Teams are challenged to conceive of a new service or product offering, and then create a business plan and concept pitch video aimed at convincing potential investors to finance the business.
Each year, the three best submissions are selected by a four-person jury of business professionals and academics to compete in the Final Round.
In the previous section we described the target market for your business idea.
However, there will be competition for the target market and this will limit the share of the market you can obtain.
The business plan competitor section can be presented in a number of formats including a competitor matrix, but an informative way of presenting is using Harvey balls.
Harvey balls allow you to grade each customer benefit from zero to four, and to show a comparison of these benefits to your main competitor products.The competitors might be individual identified companies, or a generic competitor such as ‘fast food restaurants’.In the example below, the key benefits of the product are compared against three main competitors.If you can’t find any competitors, the chances are there isn’t a market.By carrying out a competitor analysis a business will be able to identify its own strengths and weaknesses, and produce its own strategy.You can also assess any threats posed by both new entrants to your market and current competitors.This knowledge will help you to be realistic about how successful you can be.Your business plan outlines what your business does and what you are trying to achieve.It explains what the market opportunity is, what makes your business special and how you will make it a success.Underneath the comparison to the competition is made using Harvey balls on a rating of zero (blank circle) to four (completed circle).The investor will want to understand that your product has the potential to take a major share of the chosen target market by being shown that it is sufficiently competitive for a number of key customer benefits.