impact

Application Process

Stage 1

  • All applications must be made via the web page.

  • A ‘one-off’ handling fee of US$25.00 must be paid before any application is lodged into our system. This is to cover lodgement costs and to ensure applicants are genuine and serious about growing their businesses.

Stage 2

  • Applicants will be initially graded to ensure all relevant details have been provided, by industry sector, stage the business is at, and potential.
  • Suitable applications will then be placed on our Accepted List for assessment by our industry panel.
  • Applicants placed on the Accepted List will be advised by email.
  • Unsuccessful applicants will be encouraged to rethink their business plans and try again for the next intake.

Stage 3

Shortlisted applicants will then have their applications assessed by our judging panel for:    

 

Areas

Points

Total Possible

Industry sector

1-5

5

Innovation & IP rights

1-10

10

Scalability

1-10

10

Business Model

1-5

5

Profitability

1-10

10

Social Contribution

1-5

5

Team skills and abilities

1-5

5

Total Possible Points

50

Stage 4

  • Applications earning 40 or more points will be moved to the Master Short List
  • Applicants moved to the Master Short List will be advised by email
  • Applications that fail to earn a minimum 40 points will be encouraged to rethink their business plans and apply in the next intake. These applicants that re-apply will be given priority at the next intake and awarded an extra 2 points for perseverance.

Stage 5

  • Applicants moved to the Master Short List with 40+ points will then be judged by our Senior Judging Panel. Judges will draw up a Final Short List of 60 Applicants, who will be notified by mail, and the asked to attend a face to face meeting for an in-depth assessment of their business idea, presentation of any requested documents, proof of Intellectual Property, licenses etc.
  • Judging panel will present their findings to the Directors, and the Directors will then draw up a list of Final Candidates.
  • Final candidates will be notified by email
  • Directors will then conduct Due Diligence process of Final Candidates.
  • Those Final Candidates will be advised by e-mail, phone or in person.
  • Final Candidates will be assigned a ‘Virtual’ Mentor from our panel of qualified Mentors and placed into The Virangana Project program.
  • Successful candidates will work with Mentors to fine tune their Business Plan and Pitch Deck. In October 2018, Candidates will be flown to Australia to meet with Mentors and attend a series of ‘Pitch-Fests’ where they will pitch for capital investment and other assistance.
  • Mentors will provide ongoing advice to successful candidates to ensure business plans are adhered to and milestones are met.