Round 3: Venture Plan
In Round 3, companies will be paired with a mentor team to expand their idea into an 8-page condensed business plan.
In this round, participants will be assigned to 2-3 team mentors. If you’re in Round 3, you’ll be able to access experts through a panel mentoring session, and participate in additional workshops.
We strongly recommend participating in all offered mentoring and seminar sessions.
Round 3 Deadline: August 3, 2016 5:00pm
Industry sector prizes
In addition to awarding the top three prize packages, there are opportunities to win industry sector prizes. Participants interested in competing for the BC BioEnergy Network Prize, Fintech Prize, Vancity Social Venture Prize, or City Innovation Prize must also submit further information.
Round 3 Questions:
Round 3 entries must answer the 12 questions in the order listed below.
Entries must be no longer than eight pages, plus specified appendixes, which will form the foundation of a business plan. Entries must be uploaded to the NVBC online system by July 28, 2016, 5pm.
Question #1: The Product/Service: Describe the product/Service with respect to the nature of the technological advancement, cost-saving advantages or revenue-generating possibilities within, or in relationship to, the target market segment. In your description please address the following points:
- Describe the Product/Service.
- Describe the Product/Service business.
- How will revenue be generated?
Question #2: Intellectual Property: Describe any Intellectual Property or other innovation associated with your product/Service. Outline any patentable Intellectual Property and provide patent status. Explain how your Intellectual Property strategy will help your company create a sustainable competitive advantage over competitors in the marketplace.
Question #3: Technological Development: Describe the current development status of the product/Service. In your explanation please address:
- What are the unknown factors with respect to further development or any enhancements?
- Does this Technology rely upon emerging or commercially available Technology?
- Define clear milestones for the next 18 months.
Question #4: The Technical Team: Describe the company’s Team and address the following points (remember you may attach resumes as appendices):
- Highlight professional or academic qualifications of the Team members.
- Describe past activities of the Team with respect to past ventures
Indicate if and how Team members have worked together prior to this project.
- If the Team is not fully assembled, what critical skills sets are missing?
Question #5: Market Scope: Describe the market scope for the Product/Service
- Describe the key attributes of the target market (size with segmentation, buying criteria, behaviour, etc.).
- What are the market trends and why?
- How will you build your market?
Question #6: Market Need: Describe the product/Service’s appeal and relative fit to the target market. Please address the following points:
- Is the product/Service introducing a need or filling an existing need?
- Why will customers purchase your product/Service?
- Based on internal or industry feedback, are further improvements or enhancements necessary? What are these?
- Characterize the “early adopters” of the product/Service within the target market and describe your ideal customer profile.
- What indication of interest has been received from potential customers to use or test the product/Service?
- Describe clear milestones for the next 18 months
Question #7: Distribution Channels: Describe the intended sales channels for the product/Service in the target market. Please address the following points:
- How or who will sell the product/Service?
- Does your product/Service provide a solution for the sales channel?
Question #8: Competitive Situation: Describe the competition in the market place for the product/Service. Please address the following points:
- Describe the competition in the market place for the product/Service. Please address the following points:
- Which current market stakeholders may feel threatened by your product/Service?
- Why will your product/Service “beat” the competition?
Question #9: Barriers to competition: Describe any barriers to others competing with your product or service. Examples might be:
- Patent or copyright protection.
- Time to engineer a new product.
- Market presence as first to market.
Question #10: Business Plan Status: Describe the current status of your business plan. In your response please address the following points:
- Who wrote the business plan?
- What advisors were consulted or what additional research was conducted?
- What key sources are included to document and support your plan?
Question #11: Management Capacity: Describe the business skills (leadership, directorships, finance, marketing, operations, HR, etc.) of your Team. Please address the following points:
- Highlight the key credentials of the management team.
- What key skill sets remain to be recruited?
- Does management regularly consult with market-based advisors or experts? How?
Question: #12: Financial: Describe the financial position of your venture. Your answer should address the following points and be supported by attached statements.
- How will your revenue model enhance market acceptance in the target market?
- How are you going to price your service/product?
- Include reference to your cash flow statement.
- Include reference to one- and two-year pro-formas, plus three- to five- year summaries.
- How much money has been spent?
- How much money has been raised?
- How much money is required?
Appendices may only include the following:
- Pro-forma financial statements
- Supporting research NOT authored by the Team