Innovation Eligibility Criteria
If you would like any further information or are considering applying and would like to know how, please contact us.
Does the idea exist in the market today and how easy would the idea be to replicate. Is the business product or service ‘game changing’ and/or ‘disruptive’ to the current market offer?
Does it have any USP’s. Is the proposition differentiated? Is the product or service already at a commercialisation stage or will it be in the first year or so after tenancy begins.
What is their value proposition? What is the size of the market within which they operate. Are they looking to expand regionally, nationally, or even internationally? Are they looking for a small share of a big market or a big share of a small market? Does the marketing strategy/plan appear credible and realistic?
What are the 1,3- and 5-year growth ambitions for the business. Do the ambitions appear to be realistic with a vision for how and why they can be achieved? Is there already a track record of sales growth if the business has been running for a few years? Is there a current financial forecast?
Does the company have adequate financial backing, access to suitably skilled workforce and technology to support their growth ambitions. Are the suitable staff already in place? Are there any grants the business may be able to access to assist growth?
Does the company have an ‘up to date’ business plan? Is the management team experienced in running and growing business operations. Do they have a good business head and an entrepreneurial flair? Are they operating in a market they know and understand? Does management adopt a flexible view to business adjusting strategy to fit the everchanging world and competition. Why does the management want an office at the Innovation Centre; how will it help the business grow?
Note: that the eligibility assessment criteria will be tailored to match the level of uncertainty created by exceptional circumstances affecting the business operating environment such as Covid or Brexit and the undoubted affect this has on business planning and confidence.