• We will be looking for teams with the right vision, passion, and set of abilities. Successful start-up teams tend to have a programmer, a marketer / salesperson, a product manager, and someone with basic administrative abilities (put together simple financial analyses, deal with legal aspects, etc.). Ideally, the team members will have worked together before.
• One person on the team must be designated as the team lead at the time of the initial submission and thus is authorized to make all decisions on behalf of the team.
• Entrant teams must have a novel product or service that is scalable, addresses a clear market opportunity and gives the company a sustainable competitive advantage.
• Teams must have identified and validated a number of customers. They must demonstrate a strong need for their solution, e.g. actual sales, a large number of interviews across customers and experts.
• Teams must have a prototype or minimum viable product they will develop over the course of the competition.
• The product / service ideas that win in new markets need to have the right vision. These ideas will be part of a larger story of how things have evolved to today, and what will need to happen going forward. They should hit the wave at the right time — neither too early nor too late, along with reasoning for “why now”. Your product / service idea should address what the challenges with existing solutions are, and why your idea is a break-through.
• There are a number of markets you can choose to compete in. We want to hear from entrepreneurs who are competing for markets that generate at least $1 billion in sales per year. This means that the total number of potential customers multiplied by how much they’ll spend on your product each year should be greater than $1 billion. We also believe entrepreneurs should focus their efforts in capturing entirely new markets that didn’t exist before, or in disrupting old markets with new technology.
• You will be judged by the quality of your application. We will assume that the style, wording, and thoughtfulness of your presentation will be a reflection of how you will present your idea to customers, partners, and other future stakeholders.
• We are looking for WINNERS to weave into our community. There is no hard-and-fast rule as to current revenue level or prior capital raised, but we will be biased to pick disruptive companies where we think we can add value and make a difference to your success. That said, we are generally focused on companies with less than $10,000,000 in revenue since inception.
• The proposed business should not be in violation of any intellectual property rights; including but not limited to patent infringement.
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By participating in this business plan competition, you agree to abide by the rules of this competition described above, in addition to the more general terms applicable to the YouNoodle competition platform.