A delightful morning had me facilitating a workshop aimed at understanding different potential funding agencies’ viewpoints. The venture support varied among the six participants, from a few hundred thousand dollars, right through to multi-millions.
One session looked at what business plans must exhibit for them to feel comfortable that success will more likely follow. This is somewhat elusive, as the words of one delegate confirmed by sharing that only 1 in 10 proposals they receive make it past just the very first screening process.
The result of the brainstorm was this watch-list of ten items:
- Entrepreneur Ownership (& involvement)
- (Secured) Market Access
- Applicant Passion
- Management skills & Technical expertise
- Sustainability (also incorporating Adaptability)
- Commercial viability
- Adequate Funding Requested
- Co-ordinated Development Resource
- Business Support in-place (to help internal systems)
- Promoters On Board (3rd parties to drive external alliances)
Another fascinating insight into the kinds of things business plans (and by association many a sales proposal) must consider.