Round 1: Form Fill Description and Video
“The process of distilling the essence of your business down to a page forces you to think hard, decide what's important, and discard things that aren't essential to the story line. By doing this, you develop a better vision of what your business is all about, and you become better at telling your story."
-Akira Hirai, founder and CEO of Cayenne Consulting, a firm that helps entrepreneurs develop business plans and financial forecasts.
Submissions to the 2017 GW New Venture Competition will compete in one of three Tracks: New Ventures, Technology Ventures and Social Ventures. New Ventures are standard commercial ventures, and most submissions will compete in this Track. Technology Ventures are those that have a new proprietary technology, discovery or invention at its core. Technology Ventures will have some sort of intellectual property and generally have evidence of the feasibility of that core technology. Social Ventures generally have a transformative solution to a pressing need or social problem.
For an initial application, three things must be submitted by January 25, 2017:
- Form Fill Description of the Venture
- A Concise (50-words or less) Description
- A 2-minute Video Presentation
Form Fill Description
- Elevator Pitch/Company Purpose. What is your product or service or the purpose of your venture?
- Problem. What problem/need/opportunity are you addressing? Who will be the customers/beneficiaries of your venture?
- Solution. What is your solution? How is your solution different and better than the existing alternatives?
- Revenue Model. What is your revenue model? How does money come into your venture?
- Team. Who are the members of your team?
- Why Should Someone Invest in Your Venture? Explain why you will be successful.
A Concise (50-words or fewer) Description
Each submission must include a concise, 50-word description of the venture. In general, the summary should describe the venture’s product or service and the benefits it brings to a defined set of customers. Templates for constructing concise summaries as well as examples of good summaries can be found here.
The Video Presentation should describe your venture. The Video Presentation should address the same questions as the Form Fill Description, but be sure you use the Video to introduce the team to the judges and to show that you know how to tell your story in a convincing fashion. Samples of good videos from last year can be found here.
Your video presentation should be uploaded to YouTube or Vimeo, and you will submit the link to your video. Instructions on how to upload a video to YouTube are found here, and instructions on how to upload a video to Vimeo are available here.
Your video submission must not exceed 2 minutes in length.
The Round 1 application can be submitted at the Submit Your Idea section of the GW New Venture Competition website.
You must submit your application by 12:00 noon on January 25, 2017.
Participants who are chosen to advance to Round 2 of the GW New Venture Competition will be listed in the 2017 Semifinalists and Finalists section of this website no later than January 28, 2017. All decisions by the panel of judges are final.