• Problem Definition/ Market Opportunity: This criterion involves assessing whether the innovative product or solution is solving a real problem or addressing a genuine market opportunity. It involves analysing the size and scope of the problem or opportunity, understanding the target audience, and determining whether the solution is aligned with the needs of the market.
    • Specific goals and objectives of the solution
    • Evidence of research and data analysis supporting the problem and solution
    • Measurable impact on the target audience or market
  • Innovativeness:  This criterion focuses on evaluating the level of novelty and uniqueness of the product/solution/solution. The level of innovation can be evaluated by considering factors such as the use of new technologies, unique features or functionalities, or novel business models.
    • Uniqueness about the presented nomination or Demonstration of significant advancement/improvement over existing alternatives in the market.
    • Type of innovation (Incremental, Disruptive, Radical)
    • Intellectual property protection like Patent
  • Market Potential/Impact: This criterion involves assessing the potential market size, growth prospects, and competitive landscape for the product or solution. It involves analyzing factors such as the size and growth rate of the target market, the level of competition, and the potential for market disruption. Scalability refers to the ability of the product or solution to grow and expand to meet increasing demand.
    • Size and growth of the target market and potential revenue
    • Market share and competitive landscape analysis
    • Potential for cost savings or increased efficiency
    • Scalability and adaptability in different contexts, geographies, or industries
  • Social Impact and Sustainability: This criterion involves evaluating the impact of the product or solution on society and the environment. It involves assessing whether the solution contributes to the well-being of the community, promotes social responsibility, and demonstrates a commitment to sustainability. The impact on social and environmental factors such as public health, safety, and the environment should be considered.
    • Contribution to the betterment of society or the environment
    • Reduction of carbon footprint or environmental impact
    • Contribution to the achievement of Sustainable Development Goals
    • Consideration of social responsibility and ethical practices