Due Monday, March 5 by 8 AM
The 3 Minute Video is an overview of your new venture. You have the option of either using Youtube or Vimeo. It is important that you make your video private so that you do not make your idea public. Please verify that you have submitted a shareable link.
Below you will find the information that should be covered in your video that addresses your business model. Click on the heading to view a short video on the topic. Each team will be judged on the content of the video, not the quality.
Judges will review the videos submitted by deadline and select approximately 32 teams to advance into the competition.
What is the problem/opportunity:
Identify the problem you are solving. If your product or service doesn’t solve a problem that potential customers have, you don’t have a viable business. Consider using a real customer story that addresses the problem you are solving in the marketplace.
Once you have a clearly defined problem that you are solving, you need to explain the solution. Describe how customers use the product or service and how it addresses the problem. Be careful of falling into the trap of being focused on your product and not your customer.
Expand on who your ideal customer is and how many of them there are. What is the total market size and how do you position your company within the market?
Define who your customers are. Who will buy your product or service? Research everything about them. You want to know demographic information, income statistics, and family makeup. Create a complete profile of your target market.
There is always competition. Even if no one has come up with the exact solution you have, your potential customers are already solving their problem with some alternative. Research your competition. You can only set yourself apart if you know what has already been done. Describe your key differentiators from your competition.
This statement should explain what benefit you provide for who and how you do it uniquely well. Describe your target buyer, the problem you solve, and why you are distinctly better than the alternatives.
What is your business model that will convert your idea into being economically viable? How will your business produce revenue in a cost effective way.
• What do you sell?
• To Whom?
• How much do they pay?
• How do they pay?
Why are you and your team the right people to build and grow this company? Highlight the team members and the key expertise that they bring to the table.