What is the process?

Overview

We’ll be applying a four-step judging process for the iQ Prize:

  1. Pre-qualification
  2. Longlist
  3. Shortlist & Presentation to Judges
  4. Public presentation & winner announced

Pre-qualification

All applications will initially be reviewed by an iQ Content panel to whittle down the numbers, and remove any inapplicable applications.

Longlist

All qualifying applications will be reviewed again by the internal panel.
Entries will be scored on the 7 key criteria contained in the business plan:

  1. Problem: What’s the problem you’re trying to solve? How significant is this problem, and for who?
  2. Solution: How are you going to solve this problem? What’s so clever about this solution?
  3. Business model: How will you make money from your idea? How much will you make in the first couple of years?
  4. Technology: How will you build this? And what’s clever / novel / useful about the way you’re going to implement it?
  5. Sales and Marketing: How are you going to market and sell your idea?
  6. Competition: Who are you competing with? And how will you do things differently or better?
  7. Team: Who are the rockstars in your band? What are your strengths? What makes you think you’ve got what it takes?

In addition, we’ll score entries on three broader criteria:

  1. Credibility: Is this plan and team credible? Will they be able to do what they say they’ll do?
  2. Feasibility: Can this plan be implemented? Is it achievable, workable or possible?
  3. Viability: Can this idea become a sustainable business? Will it make money in the short or medium term? Can it survive in the long haul?

From all the entries received, we’ll then draw up a longlist of approximately 30 entries which will go to an external judging panel for another round of evaluation.

Shortlist & Presentation to Judges

The external judging panel, taken from a range of investment, technology and business backgrounds, will re-evaluate all applications based on the criteria outlined above.

From the 30 or so longlist candidates, they’ll select a shortlist of approximately 10 candidates.

Shortlisted candidates will then be asked to make a 20 minute presentation to the judges.

Based on the plan, the presentation, and how candidates deal with questions and objections, the judges will then select the winner of the iQ Prize.

Public event & Winner announced

Towards the end of June, we’ll facilitate a public event to which we’ll invite journalists, bloggers and guys in ties (business people).

Shortlisted candidates will have the opportunity to do a short elevator pitch at this event. To sweeten this, we’re offering a People’s Choice Award of €1,000 for the best elevator pitch of the evening, as voted by the audience.

This will give all of our shortlisted entrants a fantastic opportunity to get some excellent free exposure and publicity.

Finally, at the end of the evening, we’ll announce the overall winner of the iQ Prize.

Key dates

  • 25th March: Open for entrants
  • 12th May: Closing date for entries
  • 10th June: Shortlist announced
  • 25th June: Public event, shortlist elevator pitches, Peoples Choice and Overall Winner announced