MESUP Entrepreneurship Competition in Greece and Cyprus
In the framework of the project "Cross-border Mentoring for Networking & Developing New Innovative Enterprises – Mentoring Startups (MESUP) the MESUP Entrepreneurship Competition has been published.
The MESUP Entrepreneurship Competition aims at actively promoting entrepreneurial culture primarily in Crete but also in the rest of Greece and in Cyprus. The Competition will be an opportunity for young researchers, students and people interested in starting new innovative enterprises, as well as start-ups. It will also be an opportunity for them to be trained in matters related to the establishment and operation of new enterprises, to create networks and to compete with their innovative ideas. Any interested party may participate after submitting an electronic application and taking part in training via the moodle platform.
The winner will be selected by a jury and will be announced on the Internet and during a special ceremony to be held before the end of the project. The award will be accompanied by a commemorative certificate and a prize:
First Prize: Covering Participation Costs in Venture Forum - €2,000
The Competition will be coordinated by a jury made up from members of MESUP project partners and will be open until 15 April 2013.
Objectives of the Competition
MESUP Entrepreneurship Competition aims at:
- Promoting the entrepreneurship culture among the young people in the regions of the partners
- Setting up a cooperation forum for young researchers, students and people interested in starting new innovative enterprises, and contributing to the creation of new innovative services
- Creating a cluster of new innovative enterprises in the regions of the partners
- Supporting the diffusion of project results in favour of new innovative enterprises.
The Competition will be implemented in 2 stages
- Submission of business plans (BP) will be made through the project's website. The participants will have to sign in to the website and to the Social Networking tool of the project to gain participation rights in the Competition.
- The Coordinating Committee is responsible for sending the BPs to the jury
- The jury will evaluate and score the BPs and select the semi-finalists (shortlist) based on their ability to set up a successful business or to provide new innovative products/services to the market.
Detailed instructions on the evaluation will be given by the project partners to the jury.
- The finalists will be invited to prepare a 10-slide (pitch) presentation, to record it in the form of digital pitching and to upload the video and the presentation to the project website.
- The finalists will be scored by the jury in Stage 2. The group or the person with the highest score will be the winner.
- The winner (group or person) will be announced at a special ceremony to be organised before the end of the project.
- In the framework of the Competition a team of mentors will be set up to be in charge of the groups who will pass to Stage 2
- The mentors will assist and guide the groups.
In evaluating the BPs the jury will focus on various aspects which will include the following:
- Is the business opportunity which has come up highly attractive and realistic?
- Is the business idea shielded from competition?
- Is there a business model? Which one is it?
- What is the amount of investment which must be implemented?
- Does market and economic forecast suggest that the team has a thorough knowledge of the niche?
- How much time is needed to go from the stage where the idea currently is to the moment it enters the market?
- Can the idea gain leadership in the market?
- Has the group tested its idea on the market in any way?
- Who were the first customers?
- Is the group focused on its target market?
- Does the group have the necessary communication skills to feature an unbeatable story?
- What will be the role of the group in implementing the business idea?
- Does the Group have a clear investment plan?
- Is the BP complete and well-written?
- Are the group members focused on the proposed idea?
- Premium for new enterprises
Detailed instructions on the evaluation will be given by the project partners to the jury before the evaluation process.