Team entries will be judged on the following criteria:
Creativity and Innovation
How creative and innovative is the idea?
This is the assessment of the "wow" factor. It is a measure of how the team stretched their thinking and conceived an original idea. Don't hold back. We want you to impress with something which at least on a feasibility test might be just what the world needs (and has never seen previously).
Finance and Production
Have costs been adequately considered, calculated and explained?
Creativity must be balanced with a level head. We want you to display superior awareness of the realities of commercial success. Whether it is profit potential, cost containment, or in your method of financing the business, you will need to show you understand the sources of funds, and the requirement for any venture to be self-sustaining. Your business idea must have a value, and you must be capable of convincing various supporters and finance sources to join the business based on the sound business sense displayed by the team. There should also be evidence of your team's awareness of the manufacturing or preparation process to go to market, the raw materials required, and a healthy respect for the environment.
Marketing and Market Research
How effective is the marketing strategy? How will it be marketed to the target audience?
You will need to show you have researched the potential market to determine there is a very strong chance the service or product will be taken up in appropriate numbers. Teams will be required to conduct initial market research and demonstrate how the business/product will be offered to the market. You must both identify your target market, and provide details of how the market will be reached. Be specific about pricing and packaging.
How well is the idea presented?
Content is integral with communication. Your team must deliver a concise, effective and impressive presentation within a three-minute timescale.
Teams have a chance here to impress the judges with the proposal clarity. It needs to contain the relevant details and be attention-grabbing and thought-provoking.
The weighting of each category is 25%.