• General
  
  
  • Registration:
    • Processing charges: Rs. 10,000.
    • Registration: Each participating team is to fill out the Application form and an Executive Summary. The application form can be downloaded from the MITCEF site .
  • Submissions, Presentations & Deadlines:
    • All deadlines must be adhered to; late submissions will not be entertained.
    • All submissions must be made through email to bapsubmission@mitcef-pakistan.org using the standard File Naming Convention.
    • The application must not be more than 6 pages (not including cover page, Executive Summary, CVs and undertakings), Executive Summary must not be more than 1-2 pages and the draft and final BP must not be more than 20 pages. Text on the pages must be single-spaced using at least 12 point Times font and the page must be 8.5 x 11 inch size with margins of at least 1 inch each. The presentation should not be more than 10-15 power point slides using at least 20 point fonts.
  • Teams:
    • Can be from IT/ITES registered companies with authorization from the BOD.
    • There can be only one team per company.
    • CEO or at least one member of the BOD must be a member of the team.
    • There is no restriction on the team size. But a team must be defined.
    • Teams can take guidance/help from anybody but the team members have to be from the same company.
  • Expense Reimbursement, Taxes, Visa and Travel Arrangements:
    • Participants companies have to bear their own expenses.
    • Any taxes involved due to the Awards will be the responsibility of the awards winning team.
    • The winning team will be responsible to make their own travel and visa arrangements.
  • Undertakings:
    • BODs have to give in writing that they would commit to the Acceleration Plan.
    • Teams will give an undertaking that all information provided is true, accurate and complete to the best of their ability and there is no IP or any other legal violation in their concept of acceleration.
    • Teams will have to accept the rules of program without any reservations.
    • Teams acknowledge that any judging process involves high degree of personal judgment and subjectivity.
  • Presentation & Awards:
    • Time for the presentation and Q&A is 30 minutes. Presentations must not be more than 10-15 slides using font size of at least 20 points
    • Presentations must be made by the team members
    • Awards will be given to team members only.
      
      
• Confidentiality:
  
  
  • Application and BP are handled by judges and Mentors/Coaches who are reputed experts, entrepreneurs and industrialists who believe in promoting entrepreneurship.
  • All information provided by the participants will be treated with the utmost confidentiality. However, financial investment professionals such as venture capitalists and investment bankers seldom sign confidential non-disclosure agreements. Participants in the Competition can be confident that the organizers, sponsor, judges/mentors will respect the confidential nature of the submissions and honor the spirit of the program.
  • Participants must also ensure confidentiality.
    
    
• Eligibility:
  
  
  • Teams from only registered IT Companies can participate.
  • Companies must have been in operation in Pakistan for at least 3 years.
  • The average revenue for the past three years should be between US$ 0.1 to 3 Millions.
  • Teams including Organizers, Sponsors, Mentors/Coaches and/or Judges are not eligible.
    
    
• Decision of the Judges and Organizers:
  
  
  • All decisions of the Organizers and Judges, related to BAP, will be final and binding on the participants.
  • Conflicts, if any, related to BAP, would be decided by the organizers and their decisions shall be final and binding on all participants.
  • Judges and or the organizers may disqualify any team that, in their sole discretion, fails to adhere to the rules and regulations of BAP or otherwise engages in any unethical, inappropriate or unlawful activity.
    
    
• Material Submitted:
  
  
  • Would be kept by the organizers for statistical purposes and will not be returned to the participants. This material would be kept in the strictest of confidence and would not be used for any other purposes. The material would remain legal property of the owners.
    
    
• Evaluation Criterions:
  
  
  • Initial Screening Criteria to select up to 20 candidate companies
    Judges for the initial phase of the BAP will provide feedback on the information provide in the Application Form submitted by the Participants based on the following guidelines:
    • Is the market big enough i.e. are the market/opportunity size estimates realistic?
    • Does the acceleration strategy have the potential to take the company from revenues of US$ 0.2-3 millions to US$ 0.4-6 millions in next 3 years?
    • Does the company have resources and ability to implement the acceleration strategy?
    • What critical issues need to be resolved as the business moves forward with its acceleration planning process and does the company have the ability and resources to address these issues?
    Judging will be based on a scale of 1 to 7 (1 = Very poor, 2 = Poor, 3 = Fair, 4 = Adequate, 5 = Good, 6 = Very Good, 7 = Excellent). Based on this all the applications will be ranked and the top 20 will be selected for the BAP.
    
    
  • BP Judging Criterion for selecting the 4 finalists and Winners & Runner-up:
    In evaluating the written business plans, the judges will again use a scale of 1 to 7: In rating each of the Critical Elements listed below on a 1 to 7 scale, the judges will consider the following:
    • Does the Acceleration Pan indicate an attractive and realistic business opportunity for the company:
      • Does the Acceleration Plan presents credible information about market size, timing and growth rate?
      • Does the acceleration plan offer sufficient differentiation to attract new customers and/or change the behaviour of existing customers.
      • Does the Acceleration Plan accurately present the competition and a good competitive strategy?
      • Does the Acceleration Plan present a profitable and scalable business model?
    • Are the products and/or services ready for the market:
      • How long has the products and/or services been in the market?
      • Has the products and/or services been extensively used in the market?
    • Are the revenue projections in line with the market opportunity?
      • Does the plan describe how the sales will be generated?
      • Are the adoption rates, sales cycles and selling costs realistic?
    • Are the financial projections in line with the business opportunity?
    • Is there a clear financial plan?
    • Is the business adequately funded or adequate funding planned?
    • Has the company planned adequately for cash flow management?
    • Does the company history support the plans claims?
    • Does the management team have breadth, balance and quality to execute the plan?
      • Is the management team in place or is it being built? Do members have relevant experience, skills and track record?
      • Will any current gap limit the company?
    • What risks does the business face and what remedies are planned to address these?
      Critical Elements of the Business Plan
      • Executive Summary: Is it clear, exciting and effective as an overall summary of the business plan? Does it pique the interest of the reader as a bona fide business opportunity?
      • Background: Does it describe the purpose of the business, history of the company, genesis of the business concept, overall strategy, and the organizational culture and values of the business?
      • Business Concept/Product or Services Offered: Does it describe the features and benefits of the product or service brought to the market? Does it have any proprietary features that need to be protected? Does it address the potential factors that stand in the way of success?
      • Industry: Does the Plan describe the industry in which the business intends to compete, and the current nature of the competition in that industry?
      • Target Audience: Does the Plan describe target customer, the needs of that customer group, and the manner in which those needs will be met by the business.
      • Operations: Is there a plan for the production/delivery of the product or services? Have the issues of margins, operational complexity, resource requirements, technology, intellectual property, and operations/delivery practices and procedures been appropriately addressed?
      • Market Analysis, Sales and Marketing Strategy: Is there an analysis of the market, needs identification, customer profiles, potential market share, selling premise, demographic trends and the regulatory environment? Is there an appropriate sales and promotional strategy? Is there a competitive analysis and plan for addressing unexpected events?
      • Management/Human Resources: What are the backgrounds and expertise of key individuals? Are they equipped to address the strategic needs of the organization? What are the personnel needs of the business, and what is the appropriate organizational structure?
      • Financials: Are they presented in a form that is easily read and understood? Are they consistent with good accounting principles? Are they effective in capturing projected financial performance? Do they include an income statement, balance sheet and cash flow analysis on a monthly basis for year 1, quarterly for years 2-3 and annually for years 4-5? Do they include and required funds analysis, a break-even analysis and a discussion of trends and assumptions? Do they indicate that the team has a solid understanding of the financial requirements of the business?
      • Analysis: Are financial and non-financial risks addressed? Are external risks (e.g., interest rates, unemployment, economic growth, etc.) addressed? Are unexpected events and the business’s potential responses to them addressed? What is the impact on customers and competitive advantage if these risks materialize?
      • Viability: Is the market opportunity and success potential worth moving forward with the plan? Does management have the capability to implement and achieve the business plan? Does this business have a legitimate chance of being successful in light of the overall business plan? Can the capital needed to operate the business be raised?
      • Clarity: Is the plan well-written and concise?
        
        
  • Oral Presentation
    The judges will use the same 1-7 rating scale described above to evaluate the oral presentations made by the four finalists.
    Formal Presentation
    • Are the materials are presented in a clear, logical, sequential and informative manner?
    • How well do the individuals function as a team?
    • Is the team persuasive in its key points?
    • Does the team maintain the interest of the judges?
    • Are the visual aids helpful in making the case for the business?
    • Does the team make good use of the time allotted?
      Questions and Answers
    • Does the team understand the judges’ inquiries and answer the questions posed?
    • Does the team show poise and confidence, and an ability to think well on their feet?