Applications will be evaluated on their commercialization potential including, but not limited to, the following criteria:
The problem, solution, and value proposition
A strong application identifies a pressing problem for a specific target market, describes how users in the target market are currently solving the problem, and proposes a superior technology-enabled solution to address it. The solution should be innovative, scalable, accessible, and able to attract investment.
Market opportunity
A strong application clearly describes the size of the potential market and proposes relevant channels for reaching customers.
Competitive analysis
A strong application should:
- List direct competitors, explain why customers currently buy from them, and why the proposed solution is superior
- Describe the strengths and weaknesses of direct competitors, clearly state the new solution’s value proposition, and explain why it has a sustainable competitive advantage
- Present a clear understanding of how the market is likely to evolve, and the barriers to entry that will protect its niche in the future
Risk and feasibility
A strong application presents a solution that is implementable using the human capital available. It also explains the barriers to the solution’s adoption, and how they will be overcome. The MVP should be quickly implementable, yet enhanceable, so that over time a substantial barrier to later competitors will exist.
Prototype
A strong application includes a functional prototype of the solution that clearly demonstrates how the final product will work and the value it will bring to customers. It will also include a prototype feature list for the MVP that is based on conversations with potential customers. The technical skill resources needed to build the MVP will also be identified.
Team
A strong application has founders with complementary skills and experiences, all of whom possess the resilience required to build a business. The founders must understand the skill gaps that must be filled to take their startup to the next level.
Momentum and traction
A strong application explains the business milestones that have already been achieved, as well as presents a schedule for reaching additional milestones over the next twelve months. Example milestones include completion of the MVP, deployment of a beta version for onsite testing, customer acquisition, raising of seed capital, etc.
Financials and revenue model
A strong application clearly describes the startup’s anticipated revenue model and its ongoing operating costs. Projected financial statements are a plus.