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5th Annual Innovation Challenge

5th Annual Innovation Challenge. Kick-Off and Overview Info Sessions 1 & 2 Fall 2014 September 9 & 22 www.csulb.edu/innovationchallenge. Agenda: Kick-Off and Overview. Competition Overview     Important Dates    Content/Format Requirements Judging Criteria

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5th Annual Innovation Challenge

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  1. 5th Annual Innovation Challenge Kick-Off and Overview Info Sessions 1 & 2 Fall 2014 September 9 & 22 www.csulb.edu/innovationchallenge

  2. Agenda: Kick-Off and Overview • Competition Overview •     Important Dates •    Content/Format Requirements • Judging Criteria • Team Mentor Program • The Awards Event – Finalist Presentations

  3. Objective • Conductan annual competition to identify, evaluate, select, and seed innovative ideas that have potential for commercialization • Provide guidance and support to CSULB students to pursue innovative ideas, learn how to create business plans, and reward the best of those plans with business-related services and seed funding

  4. The Competition • Conducted annually • Open to all current CSULB students • Each team prepares a brief business plan • Judged by business professionals (business owners & investors) • The winning team will receive: • Business related services and facilities • Seed funding

  5. Competition Rewards – Up to $50,000 Value • Business-related services worth up to $40,000, based on availability: • Office space • Legal assistance • Printing services: business cards, stationery, brochures, … • Marketing services/consultation • Accounting and tax assistance • Communication services: web, phone, … • Seed business funding of $10,000

  6. CSULB Innovation Challenge Build a team! You have an idea! Review with mentors and support team Present to Investors and Judges (Final 4 teams) Winning team receives start-up resources and seed funding Develop your business plan

  7. Competition Schedule See website calendar for details

  8. Letter of Intent • SubmitLOI form (see website for one page form)between October 13 and December 9, 2014 LOI Includes a summary of: - Business/technology area and the market description - Project team members - Other relevant information

  9. Business Plan Preparation • Team’s Business Plan: • No more than 20 pages. That’s everything, cover sheet, plan, finances, and all… • Workshops: How to Write a Business Plan • Nov 4 - 11am- 1pm The Niggli Conf. Center (ECS 312) OR • Nov 5 – 4:30pm-6:30pm The Niggli Conf. Center (ECS 312) • Checklist posted on the website • Need help getting started? See “Getting Help/Resources” section on the website

  10. Business Plan Submittal • Due: February 27, 2015 • Requires team’s mentor approval • Submit to the Innovation Challenge email mailbox in .pdf format • Must adhere to the provided guidelines

  11. Judging Criteria (Guidelines) • Written business plan (evaluated to determine the finalists) • Clear identification of customer needs/requirements • An innovative solution/approach to address the need • Sound marketing and sales concept • Reasonable business concept and revenue model (financial projections) • Experience of team members and projected ability to implement the business plan • Written presentation quality and style • The Four Finalist teams are judged on their Oral Presentation and final Business Plan

  12. Mentors • Assigned once Letter of Intent is submitted • Team may have 2 mentors, (1 from industry & 1 academic) • Contact mentor(s) early and often. Advise the Innovation Challenge coordinator if the team has trouble connecting • Mentors should sign-off midway through the competition and MUST sign-off the final business plan via an email to the Challenge website • Use the mentor’s time wisely • Great opportunity to network and start a valuable relationship

  13. Finalist Presentations • Scheduled for April 9, 2015, 4pm at CSULB’s The Pointe Conference Room in the Walter Pyramid • All Innovation Challenge participants invited • Finalist teams will present to judges and attendees • Venture Capitalists, industry leaders, community leaders, advisory board and CSULB leaders will be invited • Great event for networking

  14. Getting a Team Started • Sign up to get on our mailing list • Designate if you are a team in need of members • Designate up if you are a potential team member in need of a team • We’ll contact team leaders with interested members phone numbers • Consider a Confidentiality Agreement • We can help, but you need to do the follow up See sign up sheets after presentation

  15. Final Note… Send inquiries to innovate@csulb.edu Check this site regularly for guidance, updates and resources: www.csulb.edu/innovationchallenge Innovation Challenge Office Hours • Tuesday’s 11am-1pm and Wednesday’s from 2pm-4pm EN2 300-D

  16. Good Luck • We hope you will participate!! • If you have any trouble getting started, email or stop by the office and we can help.

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