Description
The Emerging Business of the Year Award recognizes a relatively new and promising business that has demonstrated significant growth, innovation, and potential for success.
Requirements
Here are some criteria for this award
- The business must be less than 5 years old.
- Growth and Performance: The emerging business should have achieved notable growth in terms of revenue, customer base, market share, or other relevant metrics. The criteria may also consider factors such as profitability, scalability, and sustainability of the business model.
- Innovation and Differentiation: The emerging business should demonstrate a strong level of innovation and differentiation within its industry or market. This can include the development of unique products, services, or processes, as well as the use of innovative technologies or business models that set them apart from competitors.
- Market Potential and Competitive Advantage: The emerging business should have a clear understanding of its target market and demonstrate a strong potential for future success. The criteria may assess the market size, demand for the business's offerings, and the company's competitive advantage or unique value proposition that positions it for long-term growth.
- Entrepreneurial Leadership: The business's leaders should exhibit strong entrepreneurial qualities and demonstrate effective leadership in driving the growth and success of the company. This can include their ability to inspire and motivate their team, make strategic decisions, and navigate challenges with resilience and adaptability.
- Customer Satisfaction and Reputation: The emerging business should prioritize customer satisfaction and have a positive reputation among its customers and stakeholders. The criteria may consider customer feedback, testimonials, and online reviews to evaluate the business's commitment to delivering high-quality products or services and building strong customer relationships.
- Industry Recognition and Partnerships: The emerging business should have garnered recognition or accolades within its industry or market. This can include industry awards, media coverage, or partnerships with established organizations that validate the business's potential and credibility.
- Adaptability and Resilience: The emerging business should demonstrate the ability to adapt to changing market conditions, seize opportunities, and overcome challenges. The criteria may assess the business's agility, flexibility, and its ability to pivot or evolve its strategy as needed.
Criteria
| Criterion | Weight |
|---|---|
| Logo is uploaded | 2.0% |
| Overall Business impression and Adhesion to Award Criteria | 10.0% |
| Leadership and Continuous improvement | 22.0% |
| Civic Pride and Corporate or Individual Social Responsibility | 22.0% |
| Employee Engagement, Wellness and Development | 22.0% |
| Customer Focus and Quality Management | 22.0% |