elow are the six primary sections you must include in your submission and pitch. Your grade will
be based on how well you addressed the sub-questions in each section, if appropriate.
I. Elevator Pitch (5 points) This is a one- or two-sentence statement that describes your idea
and how it creates value that addresses a social issue, and why this idea will address the
problem in a way that has not been effective before.
a. TIP: First Impressions are Important. This statement helps me understand your
idea – make it exciting and grab my attention. Unless you have a preferred
elevator pitch format, I suggest: For (your target consumer/client), who has (a
social need), (your Idea Name) is a (category – product, service, process
innovation, policy change, etc.) that (name one or two key benefits). Unlike (the
current status quo/competition), our solution (has/is one or two unique
differentiators).
b. TIP: ‘Elegance’ is Very Powerful It is difficult to explain how important elegance
and simplicity can be to an innovative idea. Elegance is what underlies the emotion
we feel when we think “Why didn’t I think of that?” and it is also what gives us
those wonderful ‘aha’ moments. However, we frequently start to overcomplicate
things by adding millions of options and features. Keep your ideas simple and
easily understandable.
II. Opportunity / Problem (20 points) Make sure you consider: What societal problem or
need does your idea solve/address? How did you identify/recognize and validate (confirm
the existence of) this opportunity, problem, or need?
a. TIP: You May Not Want to Compete in the Core It is difficult to make a better
sneaker than Nike or a safer football helmet than the major manufacturers of
athletic gear (unless you’re a material scientist or a doctor). Frequently, the most
innovative ideas that we see come from the periphery of the core need of the
customer (or customer job)—from pre-execution or post-execution steps. For
example, if you can make it much easier to select or dispose of a product that can
be innovative. This is not a requirement, but you have to be realistic about what
the dominant companies in the domain are doing and what they are good at (as
well as what they overlook or ignore).
III. Competitors/ Status Quo (20 points) Make sure you consider: How is the problem
currently being solved (this could be a solution like yours but could also be a workaround
or some other status-quo way of dealing with the problem)? What are the issues with the
current solutions? What are your direct competitors and alternatives/substitutes/indirect
competitors and why do they not sufficiently address the opportunity/problem
identified?
a. TIP: Novelty Takes Time and Lots of Research We are not looking for a new-to-theworld innovation (something that does not exist anywhere in the world currently).
But we are looking for something new in our community. Substantial thought,
time, and research are needed—it is very easy to fall in love with an idea only to
find out that someone else has already done the same thing. Funders see these
when reviewing proposals as they will often get proposals for the same idea.
IV. Your Solution (20 points) Make sure you consider: Describe your solution so that someone
else will understand it. State exactly what it does, how it does this as well, and how it
addresses the opportunity/problem identified. What is your unique advantage over
alternatives, competitors, and the status quo? What are your strengths and weaknesses?
Beware of Flying Cars and Time Machines We all know that it would be great to have a
flying car or a time machine, however, these are not innovative ideas—they are
opportunities that currently don’t have viable solutions (although companies are getting
close on the flying cars). An innovative idea is a solution to a meaningful, previously
unsolved problem/opportunity. We realize that you may not have all the technical
questions resolved at this early stage in the ideation process, however, the more
questions you have answered the better your proposed solution will be. If there is any
doubt that your idea is technically feasible you should research this (and provide evidence
of the idea’s feasibility in your write-up). If you are still not sure your idea is feasible, it
may not be the best idea to submit it (and may not be an idea you should waste time
thinking about unless you have, or want to develop, the technical skills to fully explore
and test it).
V. Customer / User / Stakeholder Impact (10 points) Make sure you consider: Who will use
your solution? Who will pay for it (this may be different from the user)? What impact will
your innovation have on users as well as other groups of people (stakeholders) affected
by your solution?
a. TIP: Pick a Niche Market No one sells something that everyone wants – you should
always target a specific niche market. If you think that everyone will want your
product you are probably making a large number of incorrect assumptions about
how much people need what you are envisioning. Get more specific. Figure out
who will ABSOLUTELY HAVE TO HAVE your product!
VI. Unknowns/Challenges (10 Points) Make sure you consider: What are the
obstacles/challenges that prevent you from getting this idea launched (funding, policies,
your capabilities, etc.) Are there unknowns that need to be explored? What are the
assumptions that need to be tested?
a. TIP: Reducing Costs Requires Innovation (Not Just Willpower) You cannot just say,
“I will sell my product for less than the competitors”—how? What is it about your
innovation that lets you do this? There is not a lot of excess profit laying around
that a new venture can come in and directly compete with dominant players and
suddenly be less expensive. Being cheaper is not an innovation unless you’ve
figured out how to make the product/service in a novel way that saves money.
Picture(s), Figure(s), or Diagram(s) These are optional but often helpful to the
reviewers and judges if your idea/solution is difficult to describe in
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