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EVALUATION | SELECTION

evaluation

IDEA PROGRAMME EVALUATION CRITERIA

 

The IDEA Programme evaluation criteria are to be applied at the absolute discretion of the evaluation panel.

 

The evaluation criteria of the business proposal applications are the following:

 

1. The product/service innovation and competitive advantage

Has the business concept been adequately described? Are its features and benefits, the innovation and the competitive advantage been discussed? Has the team identified the opportunity and knows their potential market (and customers) and their main direct and indirect competitors.

 

2. The business team

Can the applicant team effectively develop this enterprise and handle the risks associated with the venture? Has the team got the qualifications, prior experience and confidence to develop the enterprise? Is the team multidisciplinary? Has the team thought of the management roles and has assigned responsibilities amongst its team members? Has the team thought of any necessary key hires?

 

3. Other aspects of business creation taken into account

Has the team thought of their marketing objectives/strategies to frame the business in the market? Have they thought of their initial promotional strategy?

Has the team made financial assumptions based on realistic data including working capital requirements?

Has the team realistically identified any potential barriers or problems which could arise and describes contingency plans to address these issues? Is any intellectual property essential to success? How will rights to the intellectual property be secured?).

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EVALUATION PROCEDURE

 

The evaluation procedure of the applications for IDEA will be in three stages.

 

Preliminary check of the formal requirements – completeness of the application file:

 

The preliminary stage, to take place, just after the deadline for the applications has passed is to register and organise the applications received and check that each application is complete and the formal criteria for application are met.

 

 

1st stage of evaluation: Evaluation of the business proposal – written stage:

 

The business proposals from the participating teams will be evaluated through the following criteria:

 

 

1. The product/service innovation and competitive advantage

(Questions: 1. Brief description of the product/ service, 2. What is the product / service innovation, 3. what is the competitive advantage and opportunities, 4. What is the market for your product / services and who are your direct / indirect competitors)

 

Has the business concept been adequately described? Are its features and benefits, the innovation and the competitive advantage been discussed? Has the team identified the opportunity and knows their potential market (and customers) and their main direct and indirect competitors.

 

 

2. The business team

(Questions: Does your team have the skills to carry out the project, what makes you think you new venture will work, briefly describe your future enterprise management plan).

 

Can the applicant team effectively develop this enterprise and handle the risks associated with the venture? Has the team got the qualifications, prior experience and confidence to develop the enterprise? Is the team multidisciplinary? Has the team thought of the management roles and has assigned responsibilities amongst its team members? Has the team thought of any necessary key hires?

 

 

3. Other aspects of business creation taken into account

(Questions: Briefly describe your sales and marketing strategy, what are the potential obstacles / risks for your development including Intellectual property rights, how much initial investment will you need)?

 

Has the team thought of their marketing objectives/strategies to frame the business in the market? Have they thought of their initial promotional strategy? Has the team made financial assumptions based on realistic data including working capital requirements?

 

Has the team realistically identified any potential barriers or problems which could arise and describes contingency plans to address these issues? Is any intellectual property essential to success? How will rights to the intellectual property be secured).

 

 

Selection of evaluators:

Three evaluators will be assigned for each of the business proposal applications. These evaluators will be selected from the pool of evaluators compiled by the IDEA Programme Procedure Committee and will depend on the nature of the venture.

 

Evaluators will sign a confidentiality agreement and a statement of conflict of interest and the IDEA Programme Procedure Committee reserves the right to substitute any evaluator who has a conflict of interest with any members of the team evaluated.

 

Marking and weighing:

Each of the three criteria of the first stage are of equal weight and each has a threshold of 65%. In order to qualify, the threshold for all three criteria should be met. The applications will be ranked according to their final mark. Applications with a total of 75% and above will go on to the final stage.

 

In case of a difference of 30% in the marking from the two evaluators, a third evaluator will be utilised and this mark will be the final mark of the application.

 

2nd stage, Evaluation of the business proposal – oral stage:

The successful teams of the 1st stage of evaluation will be informed in writing and be invited to present their business proposal in front of a panel of 7-10 evaluators.

 

The presentation will be of a total of 5 minutes and will aim to highlight the main features of the business proposal with regards to the three evaluation criteria: the product/service innovation and competitive advantage, the team and other aspects of business creation taken into account. A questions and answers section will follow which will amount to another 5 minutes.

 

The evaluators will mark the teams according to the following criteria (of equal weight and each with the threshold of 65%, all of which should be passed):

 

• Has the team presented their venture in a clear, logical manner and was able to communicate effectively the need for the creation of the enterprise?

 

• Was the team able to understand the inquiries and respond with persuasive answers?

 

• Has the team made effective use of the time allocated?

 

• Did the team display confidence and came across as a well-balanced and united team?

 

The 2nd stage mark of each applicant team will be combined with written mark of the 1st stage and the final ranking of the teams will result.

 

The five teams with the highest mark will enter the IDEA Programme. In case of two or more teams with the same mark, the team with the highest 1st stage score will be the one to enter.

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APPLICATION PROCEDURE

 

Application to the IDEA Programme consists of two documents, one containing the application form and the business proposal and a Statutory Declaration.

 

The IDEA Programme participating business teams should submit electronically in the IDEA Programme website (www.ideacy.net), until the 15/02/2017 and time 17:00 GMT+2 the following:

 

1. Application form and business proposal: The simple application form with compulsory fields, requesting the personal data of the team members is combined with the business proposal which consists of 9 compulsory questions. A team member should be nominated as the lead contact who will be deemed to represent the team in the communication with the IDEA Programme and who will have the responsibility to ensure that all team members are informed. Each business proposal compulsory question should be answered in less than 300 words. The questions reflect on the three evaluation criteria and answers should be as clear as possible.

 

2. Declaration of each one of the team members whose names appear on the application form stating and guaranteeing that the application is submitted by him/her lawfully and in accordance with the terms and conditions of the call, having received necessary prior approvals, consents and / or licenses. Additionally, the participant declares that he/she holds the legal rights to the submitted business proposal and the presentation, use, display or in any way exploitation the business proposal is not violating intellectual or industrial property rights, trade secret or any other rights of others natural or legal persons, either domestically or abroad. The participant also declares that he/she has read the statement on the personal data and agrees with its content.

 

The declaration forms can be digitized and incorporated at the end of the document including the application form and business proposal hence submitting the application as one file.