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What the Judges Look For in Evaluating Entries
Round 1
Judges evaluate each concept paper in the context of three criteria:
- Does it demonstrate a solid business opportunity with strong potential for success, expansion, and replication?
- Does it show good understanding of what is being attempted and what will be required to follow through?
- Is it well-written, succinct, and easy to understand?
Papers that show substantial promise with regard to these criteria are passed to round two.
Round 2
At the end of Round 2, judges analyze written detailed draft business plans and team composition with an eye towards gauging potential for eventual launch of a viable business. Though a draft, at this juncture plans should have all the essential elements of a final business plan, lacking only polish and perhaps a few details.
Potential is gauged based on the nature of the proposed business, the quality of the plan, and the makeup of the team with respect to its ability to carry out the plan.
The judges are guided by, but not limited to, their assessment as to how the teams address the following issues:
The Business:
- What is the nature of the business and how realistic is it?
- How creative, innovative, and exciting is the business idea?
- Where does the business fit the competitive picture and how competitive will it be?
- What is the market for the business and how well is that market assessed?
- How will customers be reached and attracted and how realistic/effective is the marketing plan?
- How will the business be managed, by whom; qualifications/expertise?
- What is the amount of initial capital investment needed?
- How will the business be financed after launch?
- How much time will be needed until the business is ready for the market?
- What is the projected return on investment, or if a social venture, how is the enterprise expected to sustain itself?
- What is the likelihood that the projected return or sustainability will be realized?
- What is the potential for growth and expansion?
- What data sources were used to construct these projections?
The Team:
- Does the team have the mix of skills needed to bring its plan to fruition and if not, what is the plan for obtaining that mix?
- How is the work of bringing the business to launch to be divided among the members?
The Plan:
- How well-written and organized is the plan?
- Is the business idea clearly laid out?
- Does the plan cover all necessary aspects?
- Are the capital requirements reasonable, sufficient, and fully explained?
- Is the spending plan appropriate?
- How credible are the cash flow projections?
- Has the market been analyzed properly?
- Are assessments and projections realistic and supportable?
Round 3
Final business plans are evaluated according to the same criteria used for Round 2. In addition, overall quality, style, completeness, and potential for launch and successful operation are closely assessed.
Team pitches and quality of responses to judges' questions are appraised with regard to:
- The cohesiveness of the team.
- Dedication to task and other commitments of the team's members.
- How well the team gets its ideas across.
- How much faith in the business idea the team evinces.
Callbacks
After the pitches, teams judged to be among the top entrants are called back for solo interviews with the judges. The same criteria apply, but questions will be more in-depth. All team members are expected to participate and to be able to answer questions involving their areas of responsibility.