Every year, the competition awards prize money of around 85,000 euros. Since its foundation in 1998 by the Hessian state government and the health company Sanofi, more than 2,200 business ideas have been submitted and evaluated.
During the competition, the founding teams benefit from further training and coaching offered by the Science4Life Academy. The business coaches in the Academy include Apsolut employees Ferhat Eryurt and Axel von Kleist, e-procurement and industry experts for chemicals, pharmaceuticals, energy, automotive and discrete manufacturing.
The competition is currently in the conceptual design phase, in which the business concepts are examined for plausibility and chances of realization. In addition, the focus is on patent, licensing, and other legal aspects. This is followed by the final business plan phase. Besides preparing the comprehensive business plans and describing the actual business idea, the company teams must convincingly present their staffing, marketing, and financing plan.