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Judging Rounds
Round One: Executive Summary
Due: November 20, 2009
Entrepreneurs will be asked to provide an executive summary online of their idea or concept. Submissions should answer the following questions clearly and concisely:- What is your idea or innovation?
- How does your idea translate into a commercially viable venture and high growth business?
- What is your strategy for executing your idea?
- Why is your idea economically viable and profitable?
The top entrepreneurs with the most thought out and sustainable ideas will go forward to the second judging round. Remember that judges will need to read a lot of material so prepare your materials in a clear and concise manner.
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Round Two: Idea Plan
Due: February 5, 2010
Entrepreneurs participating in the second round will prepare to submit an Idea Plan. Entrepreneurs in their Idea Plan will be asked for:- An explanation of the innovation and what competitive advantage it has.
- A more detailed explanation of how the idea can become a viable, profitable business.
- A marketing and sales plan that details how they will address a market need.
- Financial projections demonstrating how to generate revenue and profits, and why the venture would be attractive to investors.
- A description of the entrepreneur team and their ability to execute the business plan.
It is after this stage that the field of participants will be narrowed to a Top 20. Participants will be notified of their advancement in the competition after this round.
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Round Three: Final Business Plan
Due: April 28, 2010
Top 20 Finalists only
Final business plans, financials and PowerPoint presentations.
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Innovate ND 2010 Finals
The Top 20 Finalists, plus the winners from the partner competitions, will advance to the Innovate ND finals in May 2010.
Finalists will prepare for their oral presentations with an investor pitch to be given to the Judges. Finalists will make a 15 minute oral presentation followed by a 10 minute Q&A session, and are encouraged to use presentation materials such as posters, PowerPoint, handouts, prototypes and/or multimedia.
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