3rd MIW Competition

1. Executive Summary

• An abstract of the proposal
• The basic idea (“What?”)
• The major benefit (“Why?”)
• The implementation team (“Who?”)
• The Business Plan (“How?”… are you going to make it work)
• Financial requirements (“Resources needed?”)

2. Product/Service idea

• Outline of the problem and its solution
• Describe what is innovative about the idea and its unique benefits compared to existing products/services as well as its export capabilities and/or potential impact on the Greek Economy
• Refer to how the idea will make Greece more competitive in the international market
• Explain the intellectual property situation (e.g., has or can it be protected by a patent?)
• Provide additional information further illustrating the value of your proposed product/service
• Describe the current state of development and what has been accomplished so far
• Describe the impact of the proposed idea on the environment
• Describe how the proposed idea will improve the quality of life in Greece (both in social and financial perspective)
• Provide more info to strengthen the value of your proposal

3. Management team

• What relevant experience and skills do the key people and management team possess?
• What is their vision and what motivates them?

4. Target Market

• Describe the target market characteristics of the proposed project: Estimate its size, both in national and international level
• Outline in detail the competitive advantages of the current proposal vs. existing or competitive solutions in the national and international market.
• Describe in detail the duration in time of your competitive advantages. What do you plan to do to preserve them? Define between national and international competition.
• Describe the marketing plan (e.g. revenue streams, distribution channels, advertising, and implementation cost)
• Provide a forecast of the annual revenue to be produced by the implementation of the proposed idea
• Discuss whether the proposed idea will result to new jobs being created in Greece

5. Action plan

• Provide a short implementation timetable (basic actions, duration, timeframe, milestones).
• Describe the tasks which need to be performed in the short term (next 6 to 12 months) and in the longer term (more than 12 months)
• Provide important steps / milestones in the development and commercialization of your product/service

6. Risks

• Identify the risks that might threaten the success of the proposed product/service upon implementation and commercial operation phase
• How will you minimize the chances of the above risks and how will you deal with their consequences, if they exist?

7. Financing

• State the assumptions your business plan is based upon
• State in detail the 3 (three) scenarios where your business proposal can be applied following a 5 year projection (estimation); worst, base and best case scenarios; describe the results of each scenario in quantity (revenues - expenses per year, cash flow, net present value, break-even point etc.) and in quality (effect in implementation, initial target accomplishment, market share etc.)
• What are the capital outlays until break-even point (what capital is required and when?) Which amount of money will be needed in the worst case scenario?
• Where will the capital come from?
• If you win, how will you use the prize funds (provide detailed break-down)? Provide as detailed financial projections as possible
• State what resources – other than financial – will be required for the implementation of the proposed idea