Business Concept Guidelines
In the course of the week each team is to develop a Business Concept for competitive presentation on Friday morning. A Business Concept in this sense is a thought out idea, reflecting student creativity, appropriate ideas gleaned from the week’s presentations, limited research, team working sessions
and, finally, contact with potential customers and entrepreneurs. It is not a Business Plan with full Pro- Formas, detailed Market Research, etc. However, it should be a credible idea for a new business which follows certain guidelines.
The guidelines for a Business Concept include:
- An idea for a business with solid growth potential, an ability to generate wealth for the entrepreneur, and new jobs for Northeast Ohio.
- A period of three years to full regional potential operation should be considered. The idea should be capable of allowing growth beyond the three years.
- Be either a production or service business with the level of technology open.
- Include a description of who the business will be selling to and who will be the competition.
- Describe the business operations, including requisite strengths, unique competencies and structure.
- Discuss, but not necessarily quantify, what features of the business will produce profitability.
- Discuss how and where the money will be raised to start the business.
- Analyze the most critical issues, the vulnerability of the concept and risks associated with the business. Specify future steps needed to make it a reality.
Business ideas must be original and cannot be something that the Team or a student has developed prior to Immersion Week and/or already used in a classroom presentation, competition or similar activity for evaluation or feedback.
The following questions should be answered in the business concept presentation:
- What is your product, service or business idea?
- Why is it different and what makes it special?
- How will it be produced?
- How will you sell it?
- What start-up resources do you need?
- How will you make money (revenue streams, a preliminary estimate of revenues in each of the first three (3) years)?
- How much will you charge? (range is acceptable)
- Who will buy your product/service (target market, estimate of the potential market size)?
- Who are your competitors? What are your advantages over the competition?
- Show how your idea is feasible in NEO (wealth or job creation or social value)
- Any other reasons why this idea will win.
Teams will have 10 minutes to pitch their idea to the EEC faculty at the Flash Report Session on Wednesday afternoon and the opportunity to do a presentation run through on Thursday. Constructive feedback will be provided by the faculty at both of these events.
On Friday, each Team will have 8 minutes to present to a panel of independent judges, followed by 4 minutes of Q&A by the judges only.