Each round of the InNOLEvation® Challenge Business Model Competition is judged using the following questions:
- Did the team identify a significant problem (in terms of money or impact) and create a venture to solve this problem?
- Did the team use the Business Model Canvas or similar tool to identify and track assumptions?
- Did the team clearly state their assumptions / hypotheses?
- Did the team identify the most crucial assumptions to test first (the ones that will kill their business)?
- Did the team design low cost, rapid, but reliable tests of these hypotheses?
- Did the team conduct the tests in a reliable manner?
- Number of tests – should be adjusted for industry, product type (web vs physical product), and business type (B2B vs B2C)
- Quality of tests – interviews are high quality, surveys & focus groups are much lower quality (you don’t know which questions to ask) unless interviews have been conducted first
- Did the team clearly state what they learned and how that learning informed a pivot?
- Has the team developed a prototype or minimum viable product (we want to reward prototypes over full products unless the product is the result of many prototypes tested with customers – in other words, we want to reward working from prototypes up to products, we do not want to reward just building products from the start)?
- Does the team have significant evidence that the solution is validated (includes letters of intent, purchase contracts, sales, and partners)?*
*this criteria serves as tie breaker
For social ventures:
- Is addressing the social/environmental problem the primary purpose for the creation of the enterprise? If so, why?
- Does it have an innovative, systematic approach to addressing the social/environmental problem? If so, how?
- Does the organization have a sustainable approach to achieving its mission and implementing/scaling its innovative approach to addressing the social/environment problem? If so, explain.