Round 2: assessing the feasibility
Didn't participate in the first round? You can still join in round 2!
Prize money: 10 x €1,000
Deadline and award ceremony: see agenda or sign up to stay informed.
Between inventing an idea and writing a business plan there are many questions: is my idea is feasible? How will I do? Before you start a business, it is advisable to examine the feasibility. In the feasibility study you investigate the following six aspects. These are extentively explained in the Starting Up Manual.
1. Description of your product, service or technology
- To which problems is your product, service or technology the answer?
- In what ways is your product, service or technology innovative?
2. Marketing (customers and competition)
A. Customers
- What need does your product satisfy and what will be your positioning strategy?
- Who are your customers and what are they willing to pay for your product, service or technology?
- What is your target market, and how big is it?
- How are you going to approach your market research?
- What growth do you expect for your market?
- What market share do you think you will reach and within what timeframe?
- What is the overal cost of your product, service or technology?
B. Competition
- Who are your main competitors?
- What is the competitive advantage of your company?
- What products, services or technologies could substitute yours?
3. Intellectual property
- Is it possible to protect your business idea?
- How are you going to approach the issues of intellectual property and patenting?
4. Suppliers, partners and team
- Who are going to be your main suppliers and are they ready and willing to supply?
- Which activities of your business system are going to be carried out by you and which may better be carried out by or in cooperation with external parties?
- How are you going to shape a possible cooperation?
- Shortly describe the management team and in-house competence. Is all required competence present?
5. Realisation of getting started
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Are all relevant dependencies and obstacles well thought through? Think about legal obstacles, public penalties,possible certifications and labels.
6. Need for investments
- Estimate what funds you need to get your idea on the market;
- Add a programme to this estimate.
Limit yourself to the mentioned above; detailed financial projections will be addressed in the business plan.
Describe your idea on 7 A4 sheets to the utmost including appendices (
Elevator pitch
On the day of the second ceremony, the twenty best teams are to defend their feasibility study to the jury of New Venture. The jury will then, on the basis of the feasibility study and the pitch, decide who the ten winners are. If you are one of the twenty best teams, you will be informed in due time and in preparation of the presentation New Venture organizes a pitch training.
