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EVALUATION | SELECTION

evaluation

EVALUATION CRITERIA

 

The 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? Have 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 it assigned responsibilities amongst its team members? Has the team thought of any necessary key hires? Is the team committed to their enterprise and to IDEA? Will the team spend a significant amount of time in IDEA premises on a daily basis?

 

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 phases.

 

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 eligibility criteria for application are met.

 

 

First 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. What is your unique selling proposition?, 2. What is the product / service innovation, 3. What is your competition (direct and indirect)? What is your competitive advantage – differentiation point?, 4. What is your target market and its size? Have you validated the market?

 

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. Have they validated their market.

 

2. The business team

(Questions: Who are the key team members and their respective roles? Have you got industry/market relevant experience and accomplishments? How did you get together as a team? Are you committed to your start-up? How much time would you spent at IDEA premises?).

 

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: What is your go-to-market strategy, What are the potential obstacles / risks for your start-up development (including Intellectual property Rights, IPR)? How do you address them?, How much initial investment will you need and why? Have you already secured funding? How much?)?

 

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).

 

4. Selection of evaluators:

Evaluators will be assigned for each of the business proposal applications. These evaluators will be selected from the pool of evaluators compiled by IDEA and will depend on the nature of the enterprise.

 

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

 

5. Marking and weighing:

Each of the three criteria of the first stage is 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.

 

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.

 

Second 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 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 teams with the highest mark will enter IDEA . 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.

 

The evaluation committee reserves the right to accept additional teams irrespective of their ranking, to its absolute discretion, taking into consideration other aspects such as their prospects based on intensive mentoring and business assistance.

 

The team entering IDEA will be requested to sign the Participation Agreement (Rules of the House). The signing of the above mentioned handbook is a prerequisite for the entering of the team, into IDEA. Nearer to Stage B, the Shareholder Agreement will be signed.

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APPLICATION PROCEDURE

 

Applications can be submitted online at IDEA website (www.ideacy.net), until 22.3.18 and time 23:59 GMT+2. The application form also contains a declaration guaranteeing that the application to participate in IDEA is submitted by the team lawfully and in accordance with the terms and conditions of the call, the team holds the legal rights to the proposal and the team consents to the processing of their personal data by IDEA.

PROGRAMME TIME SCHEDULE

Date Description
8.2.18 Call Announcement
22.3.18 Call Submission deadline
26.3.18 Announcement of the 1st stage successful teams
2.4.18 2nd stage oral presentation between 11:00 – 15:00
3.4.18 Announcement of the winning business teams
16.4.18 IDEA cycle begins

ADDITIONAL INFORMATION

 

For any additional information and updates on the call for new applications, please refer to the web page of IDEA (www.ideacy.net) and in the IDEA website FAQ section.

 

IDEA has the right to unilaterally modify the terms of this call and any other material, and even to cancel it for good reason, as well as to extend or shorten its duration, through an announcement in IDEA website (www.ideacy.net) or by any other appropriate means. No claim may be brought against IDEA, BoC and CIIM resulting from the above actions or in connection with them.