Eligibility Criteria

Technium Challenge International is open to science or technology based businesses residing outside of the UK and within the Participating Countries.  The competition is suitable for companies with short-term aspirations (i.e. 24 months approx) to expand into the Wales/UK market. 
Companies interested in entering the competition should show the potential to meet Technium’s eligibility criteria:-

Innovative, high growth potential
Technium helps innovative companies grow quickly. Companies usually reside in one of our centres for approximately three years, by which time they are ready to graduate.

High-tech or knowledge-based sector
Technium is part of the Welsh Assembly Government’s strategy to promote the creation and growth of companies within these sectors.

Exploiting IPR
Companies will usually be exploiting their own or licensed intellectual property.

Engaged in research and development
Technium companies will typically be involved in R&D activities involving new products, processes and technologies. We are unlikely to accept companies who are engaged in purely training or consultancy activities.

Developing academic links
Technium is a partnership closely linked with university departments and the Welsh Assembly Government's Centres of Excellence in Technology and Industrial Collaboration. We hope many Technium companies will have, or will develop, links with academia.

Capable management team
Your management team should be able to handle the financial and business side of the company as well as demonstrating technological expertise.

Knowledge of your market
We expect you to have carried out market research relevant to the product, process or technology under development.

Financially sustainable
Your accounts and cash flow projections should outline the sources of finance and revenue in place or expected. They must also show the sustainability and growth aspirations of the company during its residency.

Aware of your residency requirements
We ask you to state which elements of Technium support you’ll need during your residency.

Length of time in the Technium environment
You’ll need to consider an exit strategy and develop a good understanding of your company’s longer-term success.

An established and credible business plan
Your business plan should be comprehensive and address all the points listed above.