How to Develop a Winning Concept Paper 2017 How to Develop a Winning Concept Paper Apologize for venue change…due to demand! Did everyone get some food – we want to make sure you’re happy and content as we begin How many have already started your paper? How many are nearly finished with your paper? How many are still completing you team? How many are lost and don’t know where to begin? Admit it, it’s OK… Dan Jenkins – Technology Entreprenuer Expert-in-Residence, UCI Applied Innovation Gina Heitkamp – CEO & Co-Founder Middle School Moguls

agenda welcome & intros rules (collective sigh…) 2017 agenda welcome & intros rules (collective sigh…) whatsa “concept paper”? suggested format methodology & considerations judging criteria resources and Q & A workshop!

rules! length: 3 pages max + 1 cover page cover page: venture name teammates names & UCI school affiliations graduate/undergraduate status due date: january 30th by 11:59 pm url: http://merage2017.startupcompete.co Does that mean you leave ¼” margins or use 8pt type – NO! Hey, we’re all old (well, over 40) and need bright light to make things out… The judges need to be able to easily read and comprehend your submission Is 1 minute past 11:59 OK? NO!!! Plan accordingly. Short of an eclipse that cuts all power to California that evening, there are no excuses. n…o......e...x...c...u...s...e...s...!

it’s tempting, but don’t throw in the “kitchen sink” whatsa concept paper? bizplan; pitchdeck; research paper nope! method to screen startup ideas chance to organize your concept & team evidence of: -- a market (need/issue/pain/opportunity) -- a solution (value proposition/benefits) opportunity to sell your concept & team a compelling short story ! Old school > world changes too rapidly now > that doesn’t mean you don’t need plans, just not super-detailed What is it NOT??? An economy of words it’s tempting, but don’t throw in the “kitchen sink”

sounds kinda dull, right...? It needn’t be or shouldn’t be! Here are examples of how teams helped judges visualize their concepts You’re telling a story – make it interesting & compelling Who likes “boring” – raise your hand remember, you’re selling your idea and team… make it interesting & compelling!

tailor to your specific track, market & solution suggested format introduction/mission: to grab attention market need: to create urgency product or service: to develop interest market potential: to substantiate your claims advantages/differentiators: to validate approach business model: to clarify how you make $ team: to provide confidence tailor to your specific track, market & solution

which element is most important? where do you start? market need? product or service? revenue model? team members? Does a market need exist – tell me about it How will you solve this need – tell me about your idea Revenue model -- you mean we need to make money??? How will you do it: fremium; direct sales; licensing; OEM Team > key, because they must focus & execute Passion, however, is most important seasoning which element is most important?

methodology & considerations assign roles: getter; doer; counter; leader collect market data; refine concept survey prospective customers research size, growth rates segment your market identify competitors (they always exist) determine market opportunity fit product/solution to opportunity establish competitive differentiators draft…solicit feedback…iterate appeal to the head & heart – be passionate! my mantra: keep it simple…design for grandma

overview / introduction / mission genesis? story? problem? solution? market? good stories help people relate & draw them in… hook them at “hello”

market need evidence of a market/need? magnitude: vitamin? painkiller? what’s behind the problem? how you address need? customers & attributes? why will they buy? charts/images draw the eye, provide relief & communicate a lot of info quickly

consider your audience: technical or layperson? product or service? evidence of a solution… problem you’re solving? need you’re satisfying? pain you’re addressing? what is the product or service? software that enables… medical diagnostic device for… programmable chip for telecom that… specialized services targeted to… innovative beverage container that… attributes & advantages? innovation & differentiators? IP or “secret sauce”? consider your audience: technical or layperson?

be realistic…address an unserved niche...focus market potential market characteristics? how big now? potential? growth? new segments? focus niche? why? how will you dominate? how will you target? how will you connect? how will you make $$$? be realistic…address an unserved niche...focus

advantages & differentiators competitors? their strengths… their weaknesses… their vulnerabilities? compare & contrast how you compete? there are always competitors: obvious, indirect, manual and “status quo”

give your venture a face…humanize it team 1 paragraph max key members picture name role background education experience previous success give your venture a face…humanize it

cover all bases! utilize all resources! judging criteria clear pain / need / opportunity? clear value prop / solution / benefit vs #1? defined target market / segment vs #1? differentiators / competitive edge? feasible revenue model? evidence to make #1 thru #5 believable? how capable is the team? cover all bases! utilize all resources!

resources | Q & A | workshop www.merage.uci.edu/go/nvc Hannah Thompson | Beall Center | hannahrt@uci.edu Breanna Bremer | Antreprenuer Center | bremerb@uci.edu