The Forge@Mac Student Startup Competition - Competition takes place on March 23, 2017 - Awards McMaster students $100,000 in cash prizes for all winners and automatic entry into one of The Forge’s incubator spaces - Any McMaster student with a startup or idea is eligible to apply Now accepting online applications from January 4th - February 5th, 2017 at theforge.mcmaster.ca/student-startup-competition

- The Applicant must be a McMaster student in Fall 2016 or Winter 2017 The Applicant must have at least 20% ownership of the idea/company All team members must be listed Team member disagreements have led to disqualification in the past

Elevator pitch should make clear: Who your target customer is What their problem is What their solution is What the value of the solution is Does not need to be complicated Mailchimp: “Send Better Email” Unbounce: “Build, Publish & A/B Test Landing Pages Without I.T.” Tortuga Backpacks: “Bring everything you need without checking a bag” Opera: “Fast, secure, easy-to-use browser”

DO NOT TALK ABOUT YOUR SOLUTION HERE!!!1!!!1 Good business ideas start with a clear and valuable (to solve) problem Give a brief background/context Why does the current solution fall short and fail to meet users needs? What would users prefer? How do you know this? The problem and the impact of solving it should be clear and quantified Doctors waste 110 minutes a day Throughput is reduced by 55% because of X DO NOT TALK ABOUT YOUR SOLUTION HERE!!!1!!!1

What will your customer be buying? What are the specific features of your solution (include a figure in the references if necessary) Which features will make it in the first product customers will buy What is the grand vision in the long term? What barriers exist to creating this solution, how will you overcome them?

How will your customer measure the solution’s benefits (eg How will your customer measure the solution’s benefits (eg. stronger, faster, cheaper) What is the differentiating feature(s) of your solution (including IP) What about your solution/value proposition would be difficult to copy?

Based on Feedback from your target customer engagement, who will buy what you are selling Can you split your customers into specific target groups? Which segment will you start with and why? What is the market size?

Validation will be a big differentiator in this competition Difference between an assumption and an insight Assumptions are a hunch (eg. I think, I feel, I’ve talked to 1 or 2 people) Insights are data driven, statistically significant (eg. I’ve spoken to several experts, I’ve surveyed my target customers, N >> 1) Insights should be gained from effective interviewing (eg. asking a person about their problems, not selling them on your solution) Insights can come from 3rd party sources, but speaking to customers directly is always better Customers are the ultimate validation – someone is willing to pay for your product

How will your company make money, what is your revenue model. (eg How will your company make money, what is your revenue model? (eg. one time sales, recurring revenue, “freemium”, ect.) What is your pricing and how did you determine it? How many can you sell? If you don’t know the answers to these questions, talk through how you will find out, describe your process

How will your customers initially buy your product? Describe the distribution path of your solution from you to the end user What is your cost of customer acquisition?

How will you reach your first customers? When do you expect your first sale? What is the path your customer will take from awareness to purchase? What will you do to move customers along this path

Who are your closest competitors today? What alternatives are your potential customers using? Why will customers buy your solution over the alternatives?

Why is this team passionate about this opportunity and committed to pursuing it? Describe each founder and their role in the startup What skill gaps would you like to fill in the team Do you have any advisors, what advice have they given you?

What are your goals in the next 6 months? How will you accomplish these goals? How will you execute? Capital requirements? Team requirements? Mentorship requirements? Why does your team deserve the $20k prize more than anyone else What value will you create? When you reach your milestone, what next?

Use appropriately References – OK Limited Figures – OK Additional text – NOT OK Too many figures – NOT OK

theforge.mcmaster.ca/student-startup-competition Have any questions, contact me: boulanjp@mcmaster.ca Applications Due February 5th, 2017 at theforge.mcmaster.ca/student-startup-competition