Holloway Prize 2013
Innovation to Market Competition
- For the first round submission (2 page) please answer questions 1 through 12 in a concise manner (11 point font, single spaced), using exactly the format outlined below including titles and question numbers. Maximum length is two pages. A single document with no attachments is required.
Format 2 Page Questions
- Cover page: Team name/product or service; team members' names, major, college and email address and phone number; advisor's name(s), college, email address and phone number.
- Maximum Length (not counting cover page or exhibits): 2 pages maximum, typed, single spaced, 11pt. font (or larger)
- Supporting Exhibits (e.g., exhibits, tables, charts) - No more than 2 pages of Exhibits, typed, 11pt. font (or larger)
- Submit your responses by the due date.
A. Positioning and Mission Statements
- What is the envisioned product or service and what does it do? (Emphasize benefits to targeted customers.)
- How is your product or service unique and/or innovative? (Compare to competitive and substitute products.)
- How might your product or service contribute to a more sustainable economy, a more sustainable environment or otherwise contribute to society?
B. Detailed Description of Product/Service and Technology
- What is the underlying technology for your envisioned product or service and how does it work? How is this technology or service unique/innovative?
- What is the likely intellectual property (IP) protection for your technology/innovation? Who owns (if applicable) the current IP associated with the technology? If your technology is not patentable, how do you propose to protect your product or service from copycats?
- What is the current stage of your product/service and what is your plan for making your product/service ready for sale? (Provide estimate of funds and/or hours expended to date and estimated funds for next steps.)
C. Industry and Market Analysis
- Who are the first customers targeted for your product or service and what are they like? Did you talk to any prospective customers? What did they say about your product/innovation?
- How much are your potential customers willing to pay for your product/service?
- What is the estimated size (addressable market) of the initial customer group (market segment)?
- Is there a clear window of opportunity for the product or service? What are the competitive products or services currently on the market? Why will prospective customers buy your product or service over rivals?
- What are the barriers or challenges associate with entering your initial market?
- What is the competitive advantage potential for your product or service? How sustainable is your potential competitive advantage?
- IF INVITED to advance to the next round (5-page submission) you will be asked to expand or modify your answers to questions 1 through 12 in more detail, to answer questions 13 through 17 in detail and support your business concept with simple form pro forma cash-flow and income statements which must be included in this document as a single file. Please include a one-page executive summary as your cover with your submission (see 2010 sample below). Maximum length is five pages to answer the questions and two more pages with statements and other information you may want to submit such as marketing materials. Some of these materials could be also inserted as part of your answers to the questions.
D. Start-up to Full Production
- How much will it cost to produce a unit of product/service for sale? (Please describe in detail your expected cost of goods sold by the 3rd year.)
- How do you plan to sell your product/service to reach your 3 year goals? (Please attach a monthly cash-flow up until you expect to become cash-flow positive.)
- What are your expected sales and expenses for the next 3 years? (Clearly state the assumptions behind your estimates and provide a simple 3-5 year Profit and Loss Pro Forma Income Statement.)
- How do you plan to finance the start-up and growth of your business? What are your financing needs?
- What could go wrong? What are the risks involved for potential investors or other financial backers?
View 2010 Sample: Living Waters - First Round 2-Page Submission Questions
View 2010 Sample: Living Waters - Second Round 5-Page Submission Questions
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