PNG WECREATE Challenge
Business Model Competition
The WECREATE Challenge Business Model Competition is designed to foster entrepreneurship and an entrepreneurial spirit, grow jobs through startups, and increase awareness of the resources available to grow entrepreneurs in PNG. All winners will be selected on an objective basis as determined by the criteria set forth below. You must read and comply with these rules to enter the WECREATE Challenge Business Model Competition (the “Competition”).
- You must be a woman
- The model must be an original idea for a business from idea up to five years in operation.
- Applicants need not be based in Port Moresby, but they need to be able to attend regular coaching sessions and events in Port Moresby from January to June 2017.
- Company officers/members are 18 years or older at the time of entry and are legal residents of PNG.
- Your business idea
- Need and/or solution being filled
- Product and/or service
- Market size
- Target customer
- Revenue streams
- Management team
- Strategy to market
- Funding requirements, if any
Submissions will be accepted by October 24, 2016 through December 07, 2016.
- Judges will review submitted Business Models and those selected to enter the Competition will be notified of their acceptance on or before 16 December 2016.
- If selected for the Competition a comprehensive Business Model and financial projections will be required for submission by 8 February 2017. Instructions and a link to an online Business Model long form will be sent to those invited to participate in the Competition.
All information will be kept confidential. The judges may require verification of certain information during the review of the business model. Only complete online business model forms will be considered.
Any questions regarding submission of business models should be addressed to [email protected].Organizers of the Competition will not respond to direct inquiries regarding the contest other than general administrative questions.
There is no guarantee, expressed or implied, that any business will receive an award. Additionally, there is no guarantee, expressed or implied that any business will receive funding. Should no entries into the Competition meet the entry criteria, should no entry have a reasonable chance for success and should the selection committee determine no winner exists for that year of the Competition, no award will be made for that year and any award money will be used for the following years’ Competition. The odds of winning a prize depend on the skill of the entrants and the number of entries received. All taxes associated with the prize are the sole responsibility of the prizewinner. Prizes are not transferable.
- Reasonable opportunity for success of the business model
- Company meets an identifiable need and actively tests market response
- Company has a strong execution strategy
- Company has identified and allocated resources to be successful
- Company utilizes resources effectively
- Company has a believable competitive advantage
- Company has a sound target market and customer base
- Revenue and profit models that fit
- Strong, coachable management team
- Realistic time-frame for company growth
The entrants to the Competition will be judged on the merits of their business models with three presentations made to the panel of judges. The first presentation will include the top twenty-five business models. The second presentation will include the top twelve business models and the final round of presentations will include the top seven business models.
In the event of a tie, the judges will select the model that has the higher score under “Reasonable opportunity for success of the company.” All decisions regarding the criteria will be made solely by the organizers and sponsors. All decisions of the judges are final. These Official Rules and the decisions of the judging panel are final and binding in all respects.