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Genesis 2012 Acknowledges the Power of Social Media

11 Oct 2012

Genesis, the University of Sydney's longest-running industry-oriented entrepreneurship competition, is underway with new innovation-related prizes including Most Popular Startup and Best Tweets.

Genesis promotes commercial ventures in business and technology and also encourages students passionate about not-for-profit social entrepreneurship.

"While the University of Sydney Business School provides students with the fundamentals of entrepreneurship theory, Genesis gives them a risk-free real-world environment to practice their entrepreneurial skills", says Julia Di Kang, the coordinator for Genesis. "After evaluating 80 team submissions, the top 35 have now been shortlisted."

Genesis 2012 started with registrations on 17 August 2012 and will end with the Final Pitch Fest on 2 November 2012, when the winning teams will be announced and receive their prizes.

Finalist teams will be assigned mentors to prepare them before they make their final pitch to the competition's judges.

The winning teams in the Sydney Genesis 2012 Best Business/Technology Startup and Best Social Startup categories will each receive $3000 and infrastructure support for their venture.

This year, teams also create a 90-second proposal video which will be uploaded to the Genesis Facebook voting page. The Most Popular Startup prize will be awarded to the team that wins the most votes by 7pm on the day of the Final Pitch Fest.

The winners receive a three-month residency at either Fishburners, a Sydney-based co-working space and entrepreneur community, or Vibewire, a non-profit youth organisation that provides media, arts and entrepreneurial opportunities for young people.

The winner of the new Best Tweets prize receives a collection of 20 must-have books for startups, worth more than $400. This prize, unlike the Most Popular Startup prize, is open to everyone and not just participating teams.

Also being given away this year is a month-long residency at Fishburners or Vibewire for all Genesis 2012 finalist teams. The addition of these prizes is indicative of the power of social media.

"One of the reasons these prizes were introduced was to get participating teams to start thinking about how to use social media to promote their ideas and concepts," says Julia. "At the same time, it puts a media spotlight on Genesis 2012 and garners attention for an innovative program that is helping prepare the entrepreneurs of tomorrow."