Overall, the judges will evaluate the viability of the business proposition and the potential of the team to make it work. Judges are interested in ventures that create new markets as well as those which better service existing needs.
The judging criteria aim to reflect the assessment criteria of potential investors and whether an appropriate investor would consider the business to be a viable commercial enterprise and an attractive investment opportunity. In terms of supporting evidence, the judges are looking for realistic market and financial projections and a good understanding of resources needed to deliver the plan.
Judges will use the following five criteria and weightings, scoring each criterion on a scale from 1 (poor) to 10 (excellent):
Customer Value Proposition (25%)
The business offers a strong value proposition based on unique selling point(s)
Market Opportunity (20%)
The business demonstrates a clear market need, a good understanding of how to make the best of the market opportunities, a realistic assessment of the size of the market(s) and the competition therein.
Management Team (25%)
The team demonstrates that it has the passion and drive to succeed and has, or will acquire, the necessary skills and experience in the key areas of the business.
Financial Plan (15%)
The team demonstrates that it understands the financial requirements of the business and has realistic and robust projections in place which offer an attractive return on investment.
Business Model and Risk (15%)
The team has a clear operational strategy by which it will generate the projected revenue and profits and understands the risks involved in moving the business forward.
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