Executive Summary Challenge

 

Purpose of the Executive Summary Challenge

To allow participants an opportunity to present their idea, in a one-page executive summary format, to people who would potentially be funding the idea.

Overview and Structure of Competition

The Executive Summary Challenge will allow participants to receive feedback and possibly recognition and rewards for their new idea without having to write a comprehensive business plan. The goal of this competition is to serve as a launching pad for ideas that could have business potential.

Each idea submitted, should be no more than one written page in length and should answer several key questions, but participants are encouraged to include additional information specifically relevant to their product, process, or service:
 

• What makes your idea novel or unique?

• What is your idea and its general purpose?

• Who are your customers and why will they want this?

• Why is your idea going to be successful?

• Who else is doing it?

• Why should an investor be interested?

• What specific substance do you have to support your case?

• What have you done to turn this idea into an actual product?

Participants will be rated by an interdisciplinary panel of industry professionals.

 

Criteria for Judging:

Quality of Benefits: Is the idea providing a clear and useful benefit? Benefits can take on many dimensions – financial, time or effort saved, emotional, entertainment, medical, knowledge etc.

Quality of Value Proposition: The Value proposition summarizes the unique benefit delivered for a given price. Both unique benefit and price (which can be stated in relative ways) should be clear.

Quality of Competitiveness: How will this idea hold up against competition over time? Competition may come from alternative ways to get to the same benefit, or a more direct assault on the idea itself by copycats. An idea is judged as more robust if it provides a higher-level benefit/cost ratio than alternatives, and if the idea has a defensible barrier to entry by copycats.

Ability to Execute: How easy is it to identify, access, and address the target market? What are the chances that such an idea can be delivered? Execution includes the ability to produce the product or service at a reasonable cost/unit, and the cost of developing and marketing the product or service.

Originality: Did you demonstrate that you have a novel or unique idea? Did you explain how the Neat Idea originated? Have you considered existing and/or potential competitors?

Overall Quality of Writing: Did you use standard, grammatically correct writing in a clear and concise style? Does your document reflect attention to detail and professionalism? Is your document well-organized and easy to understand?