Basic Guidelines
  • IdeaLabs is for undergraduate students only.
  • A team can consist of 1-5 students.
  • The concept/idea must be new and must have been conceived of after January 1 of the current academic year.
  • The Executive Summary should not exceed a maximum of 2 pages, double-spaced, 1” margins and 12 point font.
Executive Summary Instructions
The Executive Summary should contain written sections on the following:

The Executive Summary should be no longer than 2 pages. The document should be double-spaced, in a standard font with a size no larger than 12. Pages should be numbered at the bottom, converted to a PDF and named as follows: SchoolName (or Initials) IdeaName.pdf.
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The Executive Summary should be succinct and should include the most pertinent information regarding the idea; participants are responsible for deciding what is most important to include in the Executive Summary. Please note that while participants may not be able to address all of the questions below in the Executive Summary, students will be expected to address the following questions in during their presentations:
  1. What is your product or service being offered? Be specific, give a detailed description. Give your product or venture a name. If it is a social venture what type is it?
  2. What is the value proposition? Will your product fulfill a need? How do you define and measure success?
  3. Who is the customer? Will you be selling to an intermediary or to the end user? How do you maintain customer base and loyalty?
  4. How will the customer get access to your product or service? Describe the product or service value chain (distribution system). What marketing tactics will you use? What are you going to charge for it? How much will it cost to produce your product or service? Do you know what the competition charges? How will the entry of your product into the market affect the price?
  5. What are the demographics, trends, patterns of change of the industry? How large is the market?
  6. Are there any barriers to entry? If so, what are they? How will you overcome them?
  7. What are typical profit margins in the industry?
  8. Who are the competitors? Who, What, Where is your competition? Do you have a niche? Do you have some kind of advantage over your competitors? Are there potential partners or stakeholders? Who are they?
  9. Who is your perfect customer? How will you find them? What is the demand for your product or service? Are there enough of them to support your sales projections?
  10. What are the features and benefits of the product or service? What value are the customers receiving from your product or service?
  11. What about intellectual property? Patents, Trademarks, Copyrights and Trade Secrets? Make sure that no one else has developed a similar product or idea. Refer to your research.
  12. How is the product or service differentiated from others on the market? Why is it different and what makes it unique? Is the mission affecting a system, a cause, or a symptom?
  13. As students, what specific skills or expertise will you need to start this venture?
  14. What are your team’s gaps and how will you fill them?
  15. What are your start-up capital requirements? What start-up resources do you need? Where do you plan to obtain your start-up capital?
  16. What are the amounts and sources of expected revenues? How will you make money? What is the revenue stream(s)? Make a preliminary estimate of the first three (3) years income (cash flow) and expenses. If your idea is a social venture is it sustainable and who is the primary beneficiary?List any other information that the judges should know for picking your proposal?
IdeaLabs Format
  • Each entrant will have 7 minutes for their presentation followed by 3 minutes of judges Q&A
  • There will be a 2 minute transition time between contestants.
  • Order of presenters will be randomly determined.
  • PowerPoint presentations will already be loaded on a computer/laptop provided by the venue.
    • Participants are encouraged to arrive early to set up their presentation so it will be ready to access for their presentation.
    • An explanation of the timing process will also be given.
  • All presenters will receive feedback from the judges before the top 3 finishers are announced. The decisions of the judges are final.