Round One: Application and Project Summary
Due: November 30, 2009
For Round One, entrepreneurs will need to provide a project summary of their idea or concept. Submissions should answer the following questions clearly and concisely:
- What is your idea or innovation?
- How does your idea translate into a commercially viable venture and high growth business?
- What is your strategy for executing your idea?
- Why is your idea economically viable and profitable?
The top entrepreneurs with the most thought-out and sustainable ideas will go forward to the second judging round.
Round Two: Idea Plan
Due: February 15, 2010
Entrepreneurs participating in the second round will prepare to submit an Idea Plan. In their Idea Plan, entrepreneurs will be asked for:
- An explanation of the innovation and what competitive advantage it has.
- A more detailed explanation of how the idea can become a viable, profitable business.
- A marketing and sales plan that details how they will address a market need.
- Financial projections demonstrating how to generate revenue and profits, and why the venture would be attractive to investors.
- A description of the entrepreneur team and their ability to execute the business plan.
Round Three: Final Business Plan
Due: March 31, 2010
Final business plans, financials and PowerPoint presentations due.
IDEA Finals
The Top 15 Finalists will advance to the IDEA final competition to be held on May 4, 2010.
Finalists will prepare for their oral presentations and investor pitch to be given to the judges. Finalists will make a 15-minute oral presentation followed by a Q&A session, and are encouraged to use presentation materials such as posters, PowerPoint, handouts, prototypes and/or multimedia.
