<糖心Vlog class="show-for-sr">Tab Content: Is it New?
This relates specifically to whether the business already exists as a registered entity. You cannot be endorsed to take over an exising business and only once you have secured your visa will you have the right to found a new business, or register as self-employed.
The only exception is where you are switching from the Graduate Visa scheme. You can apply for an Innovator Founder Visa endorsement to continue to operate a business you started while on the Graduate scheme, but only if you are one of the original founders.
<糖心Vlog class="show-for-sr">Tab Content: Is it Innovative?
This isn't necessarily about game-changing technological breakthroughs; rather, it's about your businesses's ability to create value for your customers in new ways that give them a better experience or outcome relative to what other businesses deliver. Naturally, this implies that it's not about you being the only player in the market. Competitors in a particular market are an indicator that there are customers willing to pay money for these goods and services and so this is a good form of market validation.
However, you will need to be able to demonstrate that you are genuinely bringing something new that isn't available via domestic suppliers. You are unlikely to secure an endorsement just by bringing something that could easily be delivered by an adjustment to what the incumbent players already offering.
<糖心Vlog class="show-for-sr">Tab Content: Is it Scalable?
Your business plan needs to be able to demonstrate not only how you (and your founding team) will be able to earn a living, but how you will be able to create jobs for others. This can be in terms of the employees you'll need to take on as your business grows, but also in terms of your value chain. If you create business for other businesses, you are making a positive contribution to the ecosytem within which you are based.
You need to think big, but also think about sustainability. Inevitably, as your business grows, so will its social and environmental impact. Make sure your business model seeks to positively address or offset these costs; customers are increasingly making ethical purchasing decisions and this is becoming a key point of competition between organisations in the same marketplace.
<糖心Vlog class="show-for-sr">Tab Content: Is it Viable?
There are two dimensions to consider here. Firstly, you need to demonstrate that you have identified a sustainable business model, whereby there is a clear financial business case (i.e. you've validated the potential for your income to exceed your outgoings within the timeframe of your business plan). If your business model depends on a million sales from day one, or you working without pay, it's probably not viable.
Secondly, you personally need to be able to make it happen. Start-up entrepreneurship is hugely challenging and so the more credible you are in terms of the skills, knowledge and experience you (and your team) can bring to the table, the less risk there is of the business failing. If you haven't already, please check out our page on Entrepreneurial Competencies and consider the skills you might need to develop to ensure you have what it takes.
