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FAME Selection Criteria for Participation in the FAME Events

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Selection Criteria for Creative Industry Businesses that wnat to participate in teh FAME Financing Network / FAME Coaching & Pitching Events.

FAME (Facilitating Access & Mobilisation of European finance for Creative industry growth) is a European project co-financed by the Competitiveness and Innovation Framework Programme (CIP) under the European Creative Industry Alliance. The main objective of FAME is to strengthen the fast-growing sector of Creative Industries (CIs) by helping channel financial resources to initiatives in this area.

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FAME Selection Criteria for Participation in the FAME Events

  1. 1. FAME Selection Criteria for Creative Industry BusinessesCriteria Explanation Definition (cf. Businessdictionary.com)Great market Growth Possibilities depend on the potential of the market. The market potential = the estimated maximumpotential market should be big enough and not dominated by too many total sales revenue of all suppliers of a providers. It should be possible to gain a noticeable market share. product in a market during a certain period. The evaluation of the market potential and the estimated market share should be realistic. Only then it is attractive for VC investment.Sustainable A business idea should help to solve existing problems in a better competitive advantage = A superiority gainedcompetitive way as before. The improvement needs to be significant & by an organization when it can provide theadvantage measureable (no fuzzy terms to explain!). Furthermore the same value as its competitors but at a lower business idea should not only work for a short time frame, but price, or can charge higher prices by providing provide a long-term profit. The competitive advantage cannot be greater value through differentiation. matched by competitors now, and should maintain that position Competitive advantage results from matching when growing and facing new competitors. core competencies to the opportunities. Sustainable competitive advantage = A long- term competitive advantage that is not easily duplicable or surpassable by the competitors.Creative USP The business idea should be unique in order to differentiate from USP = Real or perceived benefit of a good or(Unique Selling other competitors. It should be very clear what is different (and service that differentiates it from thePoint or Unique better) than already existing products/services. The question competing brands and gives its buyer a logicalSelling "Why should a customer decide to buy your offer and not that of reason to prefer it over other brands. USP isProposition) the competition?" should be answered very clearly and often a critical component of a promotional convincing. The USP should be based on a creative idea not on a theme around which an advertising campaign technology. is built.
  2. 2. Selection CriteriaCriteria Explanation Definition (cf. Businessdictionary.com)Management Team with One of the most important criteria. The teamstrong entrepreneurial should convince with a strong entrepreneurialspirit, high drive factor and spirit. The motivation to work internationallyinternational outlook is a condition to be selected.Highly committed and The organization/team should combinecompetent organization professional and commercial skills. But also the personality of each team member is essential: experience, creativity, motivation, strong nerves, cost awareness, etc. The team should also be open to critique and suggestions for improvement.Business model with After having the fixed costs covered, each business model = Description of means and methods aexcellent inherent new customer/user should cause only very firm employs to earn the revenue projected in its plans.scalability low (variable) costs. The scalability of a It views the business as a system and answers the business model is a crucial factor for the question, "How are we going to make money to survive high-growth potential of a business. High- and grow?" growth businesses should focus on scalable = 1. Facility, plant, or unit whose size, repeatable and scalable growth drivers. performance, or number of users can be increased on demand without a penalty in cost or functionality. 2. System designed to handle proportionally very small to very large usage and service levels almost instantly, and with no significant drop in cost effectiveness, functionality, performance, or reliability. Scaleable systems employ technologies such as automatic load balancing, clustering, and parallel processing.
  3. 3. Selection CriteriaCriteria Explanation Definition (cf. Businessdictionary.com)Strong and Businesses that already have strong partnerships withpromising suppliers, potential customers, relevant stakeholders andpartnerships opinion leaders have better chances to succeed in the target market.International high- The high-growth potential should not be limited to the growth potential = Mathematical probability that agrowth potential country of origin but be valid for a broader target group business will become larger. The growth potential from all over the world (or parts of it). The solution refers to amount of sales or revenues the offered by the business idea should not only address a organization generates. problem in a limited region but address people from other regions and countries as well.Attractive exit There should be some ideas for exit opportunities. exit = Point at which an investor (usually a ventureopportunity Only if these opportunities are attractive enough, the capitalist) sells his or her stake in a firm to realize business is relevant for investment. his gains (or losses). Generally exit is a move planned at the time of investment decision and may also be included in the firms overall plan. See also exit strategy.

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