Start Peninsula returns for the 2018 season!
November 2–4, 2018
Applied Research Center
12050 Jefferson Ave., Ste. 721
Newport News, VA 23606
$5,000 cash to top 3 finalists!
Do you have a business idea or invention and need funding or guidance to get it off the ground? Then clear your calendar November, 2-4, 2018 for Start Peninsula! This building extravaganza for entrepreneurs in Hampton Roads will bring together dozens of passionate entrepreneurs and business leaders under one roof with one purpose: To identify the best ideas and create new businesses within one weekend.
At Start Peninsula you can access the tools, resources and talent you need to get your idea off the drawing board and into the marketplace. From a pool of more than 30 business ideas pitched on Friday night, 10 semi-finalists are selected to pitch again on Sunday for a chance to win up to $5,000 cash and other important resources for growing businesses.
Applications are open to the public. You must be WILLING to apply for a business license in a Peninsula municipality.
- Collecting ambient and wasted heat energy for re-use
- Portable walking desks for treadmills
- Licensed pool noodles for resorts and vacation homes
- Social bookmarking app
- Local apple cidery
- Oral cancer screening device
- Portable electricity generating device for camping, natural disasters and other off the grid events
- Anti-microbial mouth guards
- Civic communication system delivering legislation to the populace so it can be voted up or down in real time
- A mobile app with live video that connects home repair experts with do-it-yourselfers for house fixes
- Wardrobe consultants
Individuals pitching a business idea and who become prize winners must be or become a registered business in one of the START Peninsula localities, prior to receiving their prize winnings.
The criteria judges use to score pitches on Friday is (max 5 points each):
- Problem or Opportunity – the pitcher clearly articulates a significant problem or opportunity. The problem or opportunity is relatable and relevant to the market identified.
- Solution or Proposal – the pitcher clearly articulates a feasible solution that is likely to produce a sustainable and profitable venture.
- Target Market – the pitcher clearly articulates target customers and the size/characteristics of the market.
Pitch Delivery – the pitcher presents with confidence/enthusiasm, conveys a memorable message, and makes you want to learn more.
On Saturday and Sunday “it’s all hands on deck” and everyone is working. Bring whatever tools you need (i.e. laptop, extension cords, notepad, markers) and whatever helps add as much value to the business concept you’re working on.
For the final presentation on Sunday night, semi-finalists may prepare a presentation/slide deck, and/or a demonstration of their product or service. These may include:
- Wireframes or a fully developed website
- Mobil App(s) – from mock-up, skeleton, or fully functional
- Slides – Power Point, Keynote, Prezi, etc.
- Live product demo
- Business Model (Do you have a plan?) (10 points) The business model consists of the following:
- Value proposition – a description the customer problem, the product that addresses the problem, and the value of the product from the customer’s perspective.
- Market segment – the group of customers to target, recognizing that different market segments have different needs.
- Revenue generation and margins – how is revenue generated (sales, leasing, subscription, support, etc.), have you identified the cost structure, and target profit margins.
- Position in value network – identification of competitors, complementors, and any network effects that can be utilized to deliver more value to the customer.
- Competitive strategy – how will the company attempt to develop a sustainable competitive advantage, for example, by means of a cost, differentiation, or niche strategy?
- Customer Validation (5 points) – Do you understand the market problem or opportunity and have built a solution(s) for them? Does your solution resonate with the market? You need to determine who exactly your customers are. Beyond who they are, what are their common characteristics, how do they make decisions, where can you reach them, what do they need from your company, and how do they want your product to work?
Execution and Design (5 Points) – What have you created (a functional product or service? Do you have next steps outlined or a plan that identifies action items for the near future? Have gaps been identified and did you discuss how you will fill those gaps?
The individual recipients of prize money are responsible for the tax implications of their winnings. Start Peninsula treats prize money payments as income to the individual(s) or team members receiving the prize money. Forms for the allocation of prize money must be completed prior to the start of Sunday’s final pitch event.