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The Business Concept – Short guide and template The Creative Business Cup is the world

The Business Concept – Short guide and template

The Creative Business Cup is the world championship for creative entrepreneurs. The Creative Business Cup runs in a number of countries. The winner from each country is competing in the final in Copenhagen, Denmark in November. To participate in Creative Business Cup you must submit your business concept in 8-10 pages in word or PDF or a maximum of 10-12 PowerPoint slides.

What is a business concept?

A business concept is a short description of your company and a plan on how you will operate and develop it. The business concept should give a quick overview of the business model, organization and economics of the business.

The purpose of a business concept is to make your business more manageable - both for you, your advisors and potential investors. It can also help to convince the world around you, that you are serious in developing your own company. Remember that the business concept sometimes is partners and investors first encounter with your business, therefore you could explain why it is attractive to invest money in your business or to choose you as a partner. This means, that it is often better with a short business concept. In Creative Business Cup your business concept must not exceed 8-10 pages or 10-12 PowerPoint slides including an overview. No appendixes are allowed.

The contents of the business concept should – if possible - be based on facts, with references to relevant sources. It is important to support your claims with data describing e.g. market size and growth rates.

The business concept must include:

Front page with name of company

Contact information and background information

An overview

We encourage participants to include the following elements:

Physical and organizational base for business

Description of product/service

Value propositions

Sales channels

Market and customers

Expected revenue streams

Key activities and cost structure

See ‘Template for a business concept’ below.

Key resources and partners

Competitive situation

Organization and Management team

Analysis of risks

Financial needs and plans

If relevant: Exit strategy

Can I participate in Creative Business Cup?

Any global citizen with a business idea and a background from within the creative industries is eligible to compete in the Creative Business Cup.

You must own the rights to the idea, with which you are entering the competition.

A participant can be an individual as well as a group of people collaborating in a team.

At least one participant in the team must have a background in one of the creative industries. Besides the person with a background in a creative industry the management team can consist of people with professional experience from other industries.

Creative industries are defined as:

Design

Architecture

Content production – e.g. computer games

Advertising

Books & press

Music

Film & video

Arts & crafts

Radio & TV

Amusement Parks & Live Scenes

Gastronomy

Restrictions for participation

The amount of external capital invested in the participating company must not exceed $500.000 US.

Besides that, there are no requirements for the participating company in relation to the:

Age of the company

Turnover of the company

Number of employees in the company

Template for business concepts

We suggest that you structure your business concepts as presented here. Remember that there is a maximum of 10 pages or 12 PowerPoint slides including overview.

Feel free to use pictures or graphs when it supports your presentation.

When you have completed the business concept you should read through the criteria for Creative Business Cup (also listed in this appendix).

1. Front page

The front page must clearly show that it is a business concept. You might want to provide the front page with the

company name and logo.

2. Background information

Fill out the schedule below with information about the person/persons behind the company.

Name:

Address:

Postal code/city:

Web:

Telephone:

Social Security Number:

E-mail:

Education:

Current employment:

3. What are your product, service and value propositions?

What is the value for the customers? What need does the business or idea solve? What solution does it bring to the market?

What is the product or service, and how is it original?

How is the product or service different to that of the business’ competitors?

What technology is the product or service based on? Describe its level of maturity, evidence of efficacy and function.

4. The market and customers

Who are your current and potential customers? What segments and markets are you aiming for?

How big is the total market? How big is the market that the company is selling to?

What will the market look like in the future?

What does the value chain look like in the target market? Where is the company located in the value chain?

Who are the current and future market players?

How is the market accessed – i.e. by which sales channels?

How are relations to customers formed and maintained?

How is revenue generated?

5.

Production and resources

Production now and in the future. Is it in-house or outsourced?

Who handles your production and how?

How are problems - that arise between production and sales - handled and minimized?

What are the company’s key revenue-generating activities?

What is the overall cost of running the business, and what are the costs of production, customer handling, management etc.?

Who are the company’s key partners and suppliers?

What does its intellectual resources consists of?

Do you have an overview of the IPR issues facing the business? Is your product protected by patent, trademark or copyright

6. Organization and management team

Who are the people behind the company? Please include information regarding their respective roles, background, experience, training, competency and network?

What resources and skills do the employees possess? And what does the organization look like?

Who does your board and, if relevant, your advisory board consist of?

Who are your investors, and how is the shareholding distributed?

7. Strategy, finance and growth

What strategies are being employed? Go-to-market strategy, investor strategy, sales and network strategy and/or other strategies?

What strategic, tactical, operational and financial risks are there? What steps have you planned to minimize them?

Is the business model scalable? Or is it unique? What plans do you have for growth?

Is capital needed to implement company strategy? How much? How much of the capital consists of self- investment by the owner?

Do you have an investment plan and timeline?

If relevant: What exit opportunities are available for potential investors? What is your time horizon?

8. Why should you win Creative Business Cup?

The goal of the competition is to show that creativity can be the basis of a sound business. Each team must describe its creative competencies and how they are utilized. How are creative competences combined with business competences to make the company grow?

How is the company part of the creative industries? Or how do you use the creative competencies from these industries in other industries?

In what ways is the business concept original and new?

9. Overview

Make an overview for example in the business canvas model.

9. Overview Make an overview for example in the business canvas model. Page 5

Appendix - Criteria for judging business concepts in Creative Business Cup

Main criteria The winners of Creative Business Cup in all countries and the global final will be companies that:

A. View creative competencies as a core asset of their business. Aesthetics, design, senses, interaction, art, visuals, gaming, media, musicality in a broader sense or other creative competencies must be one of the central components of their success.

B. Are commercial. Their concepts must have market potential.

The goal of the competition is to show, that creativity can be the basis of a sound business. Each team must describe its creative competencies and how they are utilized.

Other criteria

1. Originality: Is the business idea a new one or is it being used in a new context?

High marks are given to businesses that:

Are revolutionary in terms of their product or service, social relations, customer approach, markets or other ways.

Change the value chains of the creative industries or use creative competencies to change the value chains in other industries.

Lower marks are given to businesses that:

Have a new take on a well-known idea.

Follow the rules of the market rather than make them.

2.

Creativity: Are creative competencies crucial for the success of the business idea?

High marks are given to businesses that:

Are able to convince the jury, that their creative skills are world class in one or more fields.

Engage customers or others in creative processes.

Beat their competitors by harnessing creative skills.

Lower marks are given to businesses:

Primarily based on technical skills and innovation rather than on technical skills and other creative skills.

Where creative skills are peripheral to the success of the business.

3.

Market potential: Does the business concept entail a market potential?

High marks are given to businesses that:

Are a good investment.

Are scalable or in some ways unique to the point where others cannot copy it.

Generate new needs and new markets.

Present a strong overview of the existing market situation and how engage customers.

Demonstrate the presence of financial and strategic flair within the team, thereby combining creative skills with business skills.

Are realistic in terms of risks and possibilities.

Have taken steps to handle relevant issues regarding intellectual property rights.

Lower marks are given to businesses that:

Are local businesses without ways of scaling or growing.

Others can easily copy.

Lack the right mix of business skills and creative skills.

Have unrealistic expectations.

Do not know how to handle IPR issues.