using fields of science, like bio science, chemistry, physics, geology, and mathematics is something that is yet to be explored. Startup ventures that rise from science is globally renowned to their growth potential and social impact. However, in Sri Lanka, such ventures are virtually unheard of.

Scientific Social Entrepreunership challenge fills the dual need of inculcating entrepreunership in students, and exploring the potential of science in such entrepreneurship ventures. It is designed to simulate the path one would take to develop their initial science-related idea into a complete business concept one can implement. While doing so, the programme would enable students to develop skills like teamwork, leadership, communication and corporate etiquette.

4. Objectives of  the Programme

The programme intends to bring together students, resource persons, mentors and local entrepreneurs. The objectives of the programme are

1. Make students explore the potential of science in startup ventures.
2. Help students learn the process of bringing a business idea to life.
3. Enhance the strategic communication skills of students via pitching.
4. Help students initiate and expand their professional networks by providing an atmosphere where they work closely with mentors who are renowned entrepreneurs.

5. A Brief Outline of the Activities in the Programme

The participants of this programme will be the first-year students of the Faculty of Science, University of Peradeniya. There are about 540 students in the batch and they are divided into 8 groups.

Stage 1 – the One Minute Pitch

The One Minute Pitch event is scheduled on the 25th and the 30th of October 2023. Groups 1, 2, 3, 4 will participate in the event on the 25th of October and the groups 5, 6, 7, 8 will participate in the event on the 30th of October.

Student in each group will get one minute to pitch an idea for a startup. The idea should have following characteristics.

1. The idea should utilize science.
2. The idea, if successful, should help attain one or more of UNDP sustainable development goals.
3. The idea should be able to generate income.

At least two members of the academic staff will observe the pitches and they would make sure the one-minute pitch satisfy each of the above criteria. Out of the ones that do, they will select 10 best ideas, that would be up for the voting stage.

The students in the group will vote for the 10 best ideas, and applying tie breakers if necessary, the best idea will be selected to the final pitching competition. The owner of the idea will have to form a team comprising of 8 – 10 students in the group. There will be 8 teams that would appear in the final pitching competition.

Stage 2 – Mentoring.

Throughout the next two weeks, students will participat in sessions on Design Thinking, Business Canvas (Lean Canvas), doing a market research, from idea to market, and funding avenues. In addition, the students will be mentored by resource persons on validating ideas, tech check, how to do better pitches, etc.

Stage 3 – The Final Pitching Competition.

The final pitching competition is scheduled on the 14th of November 2023, at the auditorium of the Department of Statistics and Computer Science. In addition to the pitching competition, there will be motivational talks and entertainment at the event.

The organizers intend to invite the Vice-Chancellor and the Deputy Vice-Chancellor of the University of Peradeniya, the Dean of the Faculty of Science, the Director CGU of the University of Peradeniya, and eminent local entrepreneurs for the final event.

6. Expected Learning Outcomes and Expected Impact of the Programme

A participant who would actively participate in the event would be able to

1. Identify a problem and propose a tech-assisted solution to the problem in terms of a business venture.
2. Develop the solution into a solid business concept using modern tools and techniques.
3. Form a network of tech entrepreneurs and expand their professional relations.
4. Communicate an idea effectively and persuasively.

Since the participants learn the process of starting a business, they will be able to apply the process to any idea they would get in the future; thus, the skill training they get in the programme will also help their future business ventures.

The programme will inculcate a vision among the participants that they can start a venture without waiting too long, making them confident to use whatever they have to start their own business. The programme can be the first step in the process of making an entrepreneur-oriented student community at the University of Peradeniya.