Description

The St. Croix EDC Scale-Up Challenge is a dynamic pitch competition designed to identify, support, and promote small businesses with growth potential. This competition will provide a platform for entrepreneurs to showcase their ideas, gain visibility, and access resources essential for scaling their businesses. By fostering innovation and encouraging scalable business models, the Scale-Up Challenge aims to create an impact in the small business ecosystem, helping participants accelerate their growth and attract investment while improving the economy.

To apply, please use this form.

Eligibility: Open to small businesses and startups in operation for at least one year, with a proven product or service and plans for expansion. Headquarters of the business must be located in St. Croix County.

Application Sections:

      - Business profile: Company name, location, industry, founding year, and team size.
- Problem statement: Description of the problem the business addresses.
- Solution and unique value proposition: Explanation of the product or service and what sets it apart.
- Growth and scaling strategy: Detailed plan outlining how the business intends to scale, including target market, customer acquisition, distribution, and any technological or operational enhancements.
- Financial overview: Brief on current revenue, funding to date, and projected revenue growth over the next two years.
- Impact statement: A description of how scaling the business will benefit the broader community or industry.

Judging Criteria

The applications and pitches will be evaluated based on the following criteria, with a 100-point scoring system:

Problem and Solution (20 points):
- Does the business clearly identify a real, significant problem or need?
- Is the solution innovative and effective?
- Does the solution provide unique value compared to existing alternatives?

Market Potential (20 points):
- Is there a significant market opportunity?
- Has the team demonstrated understanding of their target market and customer needs?
- Is the business model scalable and adaptable to new markets or customer segments?

Growth and Scaling Strategy (25 points):
- Is there a clear plan for scaling the business, including revenue growth, market expansion, or technological enhancement?
- Are the milestones realistic and achievable?
- Does the strategy demonstrate potential for sustainable, long-term growth?

Team Strength and Execution (15 points):
- Does the team have the necessary skills, experience, and commitment?
- Has the team demonstrated execution capabilities and resilience?

Financial Viability and Funding Strategy (10 points):
- Are the financials realistic and aligned with growth projections?
- Has the team considered funding options, and does it have a clear understanding of financial needs?

Impact and Social Value (10 points):
- Does the business have the potential for positive social or environmental impact?
- Will scaling the business contribute to job creation, community development, or other positive outcomes?