Innovation Award Criteria
CRITERIA FOR AWARDING BUSINESS PLAN INNOVATION AWARDS TO ENTREPRENEURS OF THE ANGUILLA GET SET ENTREPRENUERIAL PROGRAMME
The Award is open to participants and beneficiaries of GET SET. The Business Plan entered may relate to a product, a process, or a service in any legitimate area.
A panel of the Anguilla Youth Business Foundation Council members with co-opted members of partner organizations, as decided, will review the entries and select the winners based on criteria which include:
- The level of creativity
- The Quality of preparation
- The Potential impact of the business
The consensus decision of the judges is final. The judges may disqualify entries that are incomplete, unclear, in dispute, or deemed not relevant to Anguilla.
The Business Plan Innovation Award will be a grant to the successful entrant in the sum of XCD$5,000.00 paid towards the business undertaking. Merit Awards of XCD$1,000.00 each will be awarded to five entrants.
Criteria for the BPIA:
- The Award will go to the winner that has shown clear originality in researching, creating, marketing / promoting and thoroughness of financial projections related to the products or services.
- The product and / or service should have good potential to be a local leader / market leader.
- The product and/ or service should have good potential to become a regional market leader.
- The plan must demonstrate a sustainable business model and commercial viability.
The product or service must demonstrate a clear benefit to community and national development and be sensitive to the local environment.
- The proposed business should demonstrate exploitation of local / indigenous products as well as technology.
- The owner / entrepreneur must play a strategic and active role in the business or enterprise.
Business Plan Innovation Award Summary CRITERIA
A total of 100 points are allocated in the following manner:
Originality In Research Business Idea / Type 20
Product/Service Potential To Be Market Leader (Locally) 10
Product/Service Potential To Be Market Leader (Regionally) 5
Is The Business Model Sustainable & Commercially Viable 10
Is Product/Service Beneficial To Community / Country 15
Does Business Use Local Products / Technology 15
Are The Financial Statements & Projections Coherent with Plan 10
Is Owner Active / Strategic In Business 15