Two academics from Majan University College have been awarded the copyright from the Ministry of Commerce for their newly developed smart business intelligence system, SECURE (Start-up Evaluation Calculus using Research Evidence). Dr. Tahseen Arshi, a specialist in entrepreneurship who is Director of Studies in the Faculty of Business Management, and Mr. Kasi Viswanathan, Head of Registry and Examinations, have developed this system to benefit entrepreneurs and students.
The copyright is in accordance with article 34 of the protection of copyrights promulgated under the Royal Decree No. 65/2008. SECURE is designed to evaluate start-up ventures or business models. It is a comprehensive framework aimed at measuring all possible start-up success factors, and is the first smart system that provides a comprehensive evaluation framework, the measures of which are informed by theory and research. It is designed and programmed to generate quantitative measurement automatically on various functional domains indicating the desirability, marketability, feasibility, scalability and viability of a start-up, as well as its readiness level. SECURE uses a calculus and assigned weights to generate automatic scores and generates results and recommendations. No other system possesses such functionality.
The invention addresses a key gap as evaluation frameworks for start-ups are under-developed. In the absence of quantitative measurement, assessment and evaluation of startups continues to be a challenge for entrepreneurs, investors, researchers and policy-makers. As an online and open resource that will benefit multiple stakeholders including entrepreneurs, students, educators, researchers, investors, policy-makers and SME bodies, SECURE fills the gap. It will improve start-up business models and aid decision-making by identifying strengths, weaknesses and suggestions for improvement. The SECURE framework can be applied effectively in most industrial and research settings.