Your plan must be for an idea that is linked to Life Sciences with a Biological component. The idea could be based on your undergraduate research project, a scientific paper you have read, a scientific product you have used, a published patent or your own idea. Examples include: new scientific equipment or reagents; providing a service for scientific companies; products that are used in food, cosmetics, pharmaceutical, biotechnology industries; environmental products etc. Provided there is a Biological component this should be acceptable, if you are unsure about your idea ask before writing the plan.
You should aim for 2,000 words (with an absolute maximum of 4,000 words) describing your business idea under the following headings.
STRUCTURE OF THE BUSINESS PLAN and marking scheme
1. Executive Summary: – 25%
How would you describe the business to a potential investor, team member or customer in brief? Use one to three paragraphs to summarize the idea/opportunity. (This information may be used in public, do not disclose any confidential information or technology.)
2. Background: – 5%
Give the area of your plan, what has been done before and what you are basing it on.
3. Product or Service Description: – 20%
What have you got that is of value? Describe what it is, what its development status is, what the first product and future products are? Also include here your intellectual property position, e.g. can it be protected with a patent, copyright or trademark? What impact will that have on how you set up your business?
4. Market and Customers: – 25%
Who will you sell to? Why will they buy? What existing problem(s) will you solve with your service or product? What are the primary benefits to customers?
5. Competitive Advantage: – 10%
Who will the competitors be? Where are they? How are they doing it? How will your service or product compare to those of your competitors looking at both strengths and weaknesses? Again Patents and/or other IPR.
6. The Business Model: – 10%
How will you sell your product or service? Where does your revenue come from?
7. Team: – 5%
Short description of each team member’s background and experience relevant to the opportunity. What other experience in the team is needed? – Remember this is the type of individuals you would need to set up a particular business.
THE ELEVATOR PITCH marking scheme and suggested structure
1. Impact of your opening statement: – 35%
What key fact / problem / statistic / killer line statement are you making? Are the first 14 seconds of your elevator pitch compelling or attention grabbing? Would you win the seven second challenge in the real world?
2. Who you are: – 2%
Did you introduce yourself?
3. What is your core business: – 3%
How would you describe the business to a potential investor, team member or customer in brief? What is it that your business does or sell?
4. What is your company’s mission: – 15%
What is the problem your company solves or the opportunity that it grasps?
5. What is your market and it’s size: – 15%
Who will be your customers buying your product or service? How many of them are there? Who are they and where are they? What is their spending power? Which part of this market will your target?
6. What are your advantages over competition: – 15%
How would you describe the business to a potential investor, team member or customer in brief? Use one to three paragraphs to summarise the idea/opportunity. (This information may be used in public, do not disclose any confidential information or technology.)
7. What is your validation: – 5%
Do you have customers already? Do you or your team members have awards? Accolades? Recognition? Profits? What are your achievements?
8. What is your call to action: – 10%
Does the closing statement make the target audience wish to respond, hopefully by asking to find out more about the business?