Organisations need to shape, adapt, and renew their underlying business model on a continuous basis to stay competitive. The Limerick Chamber Regional Business Awards will award The Best Business Pivot award to an organisation that has demonstrated breakthrough success in pivoting its business during the last 24 months.
This award is open to organisations who either
fundamentally changed the direction of the business when their current products / services were no longer meeting the needs of the market they were serving or,
those who added a new revenue stream that is fundamentally different from their current products/services or market.
The Award recognises excellence in business reinvention, strategy and resource, and capability adaption to leverage a new opportunity that led to business sustainability during COVID as well as growth and job creation.
Judges will be looking at:
Opportunity: The business demonstrates how their pivoting away from their current products/services, markets or both has helped them to leverage a market opportunity and gain market share as well as demonstrating how well they are competing in the market.
Innovation: The winning business demonstrates innovation in their business model, strategy, and or new products/services to meet a market need.
Resources & Capabilities: The winning organisation demonstrates how they have leveraged the resources (inc facilities where relevant) and capabilities they have in their organisation to pivot
Success & Viability: The winning organisations demonstrates how the pivot has been a success and address viability.
To be eligible for the Best Pivot Award, nominees must have been in operation for a minimum of 12 months, based in the Limerick City Region (Mid-West) and must qualify as either an SME or Large (including MNC’s) type business.