Judging Criteria

Innovativeness of Business Idea

  • Uniqueness of Idea and how differentiated it is from those products or services that satisfy the same / similar needs of customers

Commercial Feasibility

  • What investments are required to launch the business (product / service)
  • What will be the ROI – how much will customers be willing to pay for this product or service
  • What will it take for the business to break even

Potential Market Opportunity

  • What is the size of the market opportunity
  • Is the market easily accessible
  • What will it take to scale the business

Capability to Execute

  • What is there strategy for MVP and POC
  • Does the team have a Go to Market strategy. What Markets and customer segments will they target
  • What will be the customer acquisition strategy
  • How will they structure the organization to deliver the market opportunity
  • How much of funding will be required
  • How will the funds be used

Competitive Positioning of Team

  • Team composition – do the founders have complementary skills
  • Is there a leader – does s/he have a vision and can s/he take the team together
  • What is their commitment to the project

IP Strategy, Value Created

  • Does the product have any technologies that can be protected – what steps are they taking to ensure that the IP is protected
  • In the case there is no IP – what measures will they take to create a barrier to entry

 

Submission

  1. Business Plan – Max 5000 words in pdf format
  2. Video Pitch (optional)

 

Prize

  • Two prizes of $20,000 each for developing a prototype and proof of concept testing
  • Green lane to IIE incubation programme

 

Eligibility Criteria

The competition  is open to all undergraduate and post-graduate students from SMU

 

FAQ

1. Are teams allowed to submit multiple entries? No.

2. Am I allowed to be the member of multiple teams? No

3Why is there a minimum number of 2 members per team?

It is in very rare cases that single founder companies have succeeded. Starting a business is very hard for one person. You need others with whom you can discuss, brainstorm and validate your ideas. A multi-talented team with complementary skills has the best chance of success.

4. One of our team members is from another University, are we allowed to participate?

No. All the team members must be from SMU to be eligible to participate in the competition.

5. How would the prize money be paid out?

The prize money will be paid in tranches based on the needs and milestones.

6. Who owns the business idea?

The team that came up with the business idea has the full ownership of the start-up. Neither SICC nor SMU IIE would take any stake in the company.

7. Will mentorship be provided to the participating teams during the preparation for the competition? No.

8. Must the product/services be based in Singapore?

Not necessary. Participants are encouraged to identify opportunities that can take the business global.

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