For each of the three phases, different evaluation criteria are used to determine who will make it to the next phase. You find the criteria for the three phases as well as the Special Prize “Internationalisation” below.
Phase I: Outlining the innovation / business idea
Making an elevator-pitch presentation – In order to be admitted to the first pitching event, you need to explain your innovation on a maximum of four A4 pages. Your concept should include the following:
- Formulation of a clear and understandable vision and implementation (graphically/visually)
- A concrete idea: What would we like to do/have we done?
- A brief but convincing description of the innovation
- What exactly is the innovative value?
- What added value does it generate (including comparison with the competition)?
- A basic competitor analysis: What are our competitors doing? What makes our innovation stand out? What benefit do we expect from its introduction?
- Financial estimates: How much capital is required? Who will finance it?
- Estimates regarding earnings: Cost structure / break-even / profit dynamics?
- Timetable: What are the next steps?
Evaluation criteria for the elevator-pitch presentation: In order to qualify for the second phase you have to present your business idea to the internal Jury in three minutes. These criteria will be used. Within two weeks you will receive written feedback as to whether you have been selected for the next phase. A maximum of 50 participants per country will be admitted to the next phase on the basis of the total number of points achieved.
Phase II: Turning the business idea into a business plan
Writing a business plan, delivering a more detailed pitch presentation – Your business plan may include the following:
- Summary: Business idea, vision, strategy, management, products, market, finance plan, opportunities and threats, funding offers (if applicable)
- The company: Legal structure and capital structure, owners, strategic and operative partners, controlling, consultants
- Management and staff: Organisational chart, roles, education and management experience of key people, personnel planning and development
- Products and services: Detailed description of products and services as well as value for the customer, position in life cycle, further development and innovation
- Markets: Key market (potential and growth), customer structure, planned sales figures, competitors, competition and market analysis
- Marketing: Target markets and customer groups, PR, advertising, sales, distribution, product range, service and price policy
- Business risks: Analysis of potential threats and how to avoid or minimise risks.
- Production and infrastructure: Location, production facilities, capacity, warehouse, suppliers, cost estimate
- Other aspects: Patent and brand protection, risk and insurance policy, public commitment
- Timeline: Deadlines, milestones
Evaluation criteria presentation: In order to qualify for the third phase you will have to present your business plan to the Jury in five minutes. These criteria will be used. You will receive written feedback within two weeks as to whether you have reached the next phase. A maximum of 25 participants per country will be admitted to the third phase on the basis of the total number of points obtained.
Phase III: Polishing the business plan and compiling an implementation plan
Preparing the final pitch presentation – Your seven-minute presentation using a medium of choice should address the following:
- Short summary of the entrepreneurial vision/philosophy
- Integration of the innovation in the overall vision of the enterprise
- Concrete feasibility and implementation of the innovation project
- Presentation of project management for the implementation
- Expected customer and business benefits
- Innovation content and potential
Evaluation criteria final presentation: In order to be among the three winners, you will need to present an innovation of outstanding potential. The Jury selects the winners depending on the overall points achieved. These criteria will be used. In case of a tie, the President of the Jury will nominate the winner.
Phase III: Special Prize “Internationalisation”
You will need to demonstrate that you have thoroughly thought about your main goals, the potential as well as the strategy. The jury will decide based on these criteria.