Business Plan Innovation Award in Anguilla
Bren Romney, our Innovation Manager from Anguilla, Director of the Department of Youth and Culture in the Government has informed us that they provide annual Business Plan Innovation Awards to young entrepreneurs.
Criteria for awarding Business Plan Innovation Awards to entrepreneurs of the Anguilla GET SET programme:
The Award is open to participants and beneficiaries of GET SET. The Business Plan entered may relate to a product, a process, or a service in any legitimate area.
A panel of the GET SET MAB members with co-opted members of partner organizations, as decided, will review the entries and select the winners based on criteria which include:
- The level of creativity
- The Quality of preparation
- The Potential impact of the business
The consensus decision of the judges is final. The judges may disqualify entries that are incomplete, unclear, in dispute, or deemed not relevant to Anguilla.
The Business Plan Innovation Award will be a grant to the successful entrant in the sum of XCD$5,000.00 paid towards the business undertaking. Merit Awards of XCD$1,000.00 each will be awarded to five entrants.
Criteria for the BPIA:
- The Award will go to the winner that has shown clear originality in researching, creating, marketing / promoting and thoroughness of financial projections related to the products or services.
- The product and / or service should have good potential to be a local leader / market leader.
- The product and/ or service should have good potential to become a regional market leader.
- The plan must demonstrate a sustainable business model and commercial viability.
- The product or service must demonstrate a clear benefit to community and national development and be sensitive to the local environment.
- The proposed business should demonstrate exploitation of local / indigenous products as well as technology.
- The owner / entrepreneur must play a strategic and active role in the business or enterprise.
A total of 100 points are allocated in the following manner:
- Originality In Research Business Idea / Type: 20
- Product/Service Potential To Be Market Leader (Locally): 10
- Product/Service Potential To Be Market Leader (Regionally): 5
- Is The Business Model Sustainable & Commercially Viable: 10
- Is Product/Service Beneficial To Community / Country: 15
- Does Business Use Local Products / Technology: 15
- Are The Financial Statements & Projections Coherent with Plan: 10
- Is Owner Active / Strategic In Business: 15