Once analyzed all the different aspects that make a research project valid and interesting for possible investors, it comes the global evaluation. One of the goals of the ISPM was not only to provide lectures, lessons and insight on each aspect that makes a project manager competitive, but also to give to the participant the opportunity to be evaluated during their final day.
Students were divided into groups and invited to present to the Scientific Committee a research project presentation with a focus on tobacco harm reduction.
To better understand what investors and businesses look at when they analyze a project, we have talked to Prof. Rosario Faraci, member of the ISPM Scientific Committee who had the opportunity to evaluate all the final presentations.
Prof. Faraci, you have been part of the 2019 ISPM Committee. Which are the judging criteria used to evaluate the effectiveness of a valid research project?
Feasibility, impact and relevance are the criteria utilized to evaluate a business idea or a business project. They are important also to scrutinize a research project that uses the rigorous project management approach.
We know that submitting a valid research project means having in mind the relationships between activities, goals and budget. What are the elements that define a good business plan?
The team, the product and the market are normally considered important for the business plan effectiveness. I would say also that the internal coherence is important to evaluate whether a business plan is good or not. The internal coherence means that each block of the business plan, i.e. the business idea, the marketing plan, the organizational structure, and so on must be interconnected each with the other and they are addressed towards the same economic goal: looking at the marketing and satisfying their needs.
How relevant is the internationalisation of the research activities to the development of new businesses?
There are new businesses born globally, while others go to the global market out of the domestic boundaries. This happens because the research activities flow from one side to another of the globe. In addition, a pure context of open innovation facilitates cross-fertilization processes among University, corporations, laboratories and start ups.