22. And finally… any winning advice?
18 Oct 2013
Some points in the questionnaire are of utmost importance as far as assessment is concerned and approaching the question correctly can make all the difference at the scoring stage. We’ve picked out the most important ones for you:
- Market size: This is all about evaluating the accessible market for the company. This means that it is necessary to clearly define both the area where the company operates and the market segment. The basis for the economic valuation of this market should be close to the income model. For example, for an app related to running, the market would not be the number of mobiles in the world but the number of mobiles in Europe (where the company works) x % of the population that regularly does sport x % that would be willing to pay to use an app of this type x the annual cost of the application in euros.
- Milestones achieved: This involves demonstrating to the assessors where the company stands and what it has achieved. For example: In terms of the product: if it is in the development stage, if a minimum viable product has been completed, if you are already marketing the product, etc.; in terms of the team: if profiles have joined the company beyond the entrepreneurial team; in terms of sales: if a pilot product has been sold, if the first customers have bought the product, if there are any loyal and repeat customers, if you have reached agreements with partners, distributors, etc.; in terms of innovation: grants/awards obtained that show the level of innovation of the company, if you have reached any partnership agreements with a university, technology centre, strategic supplier, etc.
- Main challenges: Under this point it is important to show that you know what your company’s main mid-term challenges/goals are, what will be key or influential to your growth and what resources will be essential for fulfilling your business plan. To do this, describe the profiles of the people to be hired and when they are to be incorporated; how much it will cost and how it will be financed, whether financial resources are necessary, how much, when and what for; where you will look for these resources; if it is necessary to make investments, give details explaining the reasons behind the investments and what you think you will achieve from them, etc.
- Competitive advantage: Show that you know the elements that give you a competitive advantage inside out. Describe what sets you apart from your competitors, what you are better or worse at; how you detected your weak points and why your product/service irons them out; how you plan to maintain these competitive advantages as time passes and your competitors try to incorporate this advantage into their product/service.