To enter the Best Idea category you must have a new idea or concept for a business that has not yet commenced trading at time of application. This can be an original or unique concept, a new idea for a product or service offering or simply an innovative approach to delivering an existing product or service already on the market. Converting an idea into an actual business requires thinking about your target market i.e. how the product or service offering will be sold, who will buy it and what are the key features/benefits of same.
A start-up business for the IBYE Competition is a business which has started trading (i.e.is generating revenue from sales.) and is less than 18 months in existence. This stage of the business may be focused on research, product/service development, market growth, and has potential to grow. It is important that the promotor(s) have a clear milestone development plan in place.
An established business for the IBYE Competition will be trading for more than 18 months. First and foremost this established business must be able to demonstrate a satisfactory track record of success to date. It is likely that this established business will be in a position to further develop the existing business This may include a new product/service offering, new market opportunity identified or an innovative approach to changing or adapting the existing business model. Ultimately the plan for the business must deliver a strong economic impact.