The detailed business plan will further test the proposals made at One. Applicants will have an opportunity to supplement information provided at Stage One. They will be asked for further, more detailed information, and we will carry out greater testing of the evidence. This will include: full curriculum plan and research plan; full staffing, estates and facilities plans; full financial plan including the overall viability of the business model and full stress testing of assumptions; greater detail of employers’ commitments and contributions including funding, equipment/facilities, staff resource; the risk sharing model; and the full project delivery plan. A for money criteria will also be added. Where the quality of any criteria is diluted under the impact of being part of a cluster of proposals, quality scores will then be evaluated in this context. Applicants will have received Stage One feedback as to: which criteria are at risk, and from which clustered proposals. Stage Two may include bids that merge some Anchor institutions from clustered proposals if they are a credible response to this feedback. Financial, capital and legal due diligence will also be carried out at this stage. 47. Proposals will be re-scored and re-ranked at Stage Two, after which the Expert Panel will provide recommendations to Ministers on the quality threshold above which proposals will be judged successful. The final quality threshold will set which proposals will be eligible for IoT status and capital funding (where applicable), subject to final assurances and due diligence plus acceptance of the relevant funding and licence agreements. Post Stage Two, the Department reserve the right to negotiate the engrossment of the capital award. Figure 2: The IoT competition STAGE ONE
The detailed business plan will further test the proposals made at One. Applicants will have an opportunity to supplement information provided at Stage One. They will be asked for further, more detailed information, and we will carry out greater testing of the evidence. This will include: full curriculum plan and research plan; full staffing, estates and facilities plans; full financial plan including the overall viability of the business model and full stress testing of assumptions; greater detail of employers’ commitments and contributions including funding, equipment/facilities, staff resource; the risk sharing model; and the full project delivery plan. A for money criteria will also be added. Where the quality of any criteria is diluted under the impact of being part of a cluster of proposals, quality scores will then be evaluated in this context. Applicants will have received Stage One feedback as to: which criteria are at risk, and from which clustered proposals. Stage Two may include bids that merge some Anchor institutions from clustered proposals if they are a credible response to this feedback. Financial, capital and legal due diligence will also be carried out at this stage. 47. Proposals will be re-scored and re-ranked at Stage Two, after which the Expert Panel will provide recommendations to Ministers on the quality threshold above which proposals will be judged successful. The final quality threshold will set which proposals will be eligible for IoT status and capital funding (where applicable), subject to final assurances and due diligence plus acceptance of the relevant funding and licence agreements. Post Stage Two, the Department reserve the right to negotiate the engrossment of the capital award. Figure 2: The IoT competition STAGE ONE
IoT%20Application%20Guidance.docx