Awards & criteria

How are the submissions evaluated?

Awards criteria

The jury (incl. local and international civil society, science, business and finance experts) will assess the challenge entries against the following criteria:

Degree of Innovation

  • Whether the addressed problem is clear and crucial for the sustainable development of aquaculture in Vietnam.
  • Whether the proposed innovation is clearly explained and expected to have a significant contribution to solve the described problem.
  • The degree to which the innovation is really innovative and revolutionary. Is the innovation already used in other countries or sectors, is it really new, does it question fundamental assumptions about aquaculture?

Degree of social, environmental and Impact

  • Whether the proposed innovation will make a significant contribution to the sustainable and inclusive development of aquaculture in Vietnam.
  • Whether it is clearly demonstrating how the proposed innovation will support conservation efforts and/or how it will be improving livelihoods of people involved in the aquaculture sector.
  • Whether a specific element of the innovation demonstrates that the proposed innovation will also improve the livelihoods of marginalized aquaculture producers and will not only be applicable for larger producers (this will be a plus).

Degree of business potential

  • Whether the proposed solution is realistic with an acceptable degree of risk. Depending on the category that the innovation is submitted to it needs to be demonstrated that the next steps (design, demonstration, up-scaling) are realistic.
  • Whether it is clearly explained which customers are targeted and how the revenue model is configured.
  • Whether it is clearly explained what the Unique Selling Points of the proposed innovation are, how the distribution model is configured and how it will compete with other solutions.

Degree of readiness for Finance and Investment

  • Whether the proposed idea is replicable and scalable to different countries and sectors/species
  • Whether the proposed solution will be profitable or financially beneficial to the competition participants or those who will invest in it.
  • Whether it is clearly explained which type of investment and/or (technical, financial or other) support is needed to bring the proposed innovation to the next level.
  • Whether it is clearly demonstrated that there is a strong team with a strong leadership proposal that will lead the further development of the proposed innovation.

The scoring per topic is depended on the proposal category.

What can you gain from the Challenge?

Awards

Service award Business model and pitch event

  • Who: Runner-ups selected in round 2 win a business
  • Description: model and pitching bootcamp including coaching to fine-tune the business plans and models and pitching and match-making opportunity with potential investors.
  • Location: Inspirational location in Vietnam
Impact prize Minimal cash prize will be $10,000 (approx. 250 million VND)

  • Who: most impactful business model idea
Travel award Full travel coverage airfare & lodging to attend the finals for finalists.