Idea Pitch Competition

Eligibility Guidelines: 1. 2. 3. 4. Attend the information Meeting on March 1, 2012 at 5 p.m. in SMI 240. Bring 1 copy of your Idea pitch written summary to the competition Currently enrolled as a student at BYU-IDAHO At least 15 entries must be received in order for the competition to be held. If less than 15 entries are received, it will be determined if the competition will still be held. 5. Apply with 4 copies of your Idea Pitch. Applications are due March 6, 2012 at 5 p.m. in SMI room 231. 6. Competition will be held March 8, 2012, in SMI 240. IDEA PITCH WRITTEN SUMMARY FORMAT: The Summary is limited to 1 single spaced page, fonts may be no smaller than 12 point and all margins must be no smaller than 1 inch. For the Idea Pitch competition, you should focus on the business idea (graphics, pictures, diagrams, etc. are not required). Word documents or PDF are preferred in black and white format. Include the following items in your Idea Pitch Summary (use each as a section or paragraph heading): 1. Company Name: 2. Brief Idea Summary: 2-3 sentence summary of your idea, and market. This short explanation is sometimes referred to as an idea pitch, testing your ability to explain your concept in the time that it would take to travel up 10-15 floors in an idea. You should also include the following: a. Business Concept and Model: What are you proposing to sell or what service will you provide? How? Where does your revenue come from? How will you make a profit? b. Market / Customers: Define your market. To whom will you sell? Why will they buy? What problems does it solve? Is it an evolutionary or revolutionary idea? c. Competitive Advantage / Differentiation: Why are your ideas better than the competition? How do you intend to differentiate your company from the competition? What distinctive competence do you possess? How will you sustain your advantage? What an “Idea Pitch” is: Idea Pitch is an extremely concise presentation of an entrepreneur’s idea, business model, company solution, marketing strategy, and competition delivered to potential investors. Should not last more than two minutes, or the duration of an idea ride! What an “Idea Pitch” is not: It is not a “sales pitch.” Don’t get caught up in using the entire pitch to tell the Investor how great your product or service is. The Investor is “buying” the business not the product. Tell him/her how you will run the business. It should not exceed 2 minutes in length.

CREATING THE “IDEA PITCH” Six questions your “Idea Pitch” must answer: 1. 2. 3. 4. What is your product or service? Briefly describe what it is you sell or what service you offer. Do not go into excruciating detail. Who is your market? Briefly discuss who you are selling the product or service to. What industry is it? How large of a market do they represent? What is your revenue model? More simply, how do you expect to make money? Who is behind the company? “Bet on the jockey, not the horse” is a familiar saying among Investors. Tell them a little about you and your team’s background and achievements. If you have a strong advisory board, tell them who they are and what they have accomplished. Who is your competition? Don’t have any? Everyone has competition! Briefly discuss who they are and what they have accomplished. Successful competition is an advantage-they are proof your business model and/or concept work. What is your competitive advantage? Simply being in an industry with successful competitors is not enough. You need to effectively communicate how your company is different and why you have an advantage over the competition. A better distribution channel? Key partner? Proprietary technology?

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Example of an “Idea Pitch” Potential investor: “What do you do?” My name is Gary and I own a company called XYZ enterprises and we are coming out with a new product for fisherman. This product is called a rod mate and it was designed to be a third hand for fisherman when they are fishing so they can catch more fish. It has 5 different positions you can use to hold your rod behind your back, pinned to your vest, around your waist, over your shoulder or around your neck. Did you know that there are over 44 million fishermen in the US alone and fishing is bigger than golf, and tennis combined? And fishermen spend money. We are going to offer this via Direct TV or Infomercial advertising and will be in 294 different Medias within 18 months across the US. After the product gets known throughout the US we will go to the big box retailers like Wal-Mart and Target for distribution. We are raising $300k in a unique funding strategy called revenue purchasing. As an example if you invest $10k your return based on our projections would be $58,492 in 3 years. If this sounds interesting to you give me your card and I would be happy to give you a call to talk with you more.

Important Hints A “Hook” Open your pitch by getting the Investors’ attention with a “hook.” This is a statement or rhetorical question that piques their interest to want to hear more. Passion Investors expect energy and dedication from entrepreneurs. Scoring: 20 points possible Must meet following qualifications and answer following questions. Time limit 90 seconds or less 10 points 2 minute to 2:30 5 points Over 2:50 0 points On a scale of 1-10, 1 being terrible 10 being extremely well, how well did you answer the following questions? 1. 2. 3. 4. 5. 6. What is your product or service? Who is your market? What is your revenue model? Who is behind the company? Who is your competition? Don’t have any? What is your competitive advantage?

IDEA PITCH APPLICATION
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