Phase 1: Elevator Speech
Phase 1 Overview and Submission Requirements
For Phase 1 of the VA Beach Bio Innovation Start up Challenge, teams will begin to develop their overall business concepts for their chosen technology. All teams will record a 2 minute elevator speech outlining their technology and potential start-up. Additionally teams are to submit a 350 word executive summary. This should act as a strong opening statement about your business and technology. You can find a template for the executive summary below
Submission Requirements:
How to Submit: All teams will be submitting their deliverables via the Challenge platform
Submission Requirements:
- 2 minute elevator speech
- 350 word executive summary
How to Submit: All teams will be submitting their deliverables via the Challenge platform
| Executive Summary Template |
Additional Milestones
Ongoing Phase 1 Milestones
Stakeholder Engagement
Throughout Phase 1 of the competition we suggest that your team engages with at least 20 stakeholders within your industry to speak with and obtain feedback on your invention, value proposition, and any other part of your future business plan. Below we have some suggestions to help you communicate effectively with your stakeholders
R&D Roadmap
Teams have the opportunity to submit an R&D roadmap to their respective inventor for analysis and feedback
Stakeholder Engagement
Throughout Phase 1 of the competition we suggest that your team engages with at least 20 stakeholders within your industry to speak with and obtain feedback on your invention, value proposition, and any other part of your future business plan. Below we have some suggestions to help you communicate effectively with your stakeholders
- Develop a business model canvas (look up excel examples on google - goo.gl/3ixHhE)
- Keep track of your ongoing discussions, daily work, and thoughts via Google Documents
- Communicate with the challenge team to discuss your team's needs, questions, and comments in developing your business plan
R&D Roadmap
Teams have the opportunity to submit an R&D roadmap to their respective inventor for analysis and feedback
- Half a page in word
- Include R&D plan and Commercialization plan
- Near term and Far term
Phase 1 Timeline
The deliverables for Phase 1, including the 2 minute elevator speech and the 350 word executive summary, are due on June 15th 2018 at 11:59pm PST. Finalist announcements will be made by June 18th 2018.
- Phase 1 Start date: February 23rd 2018
- Deliverables due: June 15th 2018
- Public voting: June 16th 2018 - June 29th 2018
- Semi-Finalists Announced: July 2nd 2018
Evaluation Process
Promptly after the due date for the deliverables, all videos will be placed online for public viewing. Here, members of the community will be able to watch and vote on their favorite videos. Also, we are looking to have participants crowd-source ideas on how they might improve/update their submissions. Simultaneously the challenge judges will be evaluating both the elevator speeches and executive summaries and scoring them accordingly.
- Submit video and executive summary on the Challenge Platform; this will make the video available for public viewing
- Public voting and crowd sourcing will commence on YouTube
- Please make your friends, family, peers, and other stakeholders aware that your video and executive summary is up on the site so they can provide input/comment and "like" your video/executive summary. Please review our training on how you might market your video/executive summary to relevant stakeholders/peers
- Simultaneously, challenge judges will score videos and executive summary
- Scores will be a weighted combination of the judge's scoring and the public vote. We will strongly consider the feedback you receive on the public voting platform. We are looking for constructive feedback
- Finalize scores and identify semi-finalists
- Communicate to the Phase 1 semi-finalists and move to Phase 2: Business Plan
Criteria and Guidelines
Elevator Speech Guidelines: In two minutes concisely describe your company, its IP, and its mission/vision while remaining captivating and engaging. Your video will be graded on these three criteria:
Audience
Executive Summary Guidelines: An executive summary is not an abstract! You should ensure that you touch on nuances that will distinguish you from your competition. Explain the basic elements of the proposed business. Below are some things you may want to include (but are not limited to):
Audience
- Remember that the audience could be a person that is unfamiliar with science
- Tailor your pitch to a diverse set of viewers, e.g., potential investors, pharma collaborators, Key Opinion Leaders (KOLs), etc.
- Are members of your team represented?
- Are there quality visual aids accompanying the presentation? (i.e. words and meaningful graphs as well as pictures)
- Is the presentation creative or imaginative?
- Do you have good audio/video?
- What is the problem being solved?
- What is the product and how does it address the problem?
- How is the product differentiated?
- What are the economics of the product?
- What are the benefits and who will receive them?
- How easy will it be to commercialize?
- How easy will it be to perform R&D?
- Are viewers hooked?
- Are you memorable?
- Will viewers want to learn more about this business?
Executive Summary Guidelines: An executive summary is not an abstract! You should ensure that you touch on nuances that will distinguish you from your competition. Explain the basic elements of the proposed business. Below are some things you may want to include (but are not limited to):
- Company Overview: What does the company do? Who are your target customers?
- Products: What does your product do? How is it differentiated? Include information on ownership of the technology
- Competitors: What is the current competitive landscape?
- Business Strategy/Model: How are you going to make money? What are the benefits to the payers? Who will be your payers?
- R&D Path and Major Milestones: R&D, Regulatory, Commercialization, Exit
- Operations: Marketing, Sales, Manufacturing, etc.
- Management: Who will make up your team?
- Financial Summary: Projected cash flow, burn rate, financial value proposition, valuation, time/money to value inflection points
