B1 Summary of the Idea
Please provide a summary of your innovation.
Your answer should:
- Include an outline of the idea and the stage of its development (initial, intermediate, advanced) outlining the reasoning behind this, at the time of the application.
Please attach a brief description of the innovation, in the form of a presentation that includes a clear pictorial way that outlines the business model.
- Please describe what problem the idea is addressing and solving Your answer should:
- Include a description of the problem and an explanation of how this can be addressed by the innovation.
Please describe any benefits and returns of the idea for: consumers, other businesses, economy (quantifiable estimations if applicable)
Your answer should:
- Specify the type of benefits and returns of the idea for all stakeholders involved
- Include for example improvements in security, access to financial services, customer experience, cost efficiency, operational efficiency, or expansion into new market segments as well as others
Include quantifiable estimations of these benefits and returns of the project
Please provide an outline of how innovation promotes effective competition
Your answer should:
- Include an explanation of how a competitive environment is promoted through the idea
Please note that your response to this question is optional and will not affect the evaluation of your application
Please provide an outline of how the proposed innovation includes new or emerging technology or uses existing technology in an innovative / novel way
Your answer should provide details on use of Distributed Ledger Technology, Hyper ledger, AI, ML, etc.
Please provide an outline of key similarities and differences between the innovation and other ideas in the market
Your answer should:
- Detail key similarities and differences between the idea and other innovations/ideas that are currently in the market
- Please attach the main similarities and differences between the proposed innovation and other ideas. (If possible).