| Judges for the Business Idea and the Business Plan Competition will be recruited and assigned solely by the organizers of the Competition. The Judges will come from all sectors or the venture support community. They will include harvested and practicing entrepreneurs, private equity investors and venture capitalists, consultants, lawyers, accountants, business professionals, professors and other specialists and experts in their field. In addition, members of Competition Organizers, The Guayacan Center and McKinsey & Co, will serve as initial screeners and judges. All decisions by the Judges are final. |  |
What will be the criteria used for judging?
Just some of the criteria Judges will use in evaluating business ideas and plans for the Business Idea and Business Plan Competition include:
- Market Opportunity
- What is the unmet need or underserved market niche being targeted?
- Will the potential size, growth and profitability of the market be of interest to investors?
- Customers
- Has the customer been clearly identified? Have you discovered what fundamental need you are meeting or what ?pain? you are trying to relieve?
- Product/Service Offering
- What are the key benefits to the customer of what you are offering? How does it meet the needs or solve the customer ?pain? you identified above?
- What is the customer value proposition? Why would the customer be willing to pay the price you are asking? Is it a very compelling story?
- Why does the customer want or need this product or service more than its next best alternative?
- Economics:
- Is the Return On Investment high enough to attract investors?
- Are the initial capital requirements reasonable for the opportunity and are they staged appropriately?
- How quickly does the business go cash flow positive?
- Competitive Environment & Position
- Is this an emerging, fast growing market with little or no competitors?
- Is this a fragmented/imperfect marketplace with no dominant players?
- If it is a matured market, is the offering a disruptive alternative?
- Does the business have a realistic chance of being number one or two and staying there?
- Milestones/Execution
- Is there clear set of ?low cost experiments? built into your plan and timeline that takes you from just an idea to a truly viable business opportunity?
- Are there clear stages in your development plan the builds from the prior steps taken and manages risk by limiting investment at each stage?
- Risks
- Have the key risks associated with each ?experiment? or stage been identified and contingency plans established?
- Is there a ?fatal flaw? in the business idea/plan that has not been addressed satisfactorily?
- The Team
- Why is the lead entrepreneur and the team uniquely qualified to execute this plan? What is it in their character, background, education and experience that demonstrate this?
- Is it a team with complementary skills and characteristics?
- Do the team members have the ability, will, determination, risk tolerance and flexibility to be successful?
- Harvest Issues
- Will this opportunity be a lifestyle business or can it become a high potential venture resulting in significant value creation for investors?
- What is the ultimate exit? How will investors get their money back with attractive returns?
- Is this a business that will be an IPO candidate or attractive to a buyer in the future? Why?
For the Business Idea Competition stage, although all of the above considerations are implicit in the judging process, the focus will be on a summary of Product/Service Offering, the Customer, the Market Opportunity, the Competitive Environment Milestones/Execution and the Team.
