2012 Fowler Business Concept Challenge Information
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2012 Fowler Business Concept Challenge Information

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This slideshow provides details on the 2012 Fowler Business Concept Challenge submission process!

This slideshow provides details on the 2012 Fowler Business Concept Challenge submission process!

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2012 Fowler Business Concept Challenge Information Presentation Transcript

  • 1. The 4th Annual Fowler Business Concept Challenge October 19, 2012 Introductory Seminar Rules and Instructions for Competitors
  • 2. Upcoming Events All-Night Fowler Challenge HackathonThursday, October 4th 6:00 pm – 12:00 am Schulze Hall 3rd Floor Lab (Room 335) A fun, intense, work session to flesh out,refine and improve your Fowler submission. Come join the fun! 2
  • 3. The Schedule Event Date Time LocationInstructions to Competitors Sept. 21, 2007 2:00 PM SOM(seminar) Submission DuePreliminary October 5, 2012 11:59 PM2.115Registration - Intent SemifinalistsAnnouncement of to Sept. 28, 2007 9, 2012 5:00 PM October NoonFinal Submission DueCompete October 18, 2012 9:00 PMFinal Presentations/Judging October 19, 2012 8:00 AMPreliminary Submission DueAwards Ceremony Oct. 5, 2007 2012 PM October 19, 4:00 4:00 PMAnnouncement of Finalists Oct. 26, 2007 4:00 PMFinalist Submission Due Nov. 2, 2007 4:00 PMFinalist Nov. 9, 2007 8:00 AM SOMPresentations/Judging 3
  • 4. Sources of Information• The Fowler Facebook page. This is the most comprehensive source and updates and helpful information will be posted regularly:Facebook.com/USTFowler• The Fowler website: bit.ly/TheFowler 4
  • 5. So what should you expect fromthe teams? 1. They should have a solid understanding of the benefits of their product or service and their value proposition. 2. They should have a defensible estimate of the potential market and the business’ potential revenues. 3. They should have a revenue model for their business. 4. They should have a good grasp of the existing competition and a solid explanation of where their competitive advantage lies. 5. They should be able to explain why the idea is feasible 6. They should be able to explain how they would begin to execute the idea with some mentoring and assistance. 7. Social ventures should be able to explain a) the value proposition to their customers/clients, b) the societal benefit created by their business c) how they will be able to create a financially viable organization. - From the Letter to the Judges 5
  • 6. Overview of the Fowler Business Concept Challenge• Eligibility – The Challenge is open to all currently registered (Fall 2012) UST undergraduate and graduate students. – All team members must be currently registered as students at UST and have a valid UST Student ID.• Undergraduate Division – Teams registering to compete in the Undergraduate Division must be comprised of all undergraduate level students and all members of the team must be currently registered undergraduate students at UST.• Graduate Division – Teams must compete in the Graduate Division if they have one or more currently registered UST graduate student (Masters or Doctoral) as a member of the team. 6
  • 7. Overview of the Fowler Business Concept ChallengeStep #1 – Go to:http://bit.ly/TheFowlerorhttp://www.stthomas.edu/business/schulzeschool/fowlerchallenge/default.htmlClick on the how to apply button and download, complete andsend the Team ID Request Form to Fowler@Stthomas.eduPlease get this done sooner rather than later. It will assist us in theplanning process. 7
  • 8. Overview of the Fowler Business Concept ChallengeStep #2Complete your 5-page submission and e-mail it toFowler@Stthomas.edu by 11:59 pm Friday, October 5th. 8
  • 9. Sample Cover Page for Submission to Fowler Business Concept Challenge Project Title Division Entered (Grad or Undergrad) Student ID’s – DO NOT PUT THE STUDENT’S NAMES I/we attest to the originality of the work submitted. Do not include team members’ names in the document 9
  • 10. Overview of the Fowler Business Concept Challenge• Preliminary submission – Due October 5th. – Body – Brief description of the business idea (maximum 5 pages, double spaced, 11 point type) • A concise description of the proposed business and why it is unique/compelling • Target Market – Who is your customer? – What customer problem will you solve? – How does your customer solve that problem today? – What other solutions will compete for that customer? preliminary estimate of the size of the potential market – Number of customers that can be reasonably addressed. 10
  • 11. Overview of the Fowler Business Concept Challenge• Preliminary submission (cont.) • Business Model – What is your product/service? – How will it solve the problem? – How will your solution create exceptional value for the customer? – How will you create and sustain competitive advantage? – How will you generate revenues and profits? 11
  • 12. Overview of the Fowler Business Concept Challenge• Judging Criteria – Preliminary Submissions – Preliminary submissions will be judged by a reviewer panel using the following criteria (equally weighted): – Originality (business idea is new, novel, unique) – Clear and compelling value proposition (legitimate, recognized need; appropriate solution) – Competitive advantage (creates more value for customer than alternative solutions) – Market opportunity (adequate market size; viable business model) – Feasibility (reasonable prospect of funding and successful implementation)• The top business ideas in each of the divisions will be chosen as Semifinalists. 12
  • 13. Overview of the Fowler Business Concept ChallengeFinal Submission/Presentation 1. Semi-Finalists will be required to prepare and electronically submit a 12-15 minute MS PowerPoint presentation (maximum 20 slides) detailing their business idea and addressing the key points outlined above. 2. Semi-Finalists will use the MS PowerPoint slide deck to present their business ideas to a panel of judges. Each team will be allowed 15 minutes for presentation and 5 minutes for questions and responses. 13
  • 14. Overview of the Fowler Business Concept ChallengeJudging Criteria – Semi-Final & Finals• Business Idea (67%) 1. Originality (business idea is new, novel, unique) 2. Clear and compelling value proposition (legitimate, recognized need; appropriate solution) 3. Competitive advantage (creates more value for customer than alternative solutions) 4. Market opportunity (adequate market size; viable business model) 5. Feasibility (reasonable prospect of funding and successful implementation)• Presentation (33%) 1. Presentation materials (clear, comprehensive, logical flow) 2. Delivery (clear, compelling, persuasive) 3. Q&A (answered judges questions directly, clearly, effectively) 4. Time management (effective use of allotted time) 14
  • 15. Overview of the Fowler Business Concept ChallengeThe Finals 1. The teams selected as finalists in each division will present their ideas in groups in the morning round to a panel of judges. 2. The judges will select the top team from each group to move on to the final round 3. The winners will be selected from the four finalists in each division by a new panel of judges. 4. The panel of judges will select the winners of ‘The Best Individual Presenter’ from among all of the finalists 15
  • 16. Overview of the Fowler Business Concept ChallengeA winning submission should address the followingquestions: 1. What is your product or service? 2. How will you’re business generate revenues? 3. What will your businesses’ revenues be after the first, third and fifth years of operation? 4. What is your specific target market and how do you plan to address it? a) Who are your customers? b) What do they do? c) How old are they? d) Where do they live? e) Other important characteristics 16
  • 17. Overview of the Fowler Business Concept ChallengeA winning submission should address the following questions:5. Why do they need to buy what your business will sell?6. How big is your target market a) # of potential customers b) $s spent on comparable products c) How many of these customers will you reach during first, third and fifth years of operation?7. Every business has competition. Who are yours and what sustainable advantages will your business have over them?8. Briefly highlight relevant experience of management team. 17
  • 18. The PrizesUndergraduate Division Graduate Division1st $10,000 Scholarship per team 1st $10,000 Scholarship per team2nd $ 5,000 Scholarship per team 2nd $ 5,000 Scholarship per team3rd $ 2,500 Scholarship per team 3rd $ 2,500 Scholarship per team4th $ 1,000 Scholarship per team 4th $ 1,000 Scholarship per team Best Individual Presenter - $1,000 Best Individual Presenter - $1,000 Scholarship Scholarship 18
  • 19. Some Thoughts on Winning Business Ideas1. The ‘Best Business Idea’ wins not the ‘Best or Coolest’ Technology2. The Winning teams will be able to succinctly explain how their product creates ‘significant’ value for their customers3. Filling ‘needs’ and solving ‘problems’ win4. Winning teams will be able to document the existence of a market for their product/service 19
  • 20. Some Thoughts on Winning Business Ideas5. Winning teams will be able to demonstrate the potential for ‘sustainable’ competitive advantage6. Winning teams will have an idea of how they are actually going to generate revenues7. Winning teams will be able to estimate how much revenue they will generate8. Winning teams will have feasible ideas – no Mars’ missions 20
  • 21. Some Thoughts on Winning Presentation1. White space is your friend – don’t clutter the slides2. No tiny fonts in crowded tables3. A good picture is worth a thousand words4. Practice5. The flow should be logical6. Don’t look or sound rushed – slow down7. One speaker and only one speaker should always be the focus8. Passion, enthusiasm and competence sell ideas 21
  • 22. 8 slides you should have 1. Title slide 2. Description of product/service 3. Clear Unique Value Proposition Statement - What problem is being solved, need met and for whom?4. Target Market conditions (some or all of below) a) Who is the market – describe them, create image in the mind of audience b) How big? c) Existing offerings? d) What are they currently buying? 22
  • 23. 8 slides you should have5. Competitive analysis - A table that compares features andbenefits of direct, as well as discussion of indirect6. Revenue model and analysis7. Funding Needs and Uses8. Team skill sets - what they have and what they need; 23