Evaluation criteria has four sections with a total of thirteen factors. Four sections deal with firstly, the idea, then the team, followed by market and fourthly other exogenous factors.
Thirteen measures/factors are scored on scale of 1-5 (higher is typically better in favor of startup). Each factor is weighted to produce a weighted score.
Factors with corresponding weightage are as below, followed by explanation of each factor for scoring:-
1. Idea: Model & Clarity: Is the idea about general industry/sector/market or addresses a specific problem with a practical solution? How well developed in the understanding of market, problem and solution? How clear is the business model?
2. Idea: Values and Mission: How impactful can be the idea on society? How well suited is the Personal Intent to the idea? How aligned is the idea to UNDP Sustainable goals*?
3. Idea: Match for Netsol: How suitable is Netsol/Nspire to assist the applicant? How aligned is the applicant with Netsol values and purpose, Nspire theme, available talent, technology and resources?
4. Idea: Value proposition and differentiation: How likely is the product or service to stand out to its potential customer? How unique is the product, service and/or its features?
5. Team: Expertise: Does the team have required relevant talent, skills and access to knowledge?
6. Team: Alignment: Is the team aligned in purpose, mission and have required clarity?
7. Market: Total Addressable Market: How large is the total addressable market that the idea seeks to service?
8. Market: Momentum and Traction: What traction or momentum (if any) has the applicant’s idea have?
9. Market: Development of Idea or MVP: How well developed is the solution, whether at ideation, prototype or minimum viable product stage? What is the quality of research, problem solving, piloting and feedback?
10. Market: Go to Market Strategy: How hooking is the marketing strategy? Does it include best channels, media, partnerships, communications strategy and analytics? Is it holistic? Has it been tested?
11. External factors and assumptions: How unaffected will be the idea to external factors, events, competition, nature of industry, etc.?
12. Scalability potential: How scalable is the idea or business within its market in the future? Consider future monetization potentials when scoring
13. Business Feasibility and sustainability: How sound is the financial model? Have revenue sources and costs been identified? What is the potential for generating surplus income (consider time and amount)?
NSPIRE is Business & Tech Incubator in Pakistan and launched by Pakistan’s leading IT company NETSOL. It enables true entrepreneurs to launch their startups under the mentorship of industry leaders.
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