Writing The Winning Executive Summary I-What Do The Judges Want?

As the deadline for the 8th Start-Up@SingaporeWe want something that is innovated
business plan competition is looming near, it will beconcurrently as our markets are moving. The
good to offer some tips for our readers on thebusiness plan competition or an investment does
first round of the competition. As a formernot fund ideas, but something concrete of a
participant, organizer of the Cambridge businessproduct which can become a hit. The only places
plan competition and also a judge/educator now, Iwhere such pipe dreams get funded are in your
have developed the science and art in writingimagination.
business plans for aspiring entrepreneurs whoThe REAL Thing we are looking for
want to take part in this type of competitions inThere are three important traits we want to see
my own capacity. Some of these thoughts camein a good executive summary. Trust me, I do
about by my actual engagement with thegoogle search on some good ideas to see
investors. By no means is my advice meant to bewhether it is a "me-too" type. So, if you think
the be-all and end-all standard for the judges, butthat the judges just read and do no due diligence,
most people could use it as a guideline in writingyou are going to get a cultural shock. I call this
their summaries for the competition.three important traits: Innovative, Sustainable and
What kind of entries go into my rubbish bin?Scalable:
It's always intuitive to tell people what cannotInnovative: I have always told some students of
work in such competitions. The same advice canmine to be involved in technology rather than be
be applied to the kinds of the companies which Ibusiness people. Yes, the process is hard for a
am interested as an angel investor. I have heardtechnologist but making an invention that
pitches and will not bother to reply to pitches withtransforms an idea to a commercializable product
"me-too" ideas. Here are the features in thoseis something that offers a boost to anyone who
entries which often end up in my trash can:takes part in this type of business plan
Something which you can do it yourself withoutcompetition. Most student competitors leverage
going into this competition: If you write anon an inventor's work to build their business plan.
executive summary about starting an internetWe seek innovation in the business plan
cafe, a restaurant, a consultancy, a chicken ricecompetition and hence you can see that the
stall or etc, it is 100% without fail that your entrywinners are pro-technology. However, if you can
will not make it to the next stage. If you want toinnovate by changing the market landscape, you
start a service startup using existing businessmay get a chance. For example, there was an
models, forget it too. If you feel angry andentry years back in the competition which was
disappointed with such decisions and yourabout selling "ba-gua" (barbequed pork) to US with
philosophy is that of entrepreneurship can meanan innovative marketing model. In the words of
the starting of small businesses, my reason tothe judges, it's only once in a blue moon that such
your gripe will be, "This is not the kind of entryentries get through. If you have problems in
that the business plan competition is looking outfinding innovations, try the A-STAR Exploit
for. Since you do not understand what thewebsite or INTRO website for technologies and
market wants, why are you taking part in thiscreate a value proposition. After all,
competition?" In short, these businesses can beentrepreneurship is also about gathering ideas and
started by yourself, and I will strongly encourageteams and creating a successful team.
that you do it yourself. I know that mySustainable: Sustainability is important for a
co-founder, Weichang often start such businessesbusiness. How does your business make money
without taking part in such competitions. If he canand how do you secure your customers? A lot of
do it while he was sick (with cancer at one pointtechnologists seem to imagine their own markets.
of time), so can those people who are healthyYou need to show in your summary that your
and wants to start their own enterprises.product is in market demand or how you can
Systems don't work: This is one that I heardmake the customers buy your product.
from a fellow judge. If you are planning toImagination is power only in your own mind, but
integrate services from three different portals ormarket reality is something that you have to
build a product based on three existing patentsgrasp.
into something that can be done by anyone, it isScalable: Can your product create more products?
also out. It's very simple to give an example onCan your business grow into a big chain? Can
this kind of business plan. Remember the dot comyour company develop into a medium enterprise
bubble, when people talked about integrating weband subsequently into a region company, finally
services to create online stores to sell bicycles. Ifinto a multi-national company? It is a criteria which
that is not enough, this is what an inventor toldthe judges look. After all, some of our judges are
me, "I want to create a new music player madesuccessful investors who have taken companies
out of a component from this company and thatto IPO. So, they have a sense in what kind of
company." My immediate response to him, "Dobusinesses are scalable and which ones are not.
you realize that you have just infringed twentySo, now that you understand what the judges
patents from twenty MNCs?"want. How do you write one? I will talk about that
If your idea is still science fiction... If you want toin the next article.
build a transporter (in Star Trek) or a pair of[to be continued.....
shoes that can allow you to fly, that's also out.