Form for the submission of Business Idea
For
The Business Idea Competition of Bhutan 2016
Theme - ‘Innovative Business Idea’
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 with the subject ‘BICOB 2016’ to or or by post to Thimphu TechPark, P.O Box 633, Thimphu, Bhutan, latest by 30 April 2016. 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. For clarifications, please contact 17163475 or 77408625.
1. Introduction
1.1 Describe your business idea in one or two sentences. What product or service do you propose to offer?
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 your proposed product or service will address the problem/need described as above.
3.2 What value proposition does your product/service has to offer for the customer? Will it offer cost savings, more convenience, reliability, accessibility etc.
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 a three year 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 and how much have you done so far to try to turn your business idea into a successful business?
9. In your opinion, is it better to wait until you have adequate resources to start a business or capitalize on what is available and start it despite not having adequate resources? Why?
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 violations of intellectual property rights arising due to this.
Name: