Share your ideas and be Rewarded.
The NEXT Awards 2021 Competition allows GXI Members the opportunity to develop an innovation or emerging business plan around their novel idea or innovative technology. NEXT stands for New, Exponential and Transformative.
Teams compete in either two categories;
Horizon 1 - Best Innovation and,
Horizon 2 - Best Emerging Business
for a total of PHP 40,000 in cash prizes and other rewards.
The 2021 competition will be completely virtual. (via Zoom)
2021 Registration is now Closed.
To enculturate the innovative mindset, it is the responsibility of all registered GXI members, to find innovations that raise performance standards or introduce an idea for a better product or service offering that will make your business unit or the Gothong Southern Group of companies become the market best-in-class.
The competition is intended to simulate the process of entrepreneurs soliciting innovation or start-up funding from early-stage investors and venture capital firms.
The judges' role, as venture capital investors, is to decide on which business venture or innovation they are most likely to fund. The value created by the process improvements, new product or service, attractiveness of the market opportunity, the competitive advantage of the proposed venture, the operational and technical viability, the capability of the management team, and the capital requirements and financial forecast, and the clarity and persuasiveness of the written plan and oral presentation, all influence the judges’ decisions. The winning team would most likely be the one the judges are willing to invest their money in.
The competition judges are Gothong Southern's Executive Committee members and experienced guest entrepreneurs and thought-leaders. Their ranking of the top teams is guided by the scorecard (described under Competition Mechanics) but should be consistent with the approach that would be used by early-stage venture capital or angel investors.
We recognize that consistent with real-life investment situations, early-stage companies can vary in different stages of development. To compensate for this, GXI will provide each team that would require an initial investment for innovations or product/ service development upon request on their registration form.
No formal valuation or deal structure is required for any round of competition. We recommend that teams be prepared to address questions about their terms, but it is at the discretion of the team regarding how they wish to answer those questions.
During the competition, judges are asked to evaluate each team individually. After the Final Presentation Round in each category, the judges will have the opportunity to discuss and determine the winners in their respective categories.
Feedback and scoring information from the previous stage will be provided to the judges for reference purposes during the final presentation round.
1. GXI Members may join individually or form a Team of up to 5 Members (max) with at least 3 members Certified.
2. Members may come from the same Business Unit or Cross business units within the GS Group (ex. Team with GSS and GSP members)
"The best innovations come from the intersections of processes, teams or businesses" - OCSO
Each Team must select if their NEXT project entry falls under one (1) category with the following conditions:
A. Horizon 1 - Innovation
Innovations must be a new proposal or a project that has been implemented recently within the year (starting January 2021) but not documented.
B. Horizon 2 - Emerging Business
The business proposal is based on a new product or service using our existing resources and capabilities or new exponential technologies (ex. platforms, devices or equipments)
The Teams are given 2 Months to test their projects as Proof of Concept (POC).
Projects are given an initial fund of PHP 5,000 to invest in their project.
(Requested during registration of NEXT project entry.)
Key Performance Indicators must be recorded and submitted to GXI within the given experimentation period using the given templates.
Points to consider on your Project proposals:
Was a clear explanation of the business idea and value proposition provided?
Was the proposition to the Judges clearly presented?
Does the information provided entice the audience to want to know more about the business?
Testing of innovation, preparation of prototype and presentation materials based on:
1. Problem and Solution
2. Operational Viability
3. Marketing Opportunity
Pitch and Business Concept Round.
Judging Criteria on Strength of oratory and PowerPoint presentation.
Horizon 1 - Best Innovation:
* Quality Improvement
* Operational Efficiency
* Cost Savings
B. Horizon 2 - Emerging Business
* Value Created by the New Product or Service
* Attractiveness of the Market Opportunity
* Competitive Advantage of the Proposed Venture
* Operational and Technological Viability
* Financial Forecast
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