CRIDC 2021 Innovation Competition Summary Template



CRIDC 2021 Innovation Competition Summary TemplateThank you for your interest in applying for VentureLab’s 2021 Innovation Competition! We’re looking forward to learning about your research and how you think it might be brought to market and benefit customers.InstructionsSign up for an office hours slot at if you’d like to consult with someone from VentureLab about your plete the template on the second page of this document.Delete this first page and export your single-page summary as a PDF plete the online form at including the upload of your summary PDF. The application must be submitted by 11:59 PM on Thursday, January 21.We’ll review the entries and notify all applicants of their status by 5 PM on Thursday, January 28.Explanation of termsIn case you’re unfamiliar with some of the terms in the template, here’s a brief explanation.At the top of the summary form, we ask for a one-sentence description of your value proposition. A value proposition clearly identifies the benefits a customer receives by purchasing a product or service. When describing a value proposition, focus on the customer problem being solved, not a characteristic or feature of your product. For example, “IR sensor with ± 2% accuracy and waterproof to 3 meters” just describes features, but “helps you exercise efficiently by tracking your heart rate while you swim” is a value proposition.In the Hypotheses section, we ask you to think about the assumptions that you have about your market. In the Lean Startup methodology, those assumptions need to be stated clearly and then validated or invalidated by evidence, which is typically gathered through customer discovery. That’s a process of conducting face-to-face meetings with potential customers — not to pitch your product or idea, but to ask open-ended questions to learn about the problems they have and how their business operates.Replace this with an engaging one-sentence value propositionExample: “Our novel audio fingerprinting technology will reduce phone fraud for financial service companies.”0241300MARKET NEED: Describe the pain or problem being addressed by your technology from the standpoint of the customer and/or user. Example: “Not being able to verify that a legitimate customer is activating a credit card contributes to $60 billion in fraud losses for banks and online merchants.”MARKET NEED: Describe the pain or problem being addressed by your technology from the standpoint of the customer and/or user. Example: “Not being able to verify that a legitimate customer is activating a credit card contributes to $60 billion in fraud losses for banks and online merchants.”01206500SOLUTION: Explain how your technology addresses the problem. Write for a reader with little familiarity with your field, avoiding jargon and highly technical terms. Highlight the unique differentiators of your technology; how is it better than current solutions? Example: “Acoustic fingerprinting technology can identify, locate and authenticate phone devices uniquely just from the call audio.”SOLUTION: Explain how your technology addresses the problem. Write for a reader with little familiarity with your field, avoiding jargon and highly technical terms. Highlight the unique differentiators of your technology; how is it better than current solutions? Example: “Acoustic fingerprinting technology can identify, locate and authenticate phone devices uniquely just from the call audio.”01270000HYPOTHESES: Describe the three most important assumptions or hypotheses you’re making about your customer, your market, and/or your technology that you think need to be tested. What risks or uncertainties will you mitigate through customer discovery?HYPOTHESES: Describe the three most important assumptions or hypotheses you’re making about your customer, your market, and/or your technology that you think need to be tested. What risks or uncertainties will you mitigate through customer discovery?02527300MILESTONES: Describe important milestones you’ve already achieved in your work, if any, focusing on any related to commercial potential. Examples include proof of work, prototyping, pilot projects, funding, potential customers, industry connections.MILESTONES: Describe important milestones you’ve already achieved in your work, if any, focusing on any related to commercial potential. Examples include proof of work, prototyping, pilot projects, funding, potential customers, industry connections.19304004013200Project photo / diagram / illustration if appropriateProject photo / diagram / illustration if appropriate04013200Personal photoPersonal photo05384800PERSONAL INFO: Include your name, department, year/degree, faculty advisor / PI, and email address.PERSONAL INFO: Include your name, department, year/degree, faculty advisor / PI, and email address. ................
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