The Bulldog B.I.T.E (Business Innovation by Truman Entrepreneurs)

A "Business Idea" Contest -- Sponsored by Villhard Growth Partners

With the financial and professional support of Truman alumni Doug and Diane Villhard, Truman State University is hosting an elevator pitch competition during the 2016 spring semester.  The competition is being coordinated on campus by the Office of Academic Affairs and Career Center.

What is an elevator pitch?

An elevator pitch outlines the concept or idea for a product, service, or project in a short period of time, typically from thirty seconds to three minutes.  The length of the pitch mirrors the time spent waiting for and riding an elevator in a high-rise building.  The purpose of the pitch is to spur the interest of a potential investor or financial backer.  A good pitch highlights the key aspects of the concept.

Participants

The competition is open to any Truman student or team of Truman students (up to three members) enrolled during the 2016 spring semester.  A student or team may submit only one pitch concept for the competition.  Participants may pitch a for-profit or not-for-profit concept.

Prizes

Six finalists will be selected for the live pitch in St. Louis.   The top three finalists will receive cash awards.

First prize award:                   $3,000

Second prize award:                $2,000

Third prize award:                  $1,000

Rules and Competition Format

The competition consists of two rounds.

Round 1:  Electronic submission of the pitch.

Video pitch (maximum of 60 seconds) must be published to YouTube and the link submitted at http://bit.ly/1URU2f4  by 11:59 p.m. on Wednesday, March 2, 2016.

• No props except for product prototype.
• The pitch should be one continuous shot; not cuts or editing.
• We recommend that the video be posted as unlisted.

  Executive summary of the pitch must be submitted at http://bit.ly/1URU2f4 by 11:59 p.m. on Wednesday, March 2, 2016.  The executive summary must include:

• Name of the individual or team members submitting the pitch including contact information.
• Problem or issue being addressed by the concept
• Product/service/project description
• Target market (Who would buy or uses the concept?  How much will it cost?)
• Competitive advantage of the concept (Why is the concept better than competitors?)
• Value creation (How does the concept make money or cover expenses if a not-for-profit?)
• How will prize money be used to further concept development?

• Judges will select six finalists from the Round 1 submissions.  Judges may include faculty, alumni, and entrepreneurs.
• The six finalists will participate in a live two-minute pitch rehearsal followed by a three minute question-and-answer session on Thursday, March 17, 2016, at 4:00 p.m. in Violette Hall 1010.
  • Participants will receive feedback for improving their pitches, but their performance is not officially judged and will not directly affect their Round 2 placing.
  • The rehearsal pitches will be recorded.  Finalists will be given access to their video for review and pitch improvement.

Round 2:  The six finalists will advance to the final pitch competition to be held from 3:00 – 5:00 p.m. at T-REX  located at 911 Washington Avenue in St. Louis on Thursday, March 31.  All travel expenses will be covered for the finalists and each will receive a plaque.

• Finalists will present their pitches to a panel of judges.  The pitch cannot exceed two minutes.  The presentation will be cut off at two minutes.
  • No visual aids may be used.
  • Prior to their presentations, finalists may not view the other contestants’ pitches.  Finalists may view other finalists’ pitches after they have presented their pitch.
• After the presentation, finalists will answer questions from the judges.  The Q & A will be limited to three minutes.
• The judges will deliberate and announce the top three pitches.
• Networking/alumni event: 5:00 – 7:00 p.m., T-REX, Pitch participants, judges, alumni, and audience members will be invited to attend a networking reception following the competition.

Pitch Judging Criteria

Judges will score the pitch presentation on a scale of 1 to 5 (1 = poor; 5 = outstanding) on the following elements listed below.  The best score possible will be 40.

1. Problem:  Significance of problem/issue being addressed? 1-5
2. Product/service solution adequately addresses the problem?  1-5
3. Market:  Target market is significant and well defined?  1-5
4. Competition:  Concept proven to be better than current competition?  1-5
5. Value Creation:  Clearly articulated how the concept will make money (or cover expenses if non-profit)?  1-5
6. Seed Money:  How prize money would be used to further development of the concept?  1-5
7. Q&A:  Effectiveness of Q&A session answers?  1-5
8. Presentation: Overall verbal pitch presentation and organization?  1-5

Confidentiality and Intellectual Property

Truman State University does not guarantee confidentiality of the pitch concept.  Judges, Truman staff, and audience members are professional and routinely respect the property of others.  However, judges, staff, and audience members will not sign nondisclosure agreements.

If the presenters desire to keep elements of their concept confidential, the presenters should not include this information in their presentation or responses to judges’ questions.

Preparing for the Pitch

• Pitch elements, rehearsals, and feedback:      
  • Thursday, February 4, 2016, 4:00 p.m., Violette Hall 1424, Anastasia Tiedemann, Business counselor from the Kirksville Small Business Technology Development Center (SBTDC).
  • February 23, 2016, Alumnus and Entrepreneur Doug Villhard will be on campus to watch pitches and provide feedback.  Specific times and location will be announced.
  • March 17, 2016, 4:00 p.m., Violette Hall 1010, Pitch Rehearsal for the six finalists with local faculty, staff, entrepreneurs, ICE.

     

• Recording and producing a video:       PML Multimedia Lab (PML 204)—Thomas Fitzler, These informational sessions will present best practices and tips for video recording and production.
  • Wednesday, February 3, 4:30 p.m.
  • Thursday, February 11, 4:30 p.m.
  • Thursday, February 25, 4:30 p.m.  

An excellent pitch will require practice, practice, practice!