The project must be distinctive and must represent a breakthrough in the (further) development of the sector and/or initiate additional new activities within the sector. The Project does not necessarily have to be a completely new concept. However, the breakthrough in the domain concerned, must be sufficiently demonstrated; in other words needs to be substantial.
The project must offer an economic perspective. An important aspect for the assessment is the extend to which the project-results, creates economic value for the domain. These should include an indication of what is to be expected as to new developed product/service; the latter in terms of turnover (growth), new customers etc.
Added value for society. The project must contribute a spin-off to society based on a sustainable economic level. While assessing the request, the Board will take into account the substantiation, plausibility and completeness of the relevant social aspects.
Strengthening the Island's Comparative Advantage.
The project/process needs to be cost-effective. A project/process may be technically balanced, but if it is not cost-effective, the viability of the change will be insufficient. The project/process must not be an idea that is generally regarded as not (sufficiently) functional or whose longer-term value is disputed.
The Project/ process must consider the effect(s) on human beings. It must demonstrate that the changes have been taken into account in advance of the project/process, and that the consequences for management and/or employees are anticipated.
Project must be supported with a clear link to the stakeholders.
All applications to be enclosed with common attachments; incomplete applications will not be processed. Kindly enter in appropriate column below if the particular attachments was actually sent.