Competition Recommendations & Best Practices
We are pleased to welcome all participating teams to RHIC 2014!
Round 1: 2-Minute Pitch – 5 minutes total: presentation 2 minutes, Q&A 3 minutes
- Each team will present a 2-minute pitch to a panel of approximately 4-5 Judges, directly followed by a 3-minute Q&A period.
- Each team will pitch twice.
- Judges will convene after every team’s respective pitches have been delivered and vote for the top 3-4 teams to present in the Finals.
- Teams will not have access to AV equipment during the 2 minute pitch but may provide any number of visuals, including prototypes, props, phones, print materials, laptops, and presentations on tablet computers – basically, anything that will be useful in a 2-minute pitch…
Finals: 3-4 Qualifying Teams – 30 Minutes total: presentation 20 minutes, Q&A 10 minutes
- Round will consist of 20 minutes for full idea pitch
- 10 minutes are allowed for Q&A
- Large screen with PC connectors available for presentation materials
- It is highly recommended that your team have a Finals-ready PowerPoint presentation ready to use in the event your team is chosen to advance to that round.
Below is a short list of recommendations for the event based on feedback we’ve received from previous competitions:
- Concisely articulate your team’s target consumer and target market(s).
- Establish a strong case for sustainable competitive advantages.
- Are there trends in the marketplace/industry that might make the product/service more attractive going forward?
- Understand/convey what makes your product/service unique, and what your value propositions are as they relate to this unique sector.
- Anticipate how your product/service will be judged by industry pros.
- Know your “pain points.”
- Prepare yourself for questions related to how your product/service will reside in the ever-growing digital and data-driven retail landscape.
- Articulate your manufacturing, production, and distribution plans.
- Determine the types of resources that your product/service will require.
- Be able to explain why you think your product/service is viable?
- Know the skills, experiences, relationships that will be required to launch your venture successfully.
- Prepare financial measurements of your anticipated launch and growth.
- Articulate your company milestone and longer-term goals, as well.
- Quite simply, know your “elevator pitch” backwards-and-forwards.
Other suggestions? Please post your thoughts in the Comments field below.