2014 Retail & Health Innovation Challenge – Wake Forest University

Competition Recommendations & Best Practices - 2014 Retail & Health Innovation Challenge - Wake Forest University

2014 Retail & Health Innovation Challenge – Wake Forest University

Competition Recommendations & Best Practices

We are pleased to welcome all participating teams to RHIC 2014!

Competition Overview:

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.

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