Morehouse Innovation Expo 2011 – Business Plan Competition

This year’s competition focused on smart phone applications, or “Apps,” those widely popular buttons loaded on cell phones that allow users to get customized news reports, do electronic banking, watch movies, and quickly do other functions that make mobile devices convenient. We asked students across the country to come up with ideas that would be relevant to them and our five finalists didn’t disappoint.

I had the pleasure of working with each of the 5 finalists in this year’s business plan competition. We worked together for over 4 weeks and when I say “pleasure” I really mean it.  This was a hard working and studious group serious about presenting their business plan idea to potential investors. Each presentation covered a base outline and the students were challenged to use their creativity to build from there.

Base Presentation Outline:

• What problem are you solving? How does your smartphone app help people?
• Who has this problem? What is your target market?
• How are people solving this problem today? What other solutions or competitors are currently available?
• How many people have this problem? What is the size of your target market?
• How does your app solve this problem? What functionality does your app have?
• What makes your app special? What is the unique selling proposition that separates your idea?
• Who is your best corporate partner? Who is your best promotional partner to help your idea scale quickly?
• Where will the money come from? What exactly are you selling and for how much?

If you missed their presentations you missed a treat.  They were prepared, polished, and professional. Watch the video to get a sample and discover who won.

		Feedback App | An application to collect feedback from various consumer experiences to generate suggestions that improve future service. MorehouseCollege
		Shopping App | An application for locating specific products when shopping. It really helps consumers visiting a store for the first time and offers unique benefits for both the consumer and store owner. Mount Saint Mary College
		Tutor App | An application designed to connect students to a database of real time tutors for academic assistance. Designed to accommodate the demanding schedules of current students. Morehouse College
		Safe Campus App | An applicable that allows college students to contact assistance if they are ever in danger or in need of assistance. Though on-campus crime cannot be completely prevented it can be minimized and students can play a large role in that. Clark Atlanta University
		Natural Hair App | An application that provides information on all aspects of natural haircare. Designed to educate women contemplating going natural and those that are already natural. Howard University