Only a couple of weeks left to Startup Weekend and you’re probably wondering how your idea will be assessed by the judging panel.
Business ideas are judged according to the following 4 criteria, which are all equally important:
- Business Model
Is this idea profitable? Has a revenue model been put in place and does it meet realistic expectations? Is there positive customer growth or revenue? Is there a customer acquisition/rollout strategy? Are the goals set out attainable? Would you invest in this company yourself?
- Customer Validation
Did the team identify precise customers (the so-called “personas”, different user types within a targeted demographic, attitude and/or behaviour set that might use the product or service)? What is the value proposition to customers? What channels of communication are used?
- Technical – Execution
Has a functional product been created (for instance, in the case of an app, has it been built)? Were site and app wireframes provided? Which services did they integrate with? Does the product rely on a real server and deal with non-sample data?
- Design – Execution
Does it look professional? Does it leave a lasting impression? Does it deliver a compelling and captivating user experience?
In devising your pitch and business plan, keep all these points in mind. And good luck!