McHale Engineering Ltd. will be sponsoring The Irish Hungarian Business Association (IHBA) Bright Idea Award for the best business idea by a small enterprise in Ireland with connections to Hungary.
The Award of €1000 will be given to the individual or business entity (sole trader, partnership or company) on the island of Ireland judged to be the best, as well as showing significant commercial promise.
The IHBA BRIGHT IDEA Award is open to all members of the IHBA, Irish or Hungarian. (To join the IHBA see www.ihba.ie). Hungarian entrants need to have a recognized presence in Ireland, and Irish entrants should already have a profile relating to Hungary. In all cases the number of employees has to be less than 20.
All competitors are winners through participation and will benefit from meeting and networking with fellow entrepreneurs.
A short list of 5 best applicants will make a presentation during the Business Networking event in March 2018 and the winner will be selected from these. The Award will be presented at this event.
- Commencement: 18th October 2017
- Closing date: 20th February 2018
- Short list of the first 5 applicants: 27th February 2018
- Presentations and Award: 5th of April 2018
- Project summary in pdf format document is 2-3 pages
- Document in English language
- Company registration number where applicable
- Submission of pdf document not later than 20th February to firstname.lastname@example.org
- A real sense of passion & enthusiasm for the business jumping off the page
- A clear vision for the business
- Keep in mind the 7 P’s of Marketing (Product, Price, Promotion, Place, Packaging, Positioning and People)
- Make sure you are clear on the concept and that an external person will understand it.
- Demonstrate your business plan
- Make sure you have a clear revenue model. Where do you make the money? Where do your sales come from? What is your pipeline like? We would like to see a draft sales projection for your business.
- Think visually. Make your plan stand out. Consider use of more pictures and less use of text.
Score sheet of the maximum 100 points:
- Originality of BRIGHT IDEA 30 points
- Commercial potential 20 points
- Business proposal 20 points
- Clarity of Submission 15 points
- Presentation (5 Finalists) 15 points
Registration for competition: Please visit our website: www.ihba.ie
The IHBA reserves the right to amend or alter the rules of the competition as it sees fit. The decision of the judging panel is final.