Creative Business Cup Competition Manual


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Creative Business Cup Competition Manual

  1. 1. Competition ManualGlobal Creative Business Cup Version 3
  2. 2. The rights to Creative Business Cup belong to Center for Cultural and Experience Economy.Creative Business Cup is supported by: The Danish Ministry of Business and Growth Global entrepreneurship WeekPhotographic, mechanical or other reproduction of this material or parts thereof is only permitted under theCopyright Act.Creative Business Cup 1
  3. 3. With the competition we hope to highlight newCreative Business Cup entrepreneurial talents in the creative industriesThe creative industries are growing sectors that and motivate the entrepreneurs of tomorrow.continue to provide more jobs, and add increasingvalue to products and services. Moreover, creativeindustries have a positive spill over effect on more Organization of thetraditional industries improving growth and competitioninnovation. The organizations behind the Creative BusinessThese industries hold a great potential but the Cup are the Danish Ministry of Business andcreative entrepreneurs often lack insights and Growth and Center for Cultural and Experiencebusiness competencies needed to redeem this Economy (CKO). Creative Business Cup is apotential. That is why there is a need for a featured event of Global Entrepreneurship Weekcompetition such as Creative Business Cup that (GEW) an initiative supported by the Kauffmancan improve the business skills and the number of Foundation. Being a featured event means thatsuccessful companies in the creative industries. Creative Business Cup will receive special mention in GEW media and network.The creative industries include CKO is responsible for organizing the global Design competition, hosting the Global Award Show in Architecture Copenhagen in November 2012, and for Content production e.g. computer games composing the international jury. The jury Advertising consists of experts on creative industries and Books and the press entrepreneurship and its primary task is to select Music the winner of the Creative Business Cup. Film & video Art and crafts Creative Business Cup is not only a competition in Radio & TV Denmark but also a number of national Amusement Parks & Live Scenes competitions. In each participating country a Gastronomy National Host Organization (NHO) is responsible Leisure activities for implementing a competition and finding a winner in their countryCreative Business Cup is a competition forentrepreneurs from the creative industries Organization in eachanywhere in the world. The purpose is tostrengthen the business competencies of creative participating countryentrepreneurs. Through participating in the Each country finds its own winner – either by acompetition the entrepreneurs increase their national competition for entrepreneurs from theability to successfully start up a company based on creative industries or as a part of anothertheir creative competencies. competition for entrepreneurs. The national GEW hosts are expected to be the entrance point in eachCreative Business Cup consists of both national country but other organizations can also becompetition and an international final in responsible or involved in running theCopenhagen, Denmark during the Global competition.Entrepreneur Week (GEW) 2012. Nationalwinners competes against winners from other It is important to find the right national hostcountries at the international final November 12- organization (NHO) for the job. In this regard it14. should be noted that participation could promote the organization as a major force for change andWe are looking for new and revolutionary economic development, and may position thebusiness ideas stemming from the creative country as an innovative and creative The business idea must have a strong The NHO must establish a project organizationmarket potential and at least one of the people in and appoint one or more persons responsible forthe management team must have an education or the national competition and contact to CKO.background from the creative industries.Creative Business Cup 2
  4. 4. Timeline for Creative Business CupDecember 2011 - Sign up national hosts and local partners to assist with the competitionMarch 2012 Preparation for launch of Creative Business Cup NHO’s and partners plan the national competitions The final version of the Competition Manual is publishedMarch 2012 Launch of the Creative Business Cup at the Global Entrepreneurship Congress in LiverpoolMarch - September Launch of national competitions2012 Promotion of national competitions The NHO arrange workshops, presentations and other communication activities that promote the competition to potential contestants and relevant stakeholdersOctober 1, 2012 Deadline completing national competitions and selecting one winner from each participating countryOctober 2012 NHO produce presentation video of the national winner. Deadline for submitting presentation video is October 29, 2012. NHO carry out pitch practice with national winnerNovember 12-14, Global Award Show in Copenhagen, Denmark2012 NHO sends national winner and representatives to CopenhagenNovember 2012 CKO, NHO’s and other partners communicate the result of the Creative Business Cup to participants and relevant stakeholdersCreative Business Cup 3
  5. 5. that all submitted business plans have aDivision of responsibility high professional levelNHO responsibilities include:Most important: Local partners assist the NHO to: • Select a national winner to compete in the • Promote the competition to potential Creative Business Cup and represent your contestants country at the final in Denmark • Host local networking events, and workshops about the competitionAlso important: • Identify local media or sponsors • Fund travel and accommodation costs for • Cover expenses from the competition and national winners for their attendance at travel and accommodation of the national the Global Award Show in Copenhagen in winner and other national November or find sponsors to fund this representatives. • Promote Creative Business Cup to all relevant participants and stakeholders in Creative Business Cup provides support to their respective country. Possible assist hosts and partners: stakeholders are: • Host of Global Award Show in o Universities Copenhagen in November – week 46, o Organizations and unions for 2012 creative industries • General information, cases, marketing o Entrepreneurial groups and material, judging instructions and interest groups scorecards. All material will be available o Inventors’ clubs on before o Venture capitalists March 2012 o Business leaders o Law firms and accountants • If possible provide special rates or o Relevant media with interest in discounts on hotels and flights to creative industries, Copenhagen for the event. entrepreneurship or business • Recruit partners to help run the The Global Award Show of competition • Assist national winner with travel/visa Creative Business Cup arrangements. The international competition Creative Business Cup takes place from November 12-14, 2012 inWe encourage NHO’s to: Copenhagen, Denmark. • Have a national final where the best creative entrepreneurs from your country The Global Award Show itself will be held on compete against each other to win the November 14 and will be the culmination of the national Creative Business Cup and the Creative Business Cup. It will be a platform to title of being the best, creative emphasize the growth potential of entrepreneurs entrepreneur of your country. from the creative industries in a global • Compose a jury of experts responsible for perspective. selecting a creative entrepreneur for participating in the Creative Business Cup We expect other related activities will take place in Denmark. The jury for the national alongside the process of choosing the world’s best competition should consist of local entrepreneur from the creative industries. This experts with knowledge and expertise in could include a seminar on attracting capital to areas such as creative industries, creative entrepreneurs, workshops on how to entrepreneurship, IPR, marketing, sales, strengthen business skills, and product development etc. The jury can internationalization of entrepreneurs from the also be used for evaluating and creative industries. More information on will be nominating business plans for the posted at national final. The purpose of these related events is to highlight • Arrange workshops, presentations and the possibilities and challenges in the creative other communication activities which industries. promotes the competition and ensuresCreative Business Cup 4
  6. 6. At the moment CKO is negotiating with an At least one participant in the management teaminternational media partner to broadcast the event must have background in one of the creativeto a global audience. This will increase the industries. Besides the individual with aawareness on the Creative Business Cup, the background in a creative industry thecreative industries and the participants in the management team can consist of people with acompetition. TV-coverage of the event will professional from other industries.possibly also include pre-produced presentationsof each of the participants in the competition. This What are the creative industries?will result in more awareness on your national Creative industries are defined as:winner and your country. Design Architecture Content production – e.g. computerBusiness Plan gamesCompetition Advertising Books and the pressParticipant submission MusicCreative Business Cup is a competition on Film & videobusiness plans from the creative industries. Art and crafts Radio & TVThe submitted business plan must not exceed 15 Amusement Parks & Live Scenespages. GastronomyThe business plan must be written in English. Leisure activitiesEvery business plan should address the majority Restrictions for participationof the below topics: There is only one restriction that can deem a Base for business company unable to participate in Creative Market and customers Business Cup. The amount of external capital Description of product/service invested in the participating company must not exceed $ 500.000 US. Competitive situation Organization and Management team Besides this there are no requirements for the Analysis of risks participating company in relation to the: Financial needs Age of the company Exit strategy Turnover of the company Number of employees in the companySee ”Template for a business plan” below for moreinformation on what a business plan should The role of NHO and other organizationsinclude. The NHO and other involved organizations must act neutral in regards to the participants. AllNo appendix to the business plan is accepted. participants have the same rights in relation to support from the NHO or other involved organizations.Rules of the competitionWho can participate?Any global citizen with a business idea and abackground from within the creative industries iseligible to compete in the Creative Business Cup.You must own the rights to the idea with whichyou are entering the competition.A participant can be an individual as well as agroup of people collaborating in a managementteam.Creative Business Cup 5
  7. 7. Management team and business model:Criteria for judging Does the management team have the rightbusiness plans business and creative competencies? Are the IPR secured? Is it a good choice of business model?The business plan must be based on creative We are looking for business ideas that arecompetencies and have a solid market potential. worth investing in. Furthermore, the management should have the rightParticipants are eligible to participate in Creative business and creative competencies toBusiness Cup if their business: develop the business idea to a success. It is based on creative competencies should also be noted who owns the idea. has a great market potential Describe if it is possible to patent the business idea and whether the companyOther criteria: has secured the IPR.Originality: Is the business idea new or used ina new context? Financial flair: Are there a convincing financial We are not looking for companies plan for the company? expanding their existing business but for Consider the expenses to establish or new possibly revolutionary business ideas. develop the idea, and the expected income. Furthermore, it should be notedCreativity: Are creative competencies crucial for when the idea will turn into a businessthe success of the business idea? that generates surplus. The goal of the competition is to show, that creativity can be the basis of a sound business. Describe the creative competencies and how they are utilized.Market potential: Does the business idea havea market potential? We are encouraging the creative entrepreneurs to come up with products or services with a big market potential. Not a nonprofit project with an artistic goals. A good business plan should include estimates of how big the market potential of the business idea is and how many competitors it has. It should also be noted whether it can be substituted by a competing product/service. Furthermore, describe the profit margin.Creative Business Cup 6
  8. 8. Business Plan Template • How are products or services priced? • What is the "go-to-market" strategy?The following items should not be seen as a • Which distribution channels are used?definitive list of what a business plan mustcontain. It should be used as an inspiration for the • Is the business model scalable?participants and the NHO when arrangingworkshops on how to write a good business plan. Competitive situationBelow each topic is a list of question that the • What substitutes and competitors areentrepreneur should be able to answer or at least there for the product? Include sales,consider when writing a business plan. distribution, strengths and weaknesses of competing products?Base for business • What are the entry barriers for • Where does the idea originate and what is competitors? the need for solution? • What is the companys "Value Organization and Management team Proposition" - the problem it solves and • Who are the people behind the company, the value it creates for the customer? including their role, background, • How urgent is the customer’s problem? Is experience, training, competence and it "nice to have" or "need to have"? Here it network? is relevant to support the statements and • How many employees are there in the feedback from customers and partners or company? Who are key employees, and other market data. how does the organization look like? • Who does the board and possibly advisoryThe market and customers board consist of? • How big is the total market? How big is • Who are the investors, and how is the the market that the company is selling to? shareholding distributed? • Who is the target group for the companys • How much has the companys founder(s) solutions and why? self-invested? • What does the market look like in three • How old is the company? years? • How does the value chain look like in the Analysis of risk target market? Where in the value chain is • What strategic, tactical, operational and the company located? financial risks are there? What are the steps planned to minimize them?Description of product or service • What is the worst case scenario for the • What is the companys product or service? company? What is the plan if the worst (formulated in a concise and clear text) should happen? • What technology is the product or service based on? Describe level of maturity, Financial needs evidence of efficacy and function. • How much capital is needed to implement • How much innovation and differentiation the company strategy? How much of the does the company’s product or service capital is self-investment by owner? include compared to competitors’ offer? • How is the capital spent? Including • Is the product protected by patent, investment plan and timeline. trademark or copyright? • What is the preferred number of • What is the product development stage? investors? Including time horizon for completion and plans for versioning? Exit strategy • How is production now and in the future? • What are the exit opportunities for Is the production in house or outsourced? potential investors? What is the time • Are there a list of products or services horizon? with prices and production costs? • What is the favorite type of exit? Who are potential buyers of the company?Business Model • How does the company generate revenue?Creative Business Cup 7