Summary:
Applicants are first invited to submit a 4 page summary of their idea / project. These are evaluated by a first jury. Teams qualifying for round 2 are invited to submit a full business plan (around 30 pages). Business Plans are evaluated by a second jury who selects and announces the top three winners.
Round 1:
1- Submitting Applications:
All applications must be submitted electronically through the web site. Teams willing to enter the competition must sign into the website and secure a username and password. The application contains 18 questions that summarize the business idea and the means of implementing it. The Application is available in English only. Using the username and password, the application must be filled on-line. The user may save the application as many times as necessary to fill it. Once finished, the application is entered into the competition by pressing the “Submit” button. On January 7 2007 at 23:59, only those applicants who have submitted their applications would have entered the competition.
2- Grading Round 1
Every application is graded once by a jury of business professionals. Grades are given on a per question basis as published in the application form. Two or more blank questions disqualify an entry, as well as answers that are obviously not serious and not well thought of. We estimate that it takes at least two weeks to compose all answers, so we advise applicants to take their time to thoroughly think about their business project in as much detail as possible. All grades are given electronically, and graders do not see the names of the applicants. Only the system is able to sort and process the best applications.
3- Qualififying for Round 2
The jury will convene for two days to review the applications that will qualify for Round 2. partly depending on the total number of valid submissions received in Round 1, and partly depending on the final number of jury members in Round 2, members of Jury 1 will be requested to rank the first 27 to 30 submissions of Round 1
The jury of Round 1 consists of professional people. The jury reserves the right not to qualify a team if the team does not abide by the terms and conditions of the competition. The participants that qualify for Round 2 will be announced during a press conference as well as on the web site of the MIT Arab Business Plan Competition.
Round 2:
Submitting Full business plans
The qualifying teams have until the deadline (tentatively March 15, 2007) to submit their full business plan. Guidance about how to write a business plan and about what is expected in terms of information in each business plan will be given in due time, including samples on the web site. Submissions are accepted in English only. A typical business plan comprises 25 to 40 pages.
4- Grading Round 2
The qualifying teams have until the deadline to submit their full business plan. Guidance about how to write a business plan and about what is expected in terms of information in each business plan will be given in due time. Submissions are accepted in English only. It is estimated that a typical business plan comprises around 30 pages. Business Plans are distributed in a random fashion to the members of the second jury. The second jury is composed of high profile business people active in finance, venture capital as well as various industries. Every Business Plan will receive one grade from one member of the jury or more. That grade will constitute 70% of the business plan final grade. Round 2 jurors will retain the 9 top ranked submissions.These 9 finalists will be requested to prepare a 15-20 minutes oral presentation.
5- Final Round
The 9 finalists will make their oral presentations infront of a Final jury composed of VIPs and renowned business personalities who may contribute by advising presenting teams on the best strategy going forward. The presentation grade equals the average of all grades given by the members of the second jury, and represents 30% of the total grade.
6- Awards Ceremony
The Final jury will deliberate and announce the top three winners during a final awards ceremony to take place at a date to be specified in April 2007.
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What is the judging process?
