Below are general recommendations on creating your pitch presentation.
Pitches that clearly presented these aspects tend to be successful in the competition. However, we value your innovation and personal presentation style. The pitch must take around 5 minutes and must contain most of the following information.
Make sure that your pitch is very specific to your idea.
Want a formal preparation for free? Attend the MIX LEAN workshops:
October 29th at 3pm or November 10th at 3 pm
Register at mix.gmu.edu
This one-hour workshop provides an overview of the Lean Startup Methodology. The premise is that every startup is a grand experiment that attempts to answer a question. The question is not "Can this product be built?" Instead, the questions are "Should this product be built?" and "Can we build a sustainable business around this set of products and services?" . Too many startups begin with an idea for a product that they think people want. They then spend months, sometimes years, perfecting that product without ever showing the product, even in a very rudimentary form, to the prospective customer. The Lean Startup methodology provides a scientific approach to creating and managing startups and get a desired product to customers' hands faster and build a business model that generates revenue sustainably.
November 3rd at 3 pm or November 17th at 3 pm
Register at mix.gmu.edu
This one-hour workshop is a follow-on to the introduction to lean. A core component of Lean Startup methodology is the build-measure-learn feedback loop. The first step is figuring out the problem that needs to be solved and then developing a minimum viable product (MVP) to begin the process of learning as quickly as possible. Once the MVP is established, a startup can work on figuring out the other building blocks of a business model. In the Lean Methodology, startups utilize an investigative development method, asking simple questions to study and solve problems along the way. Customer discovery is the initial and iterative process of understanding customers’ situations, needs, and pain points. Customer discovery involves defining and prioritizing personas and is applicable to both early-stage companies and big companies when developing new products, seeking to target new personas, or entering new markets.
What is the problem that you are trying to solve?
Why this problem is important?
Who cares to have this problem solved?
In layperson's terms (or simple language), describe your solution (product/service). Be specific (but do not enter in technical details).
What it would do?
How it would solve the problem?
This is a short phrase that describes the value your customer will gain from what you are creating (e.g. better, faster, more convenient). If you have multiple types of customers or if you are planning to sell it through resellers, you may have several value propositions.
At a minimum, identify your top 2 current competitors (everyone has competitors). Include the name of the company and explain why your solution is better than each of theirs.
What does your solution have that will make your product/service better than theirs?
Identify the size of your potential market (total number of customers or money value of transactions) for your product/service and for the market segment/s you specifically address/target.
Provide an estimation of growth (how your number of customers will grow) over the next five years.
How will you make money (wholesale or retail price, grants, a subscription fee)?
How much is the initial cost to start producing or selling your product/service?
How much will a product/service cost?
How much will it sell and how much is the profit per unit per year?
How will you start making money in the next five years?
Your current team:
Position, Qualifications
If a critical position is missing, you can mention that you are looking for:
position, minimal qualifications
What is your current goal in the implementation of your idea?
What you will do with the competition prize money if you win?