Frequently Asked Questions
1. Is a business idea eligible to participate even if the financing has been finalized?
Yes, as long as your venture idea is not an established commercial product or business.
2. Can the business plan be for expansion of an existing business?
The proposal needs to be an idea that is substantially different from an existing operation
3. Am I eligible to compete if my business might become operational at some point during the competition process?
Yes, as long as your venture idea is not an established commercial product or business?
4. Can you submit more than one idea?
Yes, as long as each venture idea is part of a separate submission.
5. Why is the submission of the business idea limited to two pages?
The submitted idea is required to be a maximum of two pages so as to encourage you to be focused. It is easy to load on the detail but to summarize well without missing out on the important details, prospective entrepreneurs really to understand their venture ideas. Moreover, the National Business Incubatory Association also recommends a one page business idea for the reasons mentioned above.
6. What if you do not have a management team in place?
You do not need to have your management team in place for this competition. We simply recommend that if you are selected as a finalist that you try not to do all the work yourself.
7. Can a video or other documentation be submitted in order to assist in a visual for the submissions?
No, to ensure a level playing field everyone will be judged based on the prescribed limits and without visual aids.
8. Will risk be a factor in the judging of the business idea?
Risk analysis will definitely be part of the judging. You will be judged on how well you understand the aspects of risk and how you intend to manage those risks.
9. If you are not a finalist, can you compete next year?
Yes.
10. Will a plan be judged on revenue?
Yes and no, the motivation for this competition is to grow the economy so the growth potential of your business is important, however, this does not mean you have to start big. The more important factor is not revenue but rather scalability of your venture idea.