Vetting Criteria

The goal of the Vetting Matrix: The idea is that the person(s) bringing the project/idea to the Hot Spot are committed and passionate about it and can clearly communicate both their idea and their vision for what success looks like.

Our goal is to start with the idea and aim for the vision, while providing guidance and resources along the way to ensure progress.

Rating Scale of 1-5 1 2 3 4 5
Not at all Very Little Somewhat Very Much Without a Doubt

 

Evaluation Criteria Weight Raw Score Weighted Score
Solves a Problem 5
Competitive Landscape 4
$100 mil Potential Market 3
Brandable 3
Shipley Fit 5
Total Score

Explanation of Evaluation Criteria: What is the problem? How does your product/ idea solve it?

  • Solves a Problem
  • Competitive Landscape: Who is your competition? What makes you different?
  • $100 mil Potential Market: What/ Who is your market? Does the market have potential to grow and be profitable? Think globally, not regionally
  • Brandable: How can you market your product/idea? How would you spread brand awareness?
  • Shipley Fit:  unique, protectable, scalable; entrepreneur/innovator/inventor is passionate and committed to the idea/concept

o   Can provide their vision for the project – what they want to accomplish (get rich, see the product made, make the world a better place, etc.)

o   Can clearly provide and communicate the idea (drawings, confidence/comfort with the topic, etc.)