This year you have two options: Business (for-profit) entrepreneurs and Social (not-for-profit) entrepreneurs. The objective of this competition is to encourage budding entrepreneurs to put their ideas into realistic business plans and to provide practical experience in presenting and pitching to investors.
A team entering in this category should develop an idea to start their business with the key objective being to generate a profit. Although, it is expected that every business should conduct itself in a socially-responsible manner, the main focus of the business is to generate a profit.
A team entering in this category should develop an idea to start their business with the key objective being to solve a social problem or bring about social transformation. Although the business can make a profit, its primary focus is to address key social needs and its profits should be ploughed back into the business to ensure its sustainability.
Three things to Note:
1. Although the criteria headings are similar for both categories, it is very important to note the scoring allocated for specific criteria, which you will find in the scorecard. For example, the Growth Potential/Sustainability Criterion (Criterion 3) has a higher allocation in the Business Category than in the Social Category. The Social Responsibility Criterion (Criterion 5) has a higher allocation in the Social Category than in the Business Category.
2. Each team may only enter one category.
3. We use the term ‘business’ in the criteria. Please note that this term could refer to your non-profit organisation, corporation, company, firm, institution, etc. It is up to you to determine how your unique business will operate.