MLF SF Judging Criteria

Transcript

1. Judging Criteria Judging Criteria
2. What is the problem you are solving? Strong applications will clearly describe the problem and provide a data backed answer. • The team understands what causes the problem • Answer explains who this problem impacts and why • Problem reflects scope of competition as pertaining to financial inclusions for Irish citizens.
3. What is your solution? High-quality applications create a clear link between the problem they have identified and the solution they are offering. • The solution is plausible or in-market • The solution has potential to scale to all of Ireland • The solution meets the spirit of the competition in that it delivers value through unmet financial services needs.
4. How is your solution financially sustainable? Strong applications will present a clear and plausible argument as to how their solution generates a reliable source of funding (either through revenue or donations). • The team clearly indicates who pays for the solution • If a nonprofit, it is clear how the applicant acquires funding • The financial model will allow the company to achieve nationwide
5. What was the inspiration or genesis of this business? High quality answers share a compelling story about why the applicant wants to solve this problem and how the first thing they did to on their journey to solve this problem. Strong answers will illustrate how the applicant has first hand experience with the problem.
6. What makes you a strong team for this concept? Strong answers will describe strengths that give the team advantages in solving this problem and in their business model. Strong teams are composed of more than one person.
7. Tell us more about who you are serving with your company mission. Strong answers will show that applicants have identified a specific user and demonstrates a a strong grasp on that user’s need, behaviors, and lifestyle.
8. What is the user doing now to solve this problem? High quality answers provide evidence that the applicant has strong insights into the user’s existing behaviors. The applicant provides a compelling case for why a user change their behavior and adopt this new solution.
9. How many users are you currently serving? Applicant provides a clear answer with estimations about current users and how many users they will need to achieve a sustainable business model. Applicants without users should provide an answer about numbers needed to achieve a sustainable business model.
10. How is your company acquiring users? Strong answers clearly describe how the applicant is currently acquiring users and any future plans for how to scale user acquisition. Some applicants may not have users. They should explain how they plan to get their first users.
11. What is the size of the market opportunity? High quality answers will provide a plausible estimation of the potential market size and a compelling narrative for how the applicant will rise to meet this market