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BRISBANE technology startup, Clipchamp, impressed an expert panel at qutbluebox's $100,000+ Innovation Challenge to take out first prize.
Clipchamp's file compression platform, that is already attracting 100,000 users every month, was held to be the best in the competition.
Co-founded by two QUT staff and their friends, Clipchamp is a website that allows user to compress large video files without compromising quality.
In a world where everyone is watching and sharing videos on social media, Clipchamp CEO Alexander Dreiling says that the website is more important than ever.
"Humanity is now uploading more than four billion videos a year and waiting two billion hours to do so," says Dreiling.
"We built a service that can save users more than a billion hours of waiting each year while at the same time creating more than $1 billion in value for video hosting platforms like YouTube and Vimeo, which rely on high-quality content.
"When we rolled out the website in August 2014 we had no idea we would attract half a million users within a year with virtually no marketing.
"We're growing strongly and many users give us excellent feedback. Solving a real problem for many users is our biggest success so far."
The competition run by QUT's innovation transfer company, qutbluebox, holds the annual challenge to uncover outstanding ideas from university staff, students and alumni.
Clipchamp's winning pitch scored the venture $50,000 in prize money, which the company says will go toward growth, positive cash flow, and the improvement of the site.
"We're operating in a rapidly growing industry, and growing fast is out only currency," says Dreiling.
"Different growth trajectories might be the difference between us failing and succeeding."
Second place in the competition went to the creators of Fantasy Insider, a platform for analysing sporting data for AFL and NRL fantasy contests.
The crowd favourite prize went to the makers of Machinam, an app-based resource that makes high school maths engaging and relevant to real life.
Director of innovation and engagement at qutbluebox Brent Watts says the organisation was blown away by the talent of the entrants.
"The energy, drive and passion that was displayed by all six finalists was great to see, and there is real potential for them to disrupt the market sectors that they are entering," says Watts.
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