What evaluators look at in a business plan
The deductions that come up again and again from evaluation panels under four Korean ministries, and the places where the scoring sheet actually separates applicants. A checklist to read before you write.
The scoring sheet is already public
Most government support program evaluations break down into problem definition, solution, market potential, feasibility, and team capability. The scoring table is attached to the announcement, yet many business plans are not written in that order.
What failing business plans have in common
- Sizing the market as the whole industry and never narrowing to your own target market
- Writing that you have no competitors. Include substitutes and that's impossible
- Most of the deck goes to explaining the technology, and why customers pay gets one line
- A team introduction that stops at a list of resumes and never explains why this team is the one solving this problem
- When the fund usage plan lists line items but gives no basis
Reviewers go through many submissions in a short time. If the first page does not tell them what the company does, they are unlikely to read the rest closely.
Validate the revenue model with numbers
With four numbers — price, cost, acquisition cost, and repurchase cycle — you can work out on the spot whether the revenue model holds. If a number is an estimate, it is better to call it an estimate and attach the basis for it.
If you need a lecture or workshop on this topic
The format is matched to your institution’s goals and audience, from a 90-minute lecture to a 2-day intensive program. I usually reply within one day.
