The Best Concept Award, sponsored by Small Business BC, is open to all new exciting, creative and innovative businesses (and business ideas) in BC. This is the only award for which entrepreneurs don’t need to be in business yet; they just need to prove that they have a phenomenal and viable idea that’s going to make an impact.
- Viable, Creative Concept: A viable business concept that describes the business, its product, the market it serves and the business’ competitive advantage.
- Strategy for Growth: A plan to take the business beyond concept or start-up to the next level with a strong implementation/growth strategy.
To be eligible for the Best Concept Award, nominees must be thinking of starting a business or have been operating a business in BC for a maximum of 24 months as of December 31, 2016. All nominees must have less than 50 employees.
To win this award, all nominees shortlisted as Top 10 semi-finalists will be required to provide:
- A description of the concept, products or services, including unique selling proposition.
- How the idea will be profitable.
- Who the target market is and how they will benefit.
- A description of the management team and how they will contribute to the company’s success.
- The growth strategy including a timeline / implementation plan.
- An Executive Summary that provides a good overview of the business concept, management team, product or service offering, target market(s), competitive advantages, and marketing strategy.
- A summary of financial projections including:
- Revenue & Gross Margins
- If not in business – a break-even analysis will be required
The winner of the Best Concept Award will be recognized with the Premier’s Prize in the amount of $1,500 cash.
The winner will also be offered a one-year all-access pass to Small Business BC education resources and experts, business mentorship from the award sponsor and the opportunity for extensive media exposure.