DELTA Rx’s Next Top Entrepreneur competition will enable student participants to develop, practice, and polish entrepreneurial skills for the future. While previous experience in entrepreneurship may be helpful, prior experience is not a defining factor of the competition. Creativity and the ability to present oneself well are two primary factors on which the contestants will be judged. All students have the ability to participate and excel in this competition, regardless of their experience level or knowledge of entrepreneurship.
Participants will be judged based on their performance in the competition. All contestants/contestant teams must work to produce their own work. At the end of each round, judges will use a set of predetermined criteria to determine who will advance to the next round and who will be eliminated. All participants of DELTA Rx's Next Top Entrepreneur Competition must present themselves on the day of the competition dressed in business attire.
Hints
All entrants of the competition will participate in this round. Contestants are expected to demonstrate their entrepreneurial potential within a set period of time. Participants will have three minutes to present their entrepreneurial idea. The participants may make a speech on the subject matter or make a visual presentation. The presentation should outline, provide validity for, and show the potential impact of your idea.
Cuts will be made based on the participants’ originality, creativity, and showmanship. Contestants will be hand-picked for elimination by the panel of judges.
Out of the total number of entrants, only ten will advance to the next round. Top performers will be selected to move on to round two.
Additional Information
Judging Criteria
Criteria for Advancing | Rating (1-10) |
Demonstrates a propensity for originality and creativity in the idea | 1 did no work/performed poorly 5 average 10 outstanding |
Possesses an ability for showmanship and persuasiveness in the presentation | 1 did no work/performed poorly 5 average 10 outstanding |
Discusses the benefit to society |
1 did no work/performed poorly 5 average 10 outstanding |
Gives a reason to believe in the product/service. |
1 did no work/performed poorly 5 average 10 outstanding |
Discusses how the product/service is new and different | 1 did no work/performed poorly 5 average 10 outstanding |
This round will consist of a more challenging task that will involve several steps and will be performed during the competition time period. An impromptu health care related scenario will be given, and participants will have one hour to create a three-minute presentation. The presentation should follow the structure of Round 1 by outlining, providing validity for, and demonstrating potential impact of the idea to respond to or solve the given health care related scenario. Contestants will be judged on originality, creativity, ability to work under pressure, and presentation skills, including the contestant’s speaking abilities. Following this round, five individuals/teams will advance to the next round.
Additional Information
Judging Criteria
Criteria for Advancing | Rating (1-10) |
Demonstrates a propensity for originality and creativity in the idea | 1 did no work/performed poorly 5 average 10 outstanding |
Possesses an ability for showmanship and persuasiveness in the presentation | 1 did no work/performed poorly 5 average 10 outstanding |
Discusses the benefit to society | 1 did no work/performed poorly 5 average 10 outstanding |
Gives a reason to believe in the product/service | 1 did no work/performed poorly 5 average 10 outstanding |
Discusses how the product/service is new and different | 1 did no work/performed poorly 5 average 10 outstanding |
As the final round, contestants will be expected to create a proposal and strategy plan that showcases their creativity and ability to formulate ideas and take initiative. Contestants may use their initial idea from Round 1, their developed idea from Round 2, or a new original idea when developing their plan. The plan should be a brief outline of the intentions of a proposed business venture and how it is likely to thrive and prosper. The 10 slide format below may serve as a template for the presentation, but it is not required. Within these slides, the proposal should detail the unique selling points of the venture, how it would stand out from the competition. An action plan for securing financing for the venture should be included as well as an outline of the history of the idea, including how it came about and who would be involved in the venture. Within the business model discussion, participants should comment on any trademark or intellectual property considerations. Finally, information about the target market should be included and participants should prepare a realistic analysis of the achievements they hope to accomplish as well as why they believe the analysis is accurate. Participants will have ten to fifteen minutes to present their plan. The best three presentations will also receive cash prizes of $1200, $800, and $400 respectively.
The components of the mini-business plan include:
* Guy Kowasaki (http://www.truemors.com/ and http://www.iptv.org/video/detail.cfm/447)
Additional information
Judging Criteria
Criteria for Advancing | Rating (1-10) |
Creates a highly innovative and quality proposal | 1 did no work/performed poorly 5 average 10 outstanding |
Creates an idea that is feasible within the next 1-5 years (given the assumptions made from a financial perspective) | 1 did no work/performed poorly 5 average 10 outstanding |
Possesses exceptional oratorical skills |
1 did no work/performed poorly 5 average 10 outstanding |
Discusses the benefit to society | 1 did no work/performed poorly 5 average 10 outstanding |
Gives a reason to believe in the product/service. | 1 did no work/performed poorly 5 average 10 outstanding |
Discusses how the product/service is new and different | 1 did no work/performed poorly 5 average 10 outstanding |
Covers the topics listed in the mini-business plan | 1 did no work/performed poorly 5 average 10 outstanding |
Overview and Structure
The elevator speech will allow judges to assess the commercial strength of the new business by listening to the content and persuasiveness of the speaker.
The analogy was derived from the short duration of an elevator ride; what would you say if you happened to get into an elevator with someone who could buy or fund your idea? The goal would be for your Elevator Pitch to get you an opportunity to make a formal presentation. Each student team will have a maximum of three (3) minutes for their elevator pitch, which should answer several key questions:
Information to consider when putting together your pitch
What is your product or service? Briefly describe what it is you sell. Do not go into excruciating detail.
Who is your market? Briefly discuss whom you are selling the product or service to. What industry is it? How large of a market do they represent?
What is your revenue model? Or, how do you expect to make money?
Who is behind the company? "Bet on the jockey, not the horse" is a familiar saying among Investors. Tell them a little about you and your team's background and achievements.
Who is your competition? Don't have any? Think again. Briefly discuss who they are and what they have accomplished. Successful competition is an advantage-they are proof your business model and/or concept work.
What is your competitive advantage? Simply being in an industry with successful competitors is not enough. You need to effectively communicate how your company is different and why you have an advantage over the competition. A better distribution channel? Key partners? Proprietary technology?
What your "Elevator Pitch" should contain:
Adapted from the following web site: http://www.be.wvu.edu/bpc/tips_tools/index.htm#