It's important to note that Industry Score™ is not a metric of quality, it's a metric of confidence of quality, which increases with more strong evaluations. While multiple reads help increase that confidence, a writer cannot bring their Industry Score simply by entering contests over and over, the scores received must be strong.
In general, it takes at least 5 reads to get a sense of where your Industry Score is landing. Remember, however, that most contests have multiple reads. For example, WeScreenplay reads scripts up to 5 times and the Nicholl fellowship reads scripts up to 8 times. So five reads could just be one or two contest entries depending on the contest.
If your Industry Score™ is less than 100, it simply means the screenplay doesn’t have enough evaluations to determine a strong confidence of quality.
What makes a good Industry Score™ is relative, because it depends on your personal goals as a writer, and it depends on the scores of other similar projects (which share the same genre and/or format). However, it is worth noting that scripts with an Industry Score of 350 and above frequently earn spots on The Red List and Coverfly recommends these scripts on The Red List to industry executives as STRONGLY CONSIDER. Very few projects earn a score higher than 500 and are referred to industry executives as HIGHLY RECOMMENDED projects.
If your script isn't yet on The Red List, it can still be discovered by industry professionals if you opt to make your project profile “Public.” Industry members search for very specific scripts and don't always use The Red List.
Take a look at this chart of Coverfly-qualifying competitions.
Finally, we don't encourage writers to enter contest just to increase their Industry Score™. Enter the contests you otherwise would and use your Industry Score™ as an extra to gain exposure on your script.