The Nicol Entrepreneurial Award-Competition Process banner

Evaluation and selection criteria

Although the details of the competition process may vary somewhat from university to university, the selection of finalists and winners is guided by a common set of evaluation criteria which together reflect the key theme of the Nicol:

“The Nicol Award is a national program designed to generate and reward interest in entrepreneurship on the part of undergraduate students in any faculty or field of study at participating universities across Canada”.

What the Nicol Award is

1. This award is more about the person than the plan.

The Nicol Award is designed to encourage entrepreneurship. We are looking for individuals who are truly passionate about the idea of starting and building their own business. We are not interested in those who are describing a theoretical opportunity for a business that someone else could possibly start.

(In the past, we have had teams that were very impressive in their ability to write and present a business plan. But when we actually spoke with them, it was clear that none of the team members had any interest in actually running that (or any small) business. Their career aspiration was to work for a major corporation or consulting firm, and they believed that participating in a competition like this one would look good on their resume. These may be very talented students, but they are not appropriate for the Nicol.)

2. This award is for genuinely original, student-driven ideas.

We are looking for proposals that genuinely reflect the original ideas and capabilities of the students proposing it. We do not want submissions where the team is really just “fronting” for someone else.

(In the past we have had plans where the key element was based on original research being done by someone else, and the team was really just describing how it might be implemented. We have had plans which were based on an existing business run entirely by non-students, where the team was really just describing a new strategic opportunity. These may be good ideas, but they are not appropriate for the Nicol.)

3. This award is for undergraduate students.

Although we are all aware of famous counter-examples — Microsoft, Dell, FedEx — the reality is that very few student plans will have the potential to become huge businesses, and very few students will have the time and experience to build and run them. We are looking for proposals that realistically reflect the capabilities of the student teams, and which have a practical chance of working.

(In the past we have had plans where the first action identified was the need to raise tens of millions of dollars to build a production facility. We have had plans where the first action identified was the need to recruit entirely new senior management. These might be viable business opportunities, but they are not appropriate for the Nicol.)

What the Nicol Award is not

1. This is not a “business plan” competition.

We are not looking for the most elegant or most comprehensive document. We are not trying to reward the students’ ability to follow a checklist of business plan elements — market sizing goes here, competitive analysis here, cash flow projections here. Of course the plan must be clear and reasonably written, but longer does not mean better — our experience is that many judges have formed a strong opinion by the time they finish the executive summary. And we have also found that judges gain some of their deepest insights from how well the students can present their idea verbally and how effectively they can respond to followup questions.

2. This is not a “venture capital” competition.

Venture capitalists are interested in businesses which will provide them with a clear path to an exit with very strong return on investment. So they tend to favour “big ideas” driven by experienced management teams – in fact, management changes (i.e. the replacement of founders) are very often a precondition to VC investment. Most entrepreneurs actually create companies that are not suitable for venture capital investment, and yet they can still grow to be viable and sustainable businesses.

3. This is not a “technology” competition.

The natural interests of young people, and the low barriers to entry, mean that many student-driven ideas will tend to focus on opportunities for emerging technologies, especially internet-based software products or services. But this is not specifically a high-tech competition — there is nothing wrong with a sound plan to open a string of student-managed bicycle repair shops, for instance.

4. This is not just for “business” students.

Good entrepreneurial ideas are not restricted to business students. Many of the participants in the Nicol are enrolled in business programs of various types. But we strongly encourage the involvement of students in any faculty or field of study, and urge our faculty advisors to proactively reach out to them. Many Nicol finalists, and several winners, have been students who were not enrolled in a formal business program.