Tell us more about your idea
Questions / Information about the Idea
A. Idea Title
The idea title should be short, but descriptive. Please do not use information that you wish to keep private. Judges tend to select ideas that are easy to understand because the title is easily connected with the product/service idea. Be creative and practical in naming the idea.
B. Clarity of Purpose
Concisely describe the problem that your idea solves of the opportunity that the idea intends to exploit. Keep in mind that judges tend to select ideas that are easiest to understand and that make the fewest assumptions. Of course the simplest idea may not be the most daring. Try to focus on explaining your idea as completely as possible. Be specific!
Concisely describe the use, benefit, and general marketability of your product/service idea. Judges tend to select ideas that fulfill a practical need. Briefly explain how the product/service idea meets some particular market demand. Explain the practicality, usability, and marketability as completely as possible. Be specific!
D. Customer or Client
Briefly describe who you think will use and/or purchase your product/service idea. Judges tend to select ideas that are in demand by a specific customer segment. Describe the potential customer as completely as possible to include specific demographic information, lifestyle information, or other descriptive information. Be specific!
E. Competitive Advantage
Describe who you see as your competition and briefly describe how your product/service idea is better that what is available in the market today. Judges tend to select ideas that provide a well thought-out competitive advantage and that provide market stability over time. Describe how your product/service idea differs from all other tools or solutions that are in the marketplace. Be specific!
F. Implementation Capability
Briefly explain how long it would take to get your product/service idea into full production and available for use in the marketplace. Identify what you will need in terms of money, people, technology, or R&D lab time, etc. Judges tend to select ideas that can be scaled-up (can it grow easily), and that require the most realistic assessment of resources and capability. Be complete in this explanation. Be specific!
G. Market Potential
Briefly describe how large the market is for the product/service idea and whether the idea is capable of being sustained by the marketplace of customers and consumers. Judges tend to select products that have the greatest potential for becoming a solid brand, rather than simply a passing fad. Describe the market potential in terms of size, location or customers, the ability to create an emotional appeal for the product/service and whether customers will sense that the idea is a necessity fairly quickly. Be specific!
Concisely and completely explain how you plan to make money with the product/service idea and what the earning potential will be for the idea. Judges tend to select ideas that provide a realistic return on the investment and that illustrate a solid revenue potential. Explain as completely as possible how you intend to finance the startup and how you plan to financially sustain the operation of the business. Be specific!
I. Your Goals
What are the measurable results you would like to accomplish with the launch of your idea? (AS AN EXAMPLE: Do you wish to have a certain level of sales, or number of units produced? Do you want to help a certain segment of society? Would you like to meet certain technology milestones? Specifically identify what you wish the end results to be.)
J. Video Pitch
I. Video Pitch
In addition to the written portion of the application, you will need to also submit a video pitch. The video pitch should be about 3 minutes and should creatively convey why your idea deserves to be included among the finalists. Any video that is much longer than 3 minutes may be subject to disqualification. The video pitch should be uploaded to YouTube with the URL submitted in the form field below. The video pitch submitted will not be treated confidentially and may be view-able by the public. You are advised not to disclose any information in the video that you do not wish to make public.
* Important: The quality of your video pitch is an important component of your application. We encourage you to review the video guidelines found here.