Form for the Submission of Business Idea
for
The Business Idea Competition of Bhutan 2017
Theme - ‘Ideas in Motion’
Name (s) of applicants:
Contact Address:
Email:
Phone number:
Please note:
1. This form is just to provide guide or outline. You may include any additional details relevant to your business idea. You may use additional sheets.
2. Your business idea will be treated confidentially and will not be divulged to any unauthorized third party.
3. Please submit completed form by email to or by post to Thimphu TechPark, P.O Box 633, Thimphu, Bhutan latest by 15th May 2017. You may also hand deliver it personally to the Head, Entrepreneurship and Self-employment Division, DoE, MoLHR, or to the Office Manager at Thimphu TechPark.
Business Idea Competition of Bhutan 2017
Bhutan Innovation & Technology Centre, Thimphu TechPark, with support from Entrepreneurship Division, Department of Employment, MoLHR, is providing a platform to recognize your ideas with the nationwide Business Idea Competition of Bhutan 2017 under the theme “Ideas in Motion”. This year, passionate and aspiring entrepreneurs can win prizes in two categories:
Startup stageCriteria: Innovative products or services rolled out in the market currently and having a business license not older than one year. / Cash prize:
Winner: Nu.100,000
Second Prize: Nu. 75,000
Third Prize: Nu. 50,000
Idea stage
Criteria: Idea yet to be implemented / Winner: Nu. 50,000
Second Prize: Nu. 30,000
Third Prize: Nu. 20,000
Submission deadline: / 15th May 2017
Wait for none. Be your own Boss. Turn your Dreams into Reality. Submit entries by email using this prescribed form
1. Introduction
1.1 Describe your business idea in one or two sentences. What product or service do you propose to offer?
1.2 Are you submitting your idea for the ‘Idea’ category or ‘Startup’ category?
2. Need/Problem Analysis
2.1 Describe the need or problem identified by you that led you to arrive on your business idea. In other words what led you to think about the business idea you propose.
2.2 What percentage of the population do you think face the problem you have identified? Are a particular group people affected by it or does it affect the society as a whole?
3. Solution
3.1 Clearly describe how the product or service of your idea addresses the problem/need described above.
3.2 What value proposition does your product/service has to offer for the customer? Does it offer cost savings, more convenience, reliability, accessibility etc.
3.3 Do you have any survey data or actual sales data to validate that people would buy your product or service?
4. Competition analysis
4.1 Describe the direct (competing product or service) and indirect competition (any alternative product/service)) for your product or service.
4.2 Describe how your product, technology or service is different or better than the competition. What is the idea’s competitive advantage? Why will customers buy your product or service as compared to the competitor products/services?
5. Market
5.1 What is the market size that you are targeting? Are you targeting Bhutan as a whole, just Thimphu, or all Asia, or any specific country?
5.2 What market segment(s) will your product or service target? For example, are you targeting students, youth, civil servants, or any specific group?
6. Business strategy/revenue model
6.1 How much money will you need to start this business? Provide a rough breakdown of the costs.
6.2 How will you sell your product or service (direct sale, distributors, internet etc.)
6.3 How will the business generate revenue for its product or service? Roughly describe what price are you going to charge and what will be the profit margin? If possible, provide some financial projection.
7. Leadership Team (Why is your team passionate about your business idea? And why are you the right team to lead this project?)
8. Milestone
8.1. Is your business in idea stage or start-up stage? What are some of the achievements you have made so far in trying to implement your idea?
8.2 What is your plan of action for the next one year for implementing this idea further?
9. All participants of BICOB 2017 are invited to attend a two-week Entrepreneurship Training called ‘Startup Boost Camp’ from 29th May to 10th June free of charge. It will be focused on entrepreneurship and business plan development. Would you like to attend it?
10. Declaration:
By printing my name below, I hereby declare that the business idea submitted by me through this form is my own and that I would be held responsible for any violation of intellectual property rights arising due to this.
Name:
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