Friday 29 August 2008
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Judging Criteria


Judging Criteria 2008

 
Phase One Judging Criteria
 
500 Word Business Summary
 
Judges for the initial phase of The Enterprise Factor Business Competition will assess the Business Summaries submitted by entrants based on the following criteria:
 
1. Extent to which the business opportunity as presented is feasible and realistic (30 marks)
  • Does the proposal clearly identify what is the business opportunity and market need and how the business model addresses them?
  • Does the proposal identify the size of potential market and effectively analyse the characteristics of its target market?
  • Does the proposal clearly identify how the product/service will be brought to market and identify a realistic revenue model?
  • Does the proposal use external sources of research to reinforce the business case?
2. Market analysis (20 marks)
  • Does the proposal identify the main sources of competition and potential entrants into the market?
  • Does the proposal clearly identify the business models’ USP in relation to competitors and how this competitive advantage will be sustained?
3. Identification of critical issues (20 marks)
  • Does the proposal clearly identify the associated risks and how they will be minimised?
  • How effective and realistic are the risk measures?
4. Originality of Idea (20 marks)
  • How original is the idea?
  • How innovative is the idea?
5. Quality of proposal (10 marks)
  • Is the proposal well written without any grammatical and spelling mistakes?
  • Is the proposal written in a well structured, concise and clear manner?


Phase Two Judging Criteria
A. Executive Summary 

When rating each of the critical elements of the Executive Summary, the judges will consider:
  • Does the Executive Summary show a clear understanding of the elements that need to be addressed?
  • Is each element consistent and does it add to the overall business concept?  
  • Are the assumptions reasonable and realistic?  
Critical Elements of the Executive Summary:
 
Information that the judges will expect to see in your Executive Summary include:
 
1.      Your company’s mission statement
 
2.      A description of your company, including your products and/or services (5 marks)
  • Does the Executive Summary clearly define the product and/or service and the market need it addresses.
3.      The business’s management team and a description of their background and expertise (15 marks)
  •  Does the Executive Summary effectively highlight the expertise of the individual(s) within the business and identify any human resource gaps.
4.      Who is your target market and customer (20 marks)
  • Does the Executive Summary effectively describe the market in which it intends to compete.
  • Does it identify the current market size and potential growth and the key characteristics.
5.      Your competition, and what is your USP compared to them (20 marks)
  • Does the Executive Summary effectively analyse the nature of the competition and the competition's strengths.
  • Does the plan highlight the company's USP in relation to its competitors.
6.      How you intend to market and sell your product and/or service (20 marks)
  • Does the Executive Summary indicate how the product/service will be distributed.
  • Does the plan include an appropriate promotional strategy. 
7.      Financial projections and plans, including how you will utilise the business start-up grant (20 marks)
  • Does the Executive Summary provide a sales revenue and profit forecast.
  • Does the plan identify the nature of potential returns.
  • Does the plan identify how the start-up grant will be utilised and how much finance the company needs to raise in order to start up the company.
B. Oral Presentation

1. Content of presentation (30 marks)
  • Does the presentation effectively put across the business model?
  • Does the presentation include financial forecasts? Are the figures presented clear and realistic?
2. Quality of presentation (30 marks)
  • Are the materials presented in a clear, logical, sequential and informative manner?
  • Does the presentation include effective visual aids?
  • Does the presentation maintain the interest of judges?
  • Does the presenter(s) effectively use the allotted time
3. Personal qualities demonstrated by student (25 marks)
  • Does the presenter(s) demonstrate self-confidence and present well?
  • Does the presenter(s) understand the judges’ inquiries and answer the questions posed?
  • Does the presenter(s) show poise and confidence, and ability to think well on their feet?
4. Personal image (15 marks)
  • Is the presenter(s) dressed in an appropriate business fashion? 
  • Communicate in a professional manner?
Scoring

The top five entrants who will be selected to proceed to the grand final stages of the competition will be determined by the cumulative ratings assigned by judges from the Executive Summary and Oral Presentation.  In the unlikely event that scores are tied, judges will deliberate amongst themselves and choose a winner.
 
The judges’ decision is final.
 
 
Phase Three Judging Criteria

A. Written Business Plan

When rating each of the critical elements of the Business Plan, the judges will consider:
  • Is the subject covered in sufficient detail?
  • Does the Business Plan show a clear understanding of the elements that need to be addressed?
  • Is each element consistent with, and does it add to, the overall concept set out in the Business Plan?
  • Are the assumptions reasonable and realistic?
  • Are the risks identified and the ability to manage those risks properly addressed?
Critical Elements of the Business Plan:

1. Executive Summary (5 marks)
  • Is the summary an effective synopsis of the overall business plan?
  • Does the summary pique the interest of the reader as a bona fide business opportunity?
2. Business Concept/Product or Service to be offered (15 marks)
  • Does the plan effectively communicate the features and benefits of the product or service brought to the market?
  • Does the plan effectively communicate the USP of the product/service and how this competitive advantage will be maintained?
3. Market Analysis (15 marks)
  • Does the plan effectively describe the market in which the business intends to compete?
  • Does the plan identify the current market size and potential growth?
  • Does the plan identify the key characteristics of the market relevant to the competitive positioning and how this opportunity will be exploited?
  • Does the plan effectively analyze the nature of competition within the market such as competitor strengths, as well as the barriers to entry, and how these threats will be minimised?
4. Sales & Marketing Strategy (20 marks)
  • Does the plan identify the target customer group, effectively analyse its’ characteristics, give reasons for choice of target market and indicate how the product/service will address their needs?
  • Does the plan indicate how the product/service will be distributed and the product/services’ revenue and pricing model?
  • Does the plan include an appropriate promotional strategy that is realistic when compared to the assigned marketing budget?
5. Human Resource & Operations (15 marks)
  • Does the plan effectively highlight the expertise of the individual(s) within the business and identify any human resource ‘gaps’ (e.g. contacts, experience etc) and appropriate measures to resolve these issues?
  • Does the plan include a plan for the production/delivery of the product or service?
  • Does the plan address the issues of operational complexity, resource requirements and operational risks appropriately?
6. Financials (25 marks)
  • Does the plan explain key assumptions and features of the financial model?
  • Does the plan include detailed income and expenditure and cash flow forecasts on a monthly basis for year 1 and quarterly for years 2 and 3?
  • Does the plan include a detailed annual operating budget for years 1 to 3?
  • Does the plan include a break-even analysis and sensitivity analysis detailing key risk factors and ways to minimise this risk?
  • Does the plan detail the level of working capital required to run the business?
  • Does the plan identify the nature of potential returns?
  • Are the financial forecasts realistic?
7. Clarity (5 marks)
  • Is the plan written in a well-structured, clear and concise manner?
  • Is the plan free from grammatical and spelling mistakes?
B. Elevator Pitch
 
Each finalist will be required to deliver a 2-minute elevator pitch to a panel of judges. Judges will then have 5 minutes to question finalists on their business proposal which will help inform invited guests when they come to decide which business to invest in (each guest will be asked to vote for their most favoured business idea).
 
Scoring
 
Finalists’ scores will be determined by the cumulative ratings assigned by judges for the Business Plan and elevator pitch, as well as the number of votes they receive from the audience for their Elevator Pitch.
 
The Business Plan will account for 50% of the cumulative score. The remaining 50% will be made up from the elevator pitch and its' components, of which 30% of the marks are assigned by the judges and 20% assigned by the audience.
 
In the event that scores are tied, judges will deliberate amongst themselves to choose a winner.