Selection Criteria

We realise that not every new venture starts with the perfect team or the perfect bank balance. If you and your business do not quite measure up against the six selection criteria today with a lot of hard work you might be in a better position in three or six months time.

The Innovation Centre works closely with a number of selected motivated 'aspiring entrepreneurs' who have the potential to make real progress - aiming to help the entrepreneur to develop themselves and their plans before pitching to the Selection Panel.

1   A capable and motivated lead entrepreneur or entrepreneurial team, active participants in Incubator

  • Do you have the basic skills to make the proposed business a success?
  • Do you have any gaps in your skills, if so, how might you fill them?
  • What are your ambitions for the business?
  • Are you clear about why you want to locate at the incubator?
  • What are your expectations?
  • Would you be open to taking advice and participation in the incubator community?

 

2   A viable business concept for a new business involving technology based products or services

  • What date was / will your company be established?
  • Is it a start-up business?
  • Is it a technology business? If not, what are the prospects for job creation
  • Technical feasibility of new product and business idea – will it work?

 

3   Close to market with the ability to compete in a clearly identified market

  • Is your product likely to reach market with 1 to 2 years?
  • What evidence do you have that there is a significant market opportunity?
  • Any Market research?
  • How will you compete – what is your potential business advantage?

4   Evidence of adequate finance to sustain the business during the start-up phase

  • Do you have the ability to pay for rent and service charges – as well as cover your business operating costs – until your new business is generating sufficient sales revenue

 

5   Commercially attractive

  • Can you demonstrate how your business will make a profit?
  • Would your business appeal to potential investors?

 

6   Attractive to the Region and Incubator partners

  • How do you see your business developing in terms of employment, export, investment, innovation and revenue growth?
  • Are there any potential synergies with the University of the Sunshine Coast community?