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RYSEC
2010
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© 2009 Rotary Youth Social Entrepreneurship Challenge
Criteria – Idea Launchpad
Application requirements
You have an idea and are hoping to change the world. So what do you do now?
The first step would be to submit a Business Plan of your idea to RYSEC 2010!!
What will you need for your Business Plan?
o
A summary of your idea and what you want to do.
o
Covered in 5-pages (Single-spaced, with Arial Font size 12).
To help you in this process, we have outlined the main aspects of your idea.
We have come up with the following elements and associated questions that we hope will help you inyour thought process.
Key elements required
1.
Need Analysis2.
Product or Service3.
Market Summary4.
Revenue Model5.
Social Value or Impact Analysis6.
Resources Required7.
Marketing Strategy8.
Operations9.
Key Risks10.
Team Qualifications11.
Financial Summary
1.
Need Analysis
Any business plan must begin with the potential customer in mind.
o
What is the purpose of the project?
o
Who are you trying to help? NGO/ Community/ charity, etc.?
o
What are the causes and benefits that it addresses?
o
What is the motivation for the beneficiary organization or community to be involved?
2.
Product or service
Your business must produce something of value. Will it be a product, a service, or both?
o
What exactly is your product or service, how is it going to work?
o
What is the benefit and value addition to society?
o
What is the uniqueness of your concept/ social innovation? Is this original?
o
Do you have a prototype or design or proof of concept in mind?
o
How would you involve the NGO or community to deliver the project?
RYSEC
2010
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© 2009 Rotary Youth Social Entrepreneurship Challenge
3.
Market summary
You must have a clear idea what market your business is going to operate in.
o
Is there a “gap” in the existing market?
o
Is there already an existing market, or are you creating a new market?
o
If it is an existing market, who are your main competitors?
o
If it is a new market, what makes you so sure that there will indeed be demand?
4.
Revenue model
In order for your business to be up and running, you need to know from whom you will receiverevenue, and how much.
o
What type of customers do you expect to purchase your product or service
o
How many revenue streams do you have?
o
Do you have a unique revenue stream that other businesses do not have currently?
5.
Social impact or value analysis
Your business must produce social value once it is in operation. Have in mind the kind of impact yourproduct or service will have on your customers.
o
What is the social impact and value benefit of this project?
o
Who or which group in the community will feel the direct impact of your business? Is thisimpact positive or are there negative side effects?
o
Indirect impact?
o
Is there any possible impact that may arise as a response to your business?
o
How will you measure the impact of your concept?
6.
Resources required
Before your business even materializes, you might need some help. What resources will you need toget you started?
o
Skills
What are the types of skills required?
If you do not already have these skills, how will you get them?
How will these skills get transferred as your business grows?
o
Knowledge
Do you need any specific knowledge or information before you get started?
How do you capture the ideas and contributions and best practices to benefit theproject in the future?
o
Other resources
Do you need any specific resources (e.g. equipment, real estate, manpower), and arethey currently available?
How long will you need to get started?
Does the beneficiary organization NGO or community have access to the resources toimplement the project?
RYSEC
2010
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© 2009 Rotary Youth Social Entrepreneurship Challenge
7.
Marketing strategy
A key step towards getting your business off the ground is to have a sound marketing strategy. Letthe people out there know that you are in business!
o
Who
exactly
will you need to market your idea to?
o
What are your marketing channels?
o
How do you plan to use these channels to promote your concept and get community buy-in?
o
How would you get the community and volunteer support for this project, if necessary?
o
What is your marketing budget? Weighed against the potential benefits reaped?
8.
Operations
Plans will remain as plans without proper execution. You need to decide what needs to be done, andwho is going to do what.
o
What are the roles that need to be filled in your business?
o
Can these roles be filled by one person? If not, how many?
o
How will the allocation of work and responsibility be like?
o
What are the resources (Manpower, Infrastructure, technology and funds) required to makethe project scalable for a greater reach and impact to society?
9.
Key risks
Business owners that hope the best, but prepare for the worst have the highest chance of survival.Identify the possible risks and obstacles you will face.
o
What or who are the risks your business faces?
o
Short term or long term risks?
o
Is your business able to overcome these risk factors, and how?
o
Can you potentially transform these risks to opportunities, and how?
10.
Team qualifications
Every business will eventually boil down to its people. Give us a bit of background history about yourpeople, and why you are qualified to start this business.
o
Tell us a little more about yourselves.
o
What are your relevant experiences?
o
Why are you best placed to run this business?
11.
Financial summary
Last but not least, you need to work out a financial summary that tells us when you expect to startmaking profits, and how much you will need as seed capital at the beginning.
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What is your funding requirement to get started?
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What control systems are in place to ensure accountability to all concerned?
o
How would you ensure that you maintain a code of ethics/conduct and compliance?
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