Guidance Notes - Royal Academy of Engineering

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Data Protection The Royal Academy of Engineering will hold your personal data in confidence and will not release it to any third parties without your consent, except those involved in the delivery, audit, review and evaluation of the Enterprise Fellowships. Equal Opportunities The Royal Academy of Engineering is committed to a policy of equal opportunities in that applicants will receive equal treatment, regardless of race, colour, religion, gender, age or disability. APPLICATION FORM PERSONAL DETAILS Please supply your name, preferred correspondence details and title of the proposed business opportunity. BUSINESS PLAN Please use FOUR (4) PAGES ONLY to set out your proposed business opportunity. Please address each of the topics given in bold below. Write as much you like for each topic but stay within the total page limit – do not change the font, the font size or margin settings. When you have finished, you may delete all words in italics, i.e. these instructions, to ensure you are within the page limit. You may add additional titles as you deem appropriate. Executive Summary Please outline the market opportunity for your business and how your products or services will address this market. This should be understandable by, and compelling to, a non-technical person. Proposed Business Enterprise Please expand on your executive summary and provide a fuller description of the business you plan to develop. What is your product or service? Have you thought through a business model to bring your product or service to market? Do you plan to license the technology or spin out a company? What is your unique selling point? What is the likely cost of producing the product/service? Science, Technology or Innovation Please give a description of the particular science, technology or innovation will underpin the commercial offering of your proposed business. Discuss to what extent that the science, technology or innovation has been developed to the point that it is ready to be offered to customers. What is the problem that your novel idea, novel design or invention is intended to solve? 4
What are the most effective ways in which this problem has been addressed in the past? Why are improvements necessary or desirable? How close are you to having a completed product or service ready for market? What further development is required? How will that development be funded and resourced? The Market Please provide information on the market opportunity for the proposed business and how the products/services will address the market. Provide details of your proposed route to market and any market data and trends. What is the size of the market that your company will address? Please specify a relevant market segment rather than the market as a whole. Concrete market data should be supplied where available. What are the relevant trends in this market, and where are customers located geographically? Will the market be in a position to take up your technology? Competitive Advantage Please define the unique selling point of the proposed product/service, competitors in the marketplace and how the product meets the market needs. What is your unique selling point? What place will your product or service have in your intended market(s)? Who are the competitors in the marketplace, and how do they address the market’s needs? How do you compare? Customers and Their Needs Please give an outline of the customer and their needs. Provide any evidence that gives confidence that the proposed offering is a solution that customers will pay for? Who is the end user of the product/service, and what problem do they have that will be solved by the product/service? Who are the customers (if different from end users) for the product/service? What evidence is there that customers will pay for this product or service at commercially profitable levels? What is the preferred route to market, and what channels will be used to reach customers? Have you already spoken to potential customers? What have you learned from them? The Team, Partnerships and Connections Please give an outline of the people who will be involved in the business and any others who will provide support. Who else will be involved in developing your business? What are their roles? What rights to the business will they possess? What partnerships will support the development of your business? How much do you still need to do to develop these partnerships? What broader connections do you envisage helping the development of your business? 5
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Page 7 and 8: SUPPORTING INFORMATION Has the busi

Guidance Notes - Royal Academy of Engineering

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