Idea Overview * This is where you need to explain - the 'elevator pitch' - what your idea is about. You should work hard to refine this, as this is where the 'sell' comes to life. And keep working on it, because we do limit your work to about 100 words.
Describe who might use it/where it might be used * This is where your idea starts to take shape, and potential partners can see where it might be used.100 word maximum.
The Market * Is your product/service aimed at businesses? (For example, a company would need a large photocopier, not an individual); is it aimed at both business and consumers? (For example, an anti-virus software could be used by both); or is it aimed only at consumers? (for example, a new type of food product)
- Select - Business to Business (B2B) Business to Consumers (B2C) Both
Explain why you think there is a demand for your idea * This is where we want to know your thoughts. You don’t have to have done lots of market research – many successful companies just started with an idea. But you may have seen a need that no-one else has identified, and that’s what a potential partner is looking for - 100 word maximum.
Who would be the ideal customers? * Great businesses have an idea about how their core customer would be, often narrowing it down quite tightly. That doesn’t mean that other people wouldn’t buy it, but having that core customer means that sales, marketing and promotional activities can be targeted effectively - 100 word maximum.
What ideas do you have to reach these customers? * Having a great idea is part of it; now it’s important to think about how you communicate with them. There are numerous channels; but remember, advertising in newspapers, or on prime-time TV can be an expensive business. You don’t need to know all the answers, but your thoughts would be welcome - 100 word maximum.
How far have you developed this idea? * You may have spoken with other potential about this idea, so share these ideas – and their feedback. Don’t be concerned if they said no or expressed doubt; all great ideas go through the same process. However, it’s all helpful to a potential partner - 100 word maximum.
What – if any – feedback have you had for this idea so far? * ‘There is no failure, only feedback,’ as some wise person said. However, a potential partner would love to hear what you’ve had back from people you’ve shared with, even if it’s just anecdotal and ‘gut’ reaction. Often that’s a great place to start.
What supporting material – if any - would you like to add to your proposal? * Supporting material could be a copy of an email, a PowerPoint presentation, some artwork or technical drawing, (even if done by yourself, rather than a ‘professional,’ a design on a table napkin; anything, in fact, that you feel will help a potential partner understand what your idea is about. Describe what you are attaching, and remember to attach it before you submit your proposal
Select your level of interest * You can choose what level of involvement you want. Be aware that, the less your choice of involvement, the less likely to you will be to receive any upfront payment, and any share/equity will be minimal. However, choosing this option also means you will have no financial risk. Your answer is only an indication at this stage; you can discuss it further with a potential partner.
- Select - I wish to give the idea away, and have no interest in a financial reward or further involvement I wish to pass the idea to an investor; I understand I may receive a very small royalty payment or equity stake, no guarantee I would like minor involvement, but with no financial investment I would like minor involvement and would make a small financial investment I’d like to be moderately involved I’d like extensive involvement I want to be in charge, and need help launching this ideas
Have you developed this idea in association with anyone else? * If you have any kind of agreement (in writing or verbal) with anyone else who may have helped you with this idea, it’s important to add their details. Many successful businesses and partnerships have been ruined early on because of a lack of clarity over who ‘owns’ what shares in an idea. Honesty is the best policy
Is there any other information you feel would be relevant? You don’t need to add anything, but if we’ve failed to ask the right questions, here’s your chance to put in anything relevant that you feel may help a potential partner.
Is Your Idea Part Of A 12R Prize Competition? This is a hidden field. Do not remove.
