Description

Business Idea Testing

(Weighting = 20%)

Business idea testing and validation is carried out as demonstrated by an appropriate range of testing methods appropriate for the specific context; testing is carried out with skill. Priority assumptions and hypotheses are explicitly stated and custom experiments are designed to test their validity. Key aspects of the business idea are tested, like product desirability, financial viability and technical feasibility. The experiments are conducted objectively and the results are assessed against well defined metrics. Insightful conclusions are drawn which visibly inform the business model. Good examples of this would be to identify a suitable market segment and quantify its potential or, a competitor analysis that looks beyond direct or indirect competitors that can satisfy customer needs through alternative value propositions.

Business Model

(Weighting = 10%)

Demonstrates very clear thought and logic regarding choice of a plausible business model that will turn the idea into a viable and sustainable business. Key customer segments are identified and clearly shows how product awareness is built and relationships with customers are developed. The most strategic activities to deliver the propostion are identfiied in creating/producting/ manufacturing the product as well as key partners to achieve this. The report is able to show the propostion is viable.