What will the judges be looking for?
The judges will be looking for the following attributes when assessing applications to the Challenge Prize:
Innovation and type of solution
- An innovative new solution, or innovative application of platforms, tools, services, approach or products to support older adults in business ventures and intergenerational entrepreneurship.
- Based on a clear description of the technical architecture and key processes/functionalities
- Solutions can be based on a model or product approach. Technology can be used as an enabler as part of a broader solution incorporating non-technological elements
- Solutions should consider the intersectional challenges of different racial, gender, socioeconomic and other groups within the ageing sector and aim to be inclusive to all
- Any digital technology components of solutions should not exclude older adults with more limited digital skills
- To have at least a working prototype
- Ready to be presented at the Academy event in summer 2020
User testing and Co-creation
- Solution, process and design is centred on the needs, wishes and aspirations of older adults
- Development of the solution (including, but not limited to, the digital technology component) carried out with users, from first concept, through testing, validation and business modelling.
- Solution is usable and desirable to older adults.
Market potential and Scalability
- Strong business plan including a clear idea of revenue streams and a strategic plan for attracting investment or funding
- Readiness to go to market within 12-18 months
- Well-identified customer segment and plan to approach it
Focus on entrepreneurship creation
- Enabling collaboration and engagement with other generations
- Potential for senior entrepreneurship – this could include opportunities in business, mentoring, and involvement in social ventures
- Championing the assets and skills of senior talent
- Evidence that the solution can have a real, positive effect in empowering older adults through entrepreneurship. This should be embedded in the strategy of the company and demonstrated through a robust logic model or ‘theory of change’.
- Message and language used to prevent discrimination, stigmatisation and “ageism” to help build an age-inclusive and intergenerational future
- Ability to demonstrate a measurable improvement in the quality of experience and impact on wellbeing in a relevant number of older adults within 18 – 24 months;
- Solutions should integrate asset framing, including a clear plan, indicators, outputs and goals