"Elevator Pitch Olympics" and VentureQuest information and application information

Question: What is the "Elevator Pitch Olympics" and how will it work? Answer: The Elevator Pitch Olympics will allow entrepreneurs to make 90-second presentations to a panel of venture and angel investors. The term describes a pitch short enough to be given during an elevator ride. Just as in the real Olympics, investor judges hold up their scores and give points ranging from 1 to 5 in the categories of "quality of presentation" and "business fundability." Immediately afterward, you'll get constructive feedback from the judges.

Question: How will you decide who is selected for the VentureQuest seminar and/or the "Elevator Pitch Olympics"? Answer: The information you provide in your Executive Summary is a key first step. We want to fill the available spots with companies that are developing but which may not be fully prepared to pursue venture capital or other private equity. There will be a limit of 60 companies in two tracks (about 30 in each track) so that companies can benefit from an intimate learning experience.

Question: My company has received a SBIR grant and has talked with a few angel investors, but we're otherwise working with other forms of capital right now -- our own money, a bank loan, and so on. Are we a good candidate? Answer: Yes. We're looking for companies that plan to seek private equity, and many may have yet to secure such investments.

Question: Who makes the selections for the VentureQuest Venture Readiness seminar? Answer: The steering committee for the Wisconsin Early Stage Symposium, which includes tech company execs, investors and others who are expert in the state's high-tech economy. This panel was organized by the Wisconsin Technology Council.

Question: What is the deadline for submission to be a part of the VentureQuest and Elevator Pitch process? Answer: We would like to have all applications for those portions of the symposium by 5 p.m. Friday, Oct. 12.

Question: When will I be notified if I am selected? Answer: We intend to notify all companies by 5 p.m. Thursday, Oct. 25.

Question: Is the process open to companies from outside Wisconsin? Answer: Yes, but Wisconsin-based companies would get first preference. However, it's worth applying because our goal is to involve as many companies as space permits.

Question: So, the only cost to take part is the overall conference registration fee? Answer: Yes. You must pay that first in order to be considered, but we will not charge any additional costs to companies selected for the VentureQuest seminar or the "Elevator Pitch Olympics."

What is VentureQuest?
VentureQuest helps organizations create bottom line profits by capitalizing on developing people, market opportunities, and new business ventures. VentureQuest guides organizations to realize the true top and bottom-line value of innovation to fuel an organization's evolution. The firm works with and designs programs for high growth companies federal laboratories, and universities worldwide.

Using the Venturesystem™ organizations can quickly identify high-potential concepts and technologies that strategically fit their business goals and objectives. VentureQuest's experienced professionals work with executive leadership to manage world class innovation programs for filtering, developing, and launching new concepts and technologies customized for their organizations.

This year’s conference is open to early stage companies representing an array of industries including: biotechnology, biofuels and products, advanced manufacturing, information technology and business services.

Selected companies are invited to attend an orientation session and participate in a pre-conference rehearsal.

2007 REQUIREMENTS FOR SUBMITTING AN APPLICATION
 

•      Register for the full conference on line.
•      Applications are due by October 12, at 5 p.m. 
•      Please email your 1,000 words or less executive summary to Liz Katz of the Wisconsin Technology Council at (lkatz@wisconsintechnologycouncil.com), 608-442-7557 ext. 27.

 
Your summary must include the following information:

1.      Company Overview – Including contact information (Please be sure to include email address because all corresponding conference information will be through email)

2.      Product or Service Description

3.      Customer Definition: Their Needs – Your Solution

4.      Market Description, Research and Size

5.      Competition

6.      Management Team

7.      Capital Requested and Planned Use of Funds

8.      Financial Highlights

Download an executive summary template here.
Download a sample executive summary here.

Below are the elements of the Executive Summary submission that will be used for the 2007 Wisconsin Early Stage Symposium presentations.  It will be important to deliver detail about customer definition, market size, and sales and marketing strategy. What is the market problem your idea can help solve? Why will people buy what you have to sell? And why is your plan a good value proposition for investors? No more than 1,000 total words are allowed within the eight narrative sections.

1. Company Overview
One paragraph on basic company information, including: age of company, founders’ names, current company size in employees and/or sales, major products/services. In order to demonstrate when the company hopes to get products on the market, include key milestones accomplished and/or pending.

2. Product or Service Description
Describe your products; if technical, in very general terms. Focus on what attributes make your product/service better and different than alternatives. Even if there is not a comparable product/service, describe how your product/service is better than alternatives.

3. Customer Definition: Their Needs – Your Solution
Describe the customers’ needs for your product/service: What is the “problem” your technology or product will solve? Who has the problem you are solving? Who would be an early user of your product? Be very clear and concise; this is a critical part of your business proposition and must resonate with your audience.

4. Market Description, Research and Size
Explain the size of the market you are targeting. If possible, break up the market into segments. Segmenting the market means that you identify the specific portion of the market that contains those buyers that meet your Customer Definition.

Try to use sources of information and statistics, such as trade organizations and marketing studies. Describe how your product/service fits into the market and what share of the market you will capture from launch through the first several years of business. In short, how will you market, sell and distribute your product/service?

5. Competition
List your competition. If numerous, pick the top companies you compete against. Explain their products and market share, and how each one does not meet the needs that your product does. Hit the same points as those for existing market alternatives in the “Product or Service Description” that explained why your product/service is better than these alternatives. Your competition might not be obvious, such as supplemental products or customer inaction.

6. Management Team
List the management team and previous experiences.  Highlight any special skills or experiences related to your management team, including industry, start-up, leadership or other related experience.  Elaborate on how the team is appropriate for this business venture.  n addition, contestants may want to list members of their service team, such as lawyers, accountants, current investors and banker.

7. Capital Requested and Planned Use of Funds
Use this area to further explain how money will be used and justify the capital amounts requested.  Include breakdowns of expenses where appropriate (i.e. share what expenses are listed under general items such as “marketing expenses”, “research and development”, etc.) and include precise numbers where possible.

8. Financial Highlights
Include actual/projected revenues and expenses.  (See below)  Explain key financial highlights, measures and benchmarks, such as breakeven points, profit margins, return on investment or other noteworthy financial information or achievements.
...................................................

Selected companies have the opportunity to:
 
1.      Reserve an eight-foot table space for a poster presentation in the Grand Terrace of Madison’s Monona Terrace Convention Center. ($1,000 value.)
2.      Record a two-minute “rich media” video that may be viewed at video kiosks during the two-day symposium. This video may be posted for Internet viewing for six months. ($495 value.)
3.      Reserve their spot in the instructional sessions (“VentureQuest”) that prepare companies to seek private equity financing.