VISiYES business idea competition

At least 4 young entrepreneurs from at least 2 VISiYES countries (AT, ES, NL, UK)

Teams must have published by theend of January 2009 their respective assignments in the VISiYES TransnationalInfospace Forums, in any format:

·      The Ultimate Pitch

·      Branding Your Business (Marketing Plan)

·      The Financial Health Check (Financial Plan)

·      The Winning Partners Network Analysis

·      The Knowledge S.W.O.T.

Leading Questions:

The Ultimate Pitch - To describe what problem their idea solves, what is new about their product, why customers would want to use it, who the target group is and who is going to pay for the product. Pitching is very much about a thorough & concise understanding of your business. Target audiences include customers, investors, co-workers, (local) society at large (acquiring your licence to operate), friends, familyand others.

Branding your Business - Are you able and allowed to produce your product on the necessary scale? In what way is your product better than its competition? Who are your competitors, and how can they be prevented from copying your idea? What is the current and long-term market potential? An effective brand tells the world who you are, what you do and how you do it, while at the same time establishing your relevance to, and credibility with, your prospective customers.

The Financial Health Check - What price are your customers willing to pay for your product, and will that be enough to make a profit? The detailed time planning of the realization of your company, the risks involved and the financial planning.

The Winning Partners Network Analysis - Your business idea must answer all questions regarding your future enterprise an investor might have, so it must report your product idea, the profiles and competencies of the transnational entrepreneurial team, the way your company will operate in the European market

The Knowledge S.W.O.T. – How will you make full use of the intellectual capital in your team and develop a business strategy based on high value-added, knowledge-intensive products and services. How will you navigate the minefields of intellectual property rights and profit from the opportunities these rights can provide.

Judging Criteria:

·      Does the team demonstrate a sound understanding of a viable business idea?

·      Does the team demonstrate how to succeed as an entrepreneur and/or improve an existingbusiness?

·      Does the team demonstrate how to achieve financial independence?

·      Does the team demonstrate how the long-term success and prosperity of their business andentrepreneurial lifestyle are dependent on ethical business practices?

·      Does the team develop a strategy to ensure the long-term sustainability of their business idea?

Maximum Point Value 20 points per criteria

Total 120 points

Awards:

·      A maximum of five (5) teams will be nominated and invited to the transnational project event in Budapest, February 2009, at the travel & subsistence expenses of the project

·      The team ranked number one will be awarded with € 5.000 for preparing their ultimate pitch to the audience of their choice in 2009

·      The runner-up will be awarded with € 1.000 to visit an international entrepreneurial event of their choice