- Create a Business Model Canvas.
- Write a short narrative describing the product.
- Create a short (1.5-3 min) narrated pitch video.
- Submit a representative photo
Business Model Canvas
You should have the following sections:
- Name of company, name of group members and their roles
- Name of first product
- Mission statement of the company ~25 words
- Elevator speech of ~ 25 words
- Estimated cost at Target or other retail channel (specify which one!)
- Estimated cost just after manufacturing (recall 4:1 to 5:1 ratio)
- Scenario of use of the product – about 50-100 words plus relevant images or illustrations.
- The“head bowling pin” users/market
- Describe the market opportunity: Who is the target audience? What is the size of that market? Is the market growing?
- Is there be a “Barrier to Entry” that you can hold onto? Patents etc…
- Alternatively: is there a licensing opportunity?
- Competitive Landscape: Who else is operating in your space?
- Estimate how much will your product would cost to manufacture. Determine Design and development cost (your salary!), tooling, material costs, labor costs, production costs, overhead.
- BOM: You can use Dragon Innovation's BOM Tool
This video will likely be one of the more durable and useful outputs of the class for you - it'll probably outlive your prototype and is easy to send to friends and potential employers. So make it count.
- The video should be 90 seconds to 3 minutes long and narrated.
- Goals are similar to the presentation:
- Explain the motivation behind your product
- Show off your prototype - cover all the main features and UI interactions.
- Talk a bit about next steps.
- Don't just talk over your slide deck - showing is better than telling. So make sure you have plenty of clips of the device working and the various user interfaces. Benchtop shots of you debugging or testing circuits may make for good "B roll".
Crowdfunding pitch videos are good exemplars, expect you don't have to ask for money in your video. You may find various Tips on making crowdfunding videos helpful (more).
Please upload at least one high-resolution "hero shot" photo of your product that is suitable for documenting your project online. You most likely already have taken such a photo for your poster.