Requirements

Opening Round - Idea Proposal (Pitch Deck)

All participants are to prepare and submit their idea proposal via a pitch deck by the given deadline. Participants can submit only one Idea Proposal submission in each challenge. Participants must submit their pitch decks by 18th August 2023, Friday, 11:59pm to: mum-entrepreneurship@monash.edu. Pitch deck requirements are below. 

The Idea Proposal needs to contain:

1. A summary of the problem statement, focusing on what is being addressed. Include here your understanding and interpretation of the problem statement. 

2. Introduction to your idea proposal, providing details such as explaining how it will work and how it addresses the problem statement. For product-based ideas, please include sketches with size dimensions indicated. For service-based ideas, please explain in steps how a user will engage with the service. 

3. Validation efforts undertaken so far together with any available references to support the idea proposed. Also indicate what other potential validation can be undertaken should the proposed idea be accepted into the Final Round. Validation here refers to some form of external support or proof that backs the idea in some way, e.g. market data, user surveys, published trends, etc….

4. Provide some information around how the proposed idea can potentially be a business. You can describe the business model, use an existing business as a comparison, or describe how business will be conducted when delivering the proposed idea. This information will be tentative and speculative, but should give some indication around:

1. Desirability - will your target users want this product/service? Will they likely pay for it? Information relevant here may include potential pricing, competitor analysis, and the costs incurred by users due to the problem presented. 

2. Feasibility -  can your product/service be delivered using available technology and resources? Will the cost of delivering be lower than what users are willing or able to pay? Information relevant here may include some comparative costs analysis, a review of the economic ecosystem, and assessing available resources. 

3. Viability - what assurance can you provide that the product/service can bring in sufficient profits or value to make this a worthwhile pursuit? Will the product/service make other products and/or services that are more expensive/less effective obsolete? Information relevant here may include suggestions on the type of business that can be formed, how the product/service can be structured/delivered, and consideration of possible funding support.  

5. Finally, provide a brief background of yourself and share your experience/connection with the problem statement (if any). Also, do share your journey from reviewing the problem statement to having the idea behind your proposed solution.
   
   The Idea Proposal can be presented as either a presentation format or a document, but should be capped to 10 slides/pages. Only pertinent and high level information is required in the Opening Round, covering the five items listed above (in any sequence/order preferred). Participants should access and review the challenge website for supporting information intended to support participants in this phase of the challenge.

Things to note:

• You should focus on the innovativeness of your business idea with respect to the theme and to your target market. 

• You should provide information addressing all the critical required content listed above.

• Use the following naming convention for the idea proposal file: <FullName>-<IdeaName>.pdf e.g. JohnSnow-MyIdea.pdf.

• Participants are encouraged to complete the ‘Basics of Design Thinking’ course available online for free (https://openlearning.monash.edu.my/courses/design-thinking/?cl=1). 

Final Round 

Participants who make it to the Final Round will have approximately two weeks to refine and improve their Idea Proposal before finally pitching their idea at the finals event. 

To support participants in this process, 1-1 consultation rounds with the eiHub will be available to all participants as well as access to the maker space/facilities at the eiHub. There will also be additional supporting materials provided and a test pitch session for practice and feedback. 

Though the format and scope of the Idea Proposal remain unchanged, participants are expected to address any issues raised from the Opening Round and to strengthen the Idea Proposal where they can. In particular, participants should be prepared to undertake additional validation in support of their proposed idea, including the development of a rough prototype which will aid in the final pitch presentation. 

Participants must submit their revised Idea Proposal before the given deadline and must be prepared to pitch their ideas in person during the finals event. The finals event is held on campus at Monash University Malaysia and participants can expect the following at the event:

• The opportunity to pitch their proposed idea to the panel of judges for a chance to win the eiHub Prize and cash winnings. Each participant must comply with the pitch requirements that will be informed to all finalists. 

• Pitching order will be randomly decided and each participant will have 5 minutes to pitch with Q&A with the judges following the pitch. 

• Participants are to develop and show a Pitch Deck to support their pitch presentation. The Pitch Deck is essentially the Idea Proposal in a presentation format (e.g. Powerpoint, Canva). The Pitch Deck should cover/include the five areas covered in the Idea Proposal but capped to no more than 20 slides. As with the Idea Proposal, participants can choose how to structure/order their Pitch Deck.

• Winners will be announced at the end of the finals event. 

• Attendees at the finals event will include guests of the participants, faculty members and students. 

Things to note:

Though finalists are free to pitch in a way or flow that they consider best, the following is a general guideline for the pitch delivery:

1. Begin by presenting the issue to be addressed, especially from your perspective. The aim is to ensure that the judges understand clearly what you are trying to do and how your idea can work. This can be achieved by building a shared empathy for the problem.

2. Next, go deeper into the problem you are addressing and demonstrate your own understanding and competence of it. You can illustrate root causes, show the hidden costs of the issue, and be specific about the severity of the issue. If the judges appreciate the impact of the problem, then your idea for its solution will have a greater value.

3. Now comes the detailing of your idea, which will be the solution to the problem you have identified. This is the ‘meat’ of the pitch so ensure that enough clarity is achieved – the judges must be able to understand how your idea can and will work. Furthermore, it must be evident why your idea is unique or superior to alternative solutions.

4. Finally, the end of the pitch is an opportunity to invite participation. For this challenge, even though it technically ends with an idea, it will be interesting for you to share any further plans you may have and how the judges or the university can participate. It may also be valuable to indicate how your experience in the challenge overall has impacted you personally.

Be sure to stick to the given time and practice your pitch a few times before the final delivery.

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