MUSCAT -- In order to help those participating in the TKM Ernst & Young Big Business Idea Competition (BBIC), Knowledge Oasis Muscat has released details on the general criteria that will be used by the competition's judging committee. "The five criteria are intended to offer participants in the Big Business Idea Competition general guidelines inform them as to what the judging panel will be looking for and how submissions will be evaluated," remarked Dave Pender, Adviser, PEIE.
The BBIC judging committee is being coordinated by Dr Graham Smith of Sohar Aluminium and consists of: Mohammed Salem (Ernst & Young); Rajeev Singh (Ernst & Young); Dr Salim al Ruzaiqi (ITA); Rob Clark (Ericsson); Hana al Kharusi (NBO); Eyhab al Hajj (Nawras); Habib Hanna (NCR); Dr Ashraf al Nabhani (College of Banking & Financial Studies); Eng Mohammed al Ghassani (PEIE); Khalid Ansari (KPMG); Dave Pender (PEIE); Alan Rooke (OmanLine); Karim Rahemtulla (Infocomm); Dr Graham Smith (Sohar Aluminium); Nick Pattison (Networking Engineering Services); Mohana Prabhakar (The Week); Zaydoon Abu Qarmool (Abu Ghazaleh Intellectual Property); and Hazim Abu Ghazaleh (Abu Ghazaleh Intellectual Property).
There are five categories of criteria which the BBIC judges will consider when reviewing the business plans:
1. Innovation
Does the business have the potential to break new ground in their field and could it truly be described as cutting edge?
2. Team
Have the key functions of the business been properly identified and have gaps within the business been recognised? Do we have credible candidates in place or identified for those functions? Is the team clearly led?
3. Technology
Is the product/service likely to be ready for market within a realistic (ie fundable) timescale? Has the technology been verified, either independently or by prospective customers? Is it genuinely original and valuable?
4. Business Model
Does the plan spell out clearly how the business will make money? How sustainable is the business? Does it have high growth potential? Is there a convincing focus on cash-generation?
5. Market Opportunity & Proposition
Does the plan define a clear need for the product/service? Is there a viable value proposition on offer to meet that need? Is the market defined in terms of size, dynamics and competition? Is there a credible marketing strategy showing routes to market, competitive positioning and partnerships? Finally, does this plan present a credible business proposition?
Further details on the Big Business Idea Competition and the application form can be downloaded from: www.kom.om/bbic
The competition has also recently launched a blog which contains interviews and further advice to 'would be' entrepreneurs. The blog can be viewed at: http://bigbusinessidea.blogspot.com
By Staff Reporter
© Oman Daily Observer 2006
