Dublin-based internet consultancy iQ Content, has launched the iQ Prize, an open competition for the best business plan for an internet start-up The winner will receive a no-strings-attached grand prize of €10,000.

According to the company, creating a "smart economy" is the oft-quoted solution to our daily dose of doom and gloom tales. But amidst all the talk, there's a lot of indecision, which is why it says it has decided to take action to get the "smart economy" ball rolling.

iQ Content is a Dublin based user experience strategy and design consultancy. Its Managing Director, Morgan McKeagney (pictured), said "iQ Content was born in the last great tech recession of 2001, so we know how hard it is for startups. But we also think recessions are a great time for creativity, good ideas and starting sustainable businesses."

"The iQ Prize is our contribution to creating a better Ireland: a catalyst to tap into Ireland's talent, to spark innovation, and to help create the great businesses of the future," he continued.

McKeagney explained that entrants must send in a brief 5-page business plan that shows how they will turn their idea into a great online business. The business plan will be measured on the following criteria:

1. Problem: What's the problem you're trying to solve?

2. Solution: How are you going to solve it?

3. Business Model: The business bit - how will you make money from this idea?

4. Technology: How will you build this?

5. Sales & marketing: How will you market and sell your solution?

6. Competition: What's the market like - who are your competition and how will you better them?

7. Team: Who's behind this and why do you think you'll be successful?

The entrants will then be shortlisted to ten, who will be asked to present their business plans before a panel of independent judges.

McKeagney added, "Anyone - an individual or company - based permanently in Ireland, can enter the competition and the entry doesn't need to be original to win, just viable."

The panel will then assess the presentations to establish if the plan and the team are credible, will they be able to do what they say they'll do, is it feasible, can it be implemented, is it achievable, workable or possible, and finally can the idea become a sustainable business, will it make money in the short or medium term and can it survive in the long haul?

The final winner will be announced at the end of June.

For more Information Visit www.iqprize.ie

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