The judges will review and judge each business plan to determine the following:
- Distinctive Competence: Does the company proposes a novel, disruptive or unique business concept that will provide it with a competitive advantage?
- Market Opportunity: Is there a clear market need presented? Does the proposal suggest a viable way to meet that need?
- Management Team: Is the proposing team well prepared to develop the company and positioned to manage the risks?
- Viability: Does the proposed business have a realistic potential to succeed?
- Financial Strength: Does the team fully understand the financial requirements of the proposed business? Do they understand the financial needs two or three years out? Is there a need to raise funds?
- Employment: Does the company demonstrate that it will employ five full time people or FTE within three years?
- Proof of Need: Does the team clearly demonstrate that it needs financing to proceed.
- Defensible Business Strategy: Is the plan fundable? Are cash requirements articulated?
- Presentation: Did the team present the plan in a prepared, logical, and persuasive manner?
- Bonus Points:
There are nine (9) basic categories listed above. Judges will score each plan in each category, in the following manner:
1 = poor 2 = fair 3 = good 4= very good 5 = excellent
We have also included a 10th category called “bonus points.” Judges can allow up to five (5) bonus points per plan. This enables Judges to have flexibility in terms of looking at the overall plan. Judges are free to use all, none, or something in between these five (5) bonus points on each plan. The semi-finalists will be chosen based on the aggregate scores of all the plans submitted.