Venture Lab entry process

Your team must submit a venture plan of 8-10 pages and a one-page
business model canvas. Your venture plan will help us to assess your
readiness for Venture Lab.

Please ensure that you cover all the necessary information in your venture
plan. We recommend using the outline on this page for your document.

If shortlisted, your team will also present your venture to a panel of judges.
The presentation should cover the Venture Lab criteria.

Your presentation should be between 10 and 12 minutes long, but no longer
than 12 minutes. Following the presentation, the judges will ask questions
about your venture plan.

Further details will be provided closer to the time.

Please cover the following points in your 8-10-page venture plan. Submit
it as a PDF file when the application form is open.

Executive summary

Provide a concise overview of your venture, focusing on:

• The problem addressed and your innovative solution
• Target market and competitive advantage
• Financial projections
• What makes your venture compelling and distinctive

1. Problem statement

• Clearly define the problem or pain point your venture addresses.
• Support the significance with data or evidence, emphasising its impact
  on the target market.

2. Solution

• Present your innovative solution and its effectiveness in addressing
  customer needs.
• Highlight its societal impact and contribution to positive change.
• Describe its current state, e.g. market validation, prototyping, beta-testing.

3. Market opportunity and alternatives

• Define the size and growth potential of your target market, including
  market validation findings.
• Identify existing alternatives and how your innovation stands out.
• Highlight intellectual property (if applicable) and any barriers to
  replication.

4. Business model

• Provide a clear outline of your business model, including:
  • Revenue streams and pricing strategy
  • Customer acquisition and distribution channels
• Demonstrate scalability and long-term sustainability.

5. Financials

• Include 3–5-year financial projections:
  • Revenue, expenses, cash flow, and break-even analysis
• Detail set-up costs and potential funding sources.

6. Founding team

• Introduce your key team members, their skills, and relevant
  experience.
• Highlight how the team’s strengths align with the venture's needs.
• Address skill gaps and plans to resolve them.
• Mention any external support, such as mentors.

7. Prototype (optional)

• If available, include images or links to your prototype with a brief
  explanation. This is optional but encouraged.

8. Appendices (optional)

Provide up to two pages of technical, statistical, or financial information
relevant to your venture.

Additional requirements

Business canvas

Include a one-page business canvas (e.g. lean canvas, business model canvas). These do not need to be part of the venture plan PDF, as they are submitted separately.

Please use these criteria to ensure that your document is ready for
submission.

Problem statement

• I have clearly defined a specific problem and supported it with evidence.

Solution

• My solution directly addresses the problem and is practical and achievable.
• My solution demonstrates innovation, and I have thought about a strategy for intellectual property (IP).
• I have clearly outlined the current development stage of my solution, e.g. market validation, prototyping, beta-testing) and planned the next steps.

Market opportunity and alternatives

• I have identified my target market, analysed its size, and considered its growth potential.
• I have provided evidence of customer interest and their willingness to pay for my innovation.
• I have identified existing alternatives and shown how my solution offers unique value compared to them.

Business model

• I have developed a clear plan for reaching customers, including defined  revenue streams, pricing strategies, and distribution channels.
• My business model is scalable and sustainable, and I have considered potential challenges.

Financial projections

• My financial projections for the next 3-5 years are realistic and include initial setup costs.
• I have identified and evaluated potential funding sources for my venture.

Founding team and skillset

• I have considered what skills are needed to make sure that this venture is successful.
• I have identified skills gaps and developed practical steps to address them.

Time commitment and effort

• My team can dedicate 40 hours per week across the team for the next six months to progress our venture.