A panel of experts comprising academia, industry, business and investment groups shortlist the teams who proceed to the Final round of the competition. If shortlisted for the finals, teams have to work on the idea in preliminary proposal with an assigned mentor and submit a final business plan for the final round.

Some of the evaluation criterion that the Judges normally consider is:

Is the business technically feasible?

Quality of product(s) and/or solution(s) and the innovation involved

Market potential and competition

New concepts and innovativeness of the proposal

Areas of application of the proposed business

Potential of the proposal to improve the quality of life

Most elegant design for a challenging problem

Overall attractiveness of the plan