Innovation Challenge Application

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Name
Please list the lead applicant's name.
Mailing Address
If your organization or initiative has social media channels, please include the urls.
Note: This will also double as the “public summary” of the plan used in promotion of and other public forums related to the competition.
Click or drag a file to this area to upload.
Revenue model and financial predictions; Budget, including needs, methods, and use of funds; Required resources and sources; Breakeven analysis; Projections and long-term profitability; Timeline of anticipated expenditures

Your business plan for your initiative / venture must address all 12 of the following elements:

Note: Bullets and questions included under each element are meant for guidance and context, but do not all need to be answered or addressed individually.

  1. Opportunity Statement and Mission
  • What is the specific problem or need you’re addressing?
  • What is the mission for your initiative?
  • What is the scope of the problem being solved
  • What is the current state; Where are you starting from?
  1. Business Model
  • Provide details about your initiative (product or service); How will it work?
  • How will this generate revenue?
  • What does sustainability look like?
  • Is there an opportunity for duplication and scale? What does that look like?
  • What is the value proposition?
  1. Description of the Market
  • Define the characteristics of the market and description of its customers.
  • Is there a genuine need for the initiative (product or service)?
  • What is the size and growth potential of the market?
  • Who will pay for your initiative (product or service) and what is their willingness to do so?
  1. Team
  • Provide details about the team behind the initiative, including:
    • Experience, both broadly and as relevant to this venture and this industry
    • Expertise
    • Commitment
    • Willingness to get this going
    • Entrepreneurial experience
    • Track record of success
  • How is everyone’s time being allocated? Is anyone focused on this full time?
  1. Technology
  • Have you developed unique or innovative technologies?
  • Does your technology have the potential to disrupt the industry?
  1. Diversity, Equity, and Inclusion
  • How will your initiative touch unserved, underserved, or marginalized populations or reduce inequities in the health care workforce in NH?
  1. Competition
  • Who are your current competitors and competition in the market?
  • How about potential competitors?
  • What’s your initial competitive advantage?
  • What is your competitive response?
  • Provide an analysis of strengths and weaknesses.
  • How do you compare to your competitors? What other advantages do you have?
  • What are the potential substitutes for your initiative (product or service)?
  1. Marketing Strategy
  • How will you generate sales?
  • What does your marketing plan entail?
  • Address price, product, place, and promotion.
  • What resources do you have behind the marketing plan?
  1. Progress and Traction
  • What progress has been made so far?
  • Have you achieved any milestones?
    • Minimum viable product, customer agreements, channel partnerships, other funding, etc.
  • How much traction have you gained?
  • Have you made connections made with external stakeholders? What do those look like?
  • Provide a timeline of where you’ve been and where you’re going (future more deeply addressed in #12).
  1. Impact
  • What is your quantifiable intended impact?
  • How many workers will be recruited or retained?
  • Will this create jobs?
  • Will there be community impact? Some other kind of impact?
  1. Innovation
  • What makes this idea unique?
  • How are you proposing solving a problem in a new way?
  • Is the technology or business model innovative? How?
  • How do you differentiate yourself from existing solutions?
  • Describe the creativity behind this initiative.
  1. Future
  • What are the future plans for this initiative? Do you have milestones for the next 3, 6, 12, 18, etc. months?
  • How will you measure success?
  • What is your entrepreneurial exit strategy?
Click or drag a file to this area to upload.
If selected as a semi-finalist, I/we commit to have representation from the initiative / venture for the pitch event on xyz date and the final winner announcement event on xyz date.