The Lakewood Ideation Challenge: A Business Plan + Pitch Competition

Made possible by the City of Lakewood and Startup Lakewood The Challenge: Do you have an idea for a business or product which absolutely needs to be brought to market? Are you willing to put some time into actually making that happen? The City of Lakewood’s Ideation Challenge is just for you. Take the Ideation Challenge by submitting a brief Executive Summary along with preparing a 1-2 minute “elevator pitch” -- and you could win a prize package of services to help bring it to reality. Startup Lakewood is Here to Help: Not sure how to create an Executive Summary or give an Elevator Pitch? We’re here to help! The next two Startup U events are designed to provide input in each of these areas. Plus, time may be scheduled with Mike Belsito, Director of Ideation for Startup Lakewood, to provide one-on-one assistance with Executive Summaries or Elevator Pitches during June and July: Startup U: Why Business Plans Fail (and What You Can Do to Succeed). th  June 27 , 2012 at University of Akron Lakewood, 6:30pm – 8:00pm  Featuring Rushabh “Shubs” Sheth, Corporate Development Analyst at SparkBase Startup U: Perfecting your Pitch (in as little as 30 seconds).  July 24, 2012 at University of Akron Lakewood, 6:30pm – 8:00pm  Featuring Mike Belsito, Director of Ideation at Startup Lakewood Prize Package (Awarded to City of Lakewood Winner and Northeast Ohio winner, unless otherwise noted)      Full Scholarship to nine week entrepreneur training course with Bad Girl Ventures (Value $150) Up to three (3) coaching sessions w/ Startup Lakewood’s Mike Belsito (Value: $300). Startup Insurance Consulting from The Juris Agency (Value: $125) VentureHacks Pitching Hacks and Venture Hacks Bible eBooks (Value $19). Use of Vision 21 as Business Address for one full year. o Three (3) Vision 21 conference room rentals of up to two (2) hours each. o Five (5) hours of Vision 21 office rental to be used together or separately. o One (1) hour of social media marketing coaching (Value: $500+)

(Note: All applicants will receive feedback on their application from Startup Lakewood.) Ideation Challenge Timeline: th rd  Applications may be submitted from June 27 through August 3 th  Four finalists will be announced by August 17 .  Finalists are to present their Elevator Pitch during the August 28th Startup U event.  Winners are announced during the September 25th Startup U event.

Submission Requirements – Executive Summaries
(Executive Summaries should be no longer than 3 pages of text, #12 font, single or double spaced with 1" margins.) 1. Executive Summaries must clearly communicate the opportunity so that those unfamiliar with the project will have enough information to make an informed decision on it. 2. The Executive Summary should provide a concise outline of the business idea. Single spacing is permitted for this document. 3. Judges will review the Executive Summaries, selecting approximately 3 teams to receive an invitation to compete in the Business Pitch Round (Final Round). 4. Executive Summaries must be submitted via email to 5. Advancing applicants will be notified through phone and email. 6. Executive Summaries will be judged based on the overall execution potential of the business idea, with the following specific judging criteria: I. The Opportunity  Summarize the nature of the opportunity you are pursuing.  Be specific as to why the opportunity is important.  Explain what you propose to do.  Who will benefit from your proposal? II. Your Idea  Describe your idea/concept.  Give details as to how you intend to develop/create the concepts.  Provide specifics about the uniqueness of your submission.  Give insight as to how your idea maximizes the opportunity. III. The Intended Audience  Describe your target audience for your offering.  How large is it?  What is the anticipated growth potential?  Explain the value proposition/benefit your offering provides. IV. Going to Market  Describe the approach/strategy you intend to implement to reach your audience.  Tell how you plan to develop your products or services (i.e., manufacture, outsource, etc)  Explain how you will sell/distribute your products or services (i.e., retail, internet, wholesale, franchise, direct sales, etc.)  Assess the profit proposition (potential) of your offering. V. Implementation Plan  Outline the major milestones and timeline for launching your new idea.  Be specific with regard to how you will develop your products/ services.  How do you expect to launch your new enterprise?  What kind of financial capital need is required?  How will you get the necessary funding?  What key positions/roles will need to be in place to fully implement your plan?

Final “Elevator Pitch” Presentation Round
1. Four (4) individuals/teams will be selected as Finalists from those that submitted Executive Summaries to present in the Final “Elevator Pitch” Presentation Round. 2. During the Final Round, each team will be given 2 minutes to orally present its business plan followed by a 3-5 minute question and answer session between the presenting team and the judges. THESE TIME LIMITS WILL BE STRICTLY ENFORCED. 3. The Final Presentations will take place at the August Startup U event. A laptop, projector, and screen will be provided. If you are using a PowerPoint, please bring presentation on a thumb drive / memory stick and also send it via email to Mike Belsito, Director of Ideation ( 4. The applicant / team will present their business plans to a panel of expert judges made up of entrepreneurs, investors, business professionals, and consultants. 5. Judges will select three finalists, identifying first-, second-, and third-place winners. 6. More information about Final Presentations will be provided to the finalists at a later date.

Official Rules
The Lakewood Ideation Challenge is open to all residents of Northeast Ohio, including those within Cuyahoga, Lorain, Summit, Medina, Lake, and Geauga counties. Applicants may submit as individuals or teams – which may or may not consist of existing businesses (although, existing businesses should be presenting ideas for a product or service that is not currently being offered). One winner will be selected from the City of Lakewood (so long as there are sufficient applications), and another will be selected from greater Northeast Ohio (which may also include applicants from the City of Lakewood). Applications will only be considered if received through August 3 2012 – and must be sent to All Executive Summaries and Elevator Pitches will be judged by City of Lakewood personnel, Startup Lakewood personnel, and area entrepreneurs and business leaders.