2024

Nothing INSPIRES & PREPARES you to

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bring you IDEAS to MARKET like....

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How to Apply to the

Startup Challenge

“A journey of a thousand miles begins with a single step.”

� -Lao Tzu

How To Register for Startup Challenge:

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• Go to www.startupchallengemb.com
• Navigate to “Enter the Challenge”
• Consume the information, choose your division, and click on “Apply Now” for your division
• Fill in your application

You can return to edit your application through March 4th

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Visit startupchallengemb.com

Navigate to “Apply to the Challenge”

Read through the page for information about the Challenge

Scroll down the page to the divisions; click on “Apply Now” for your division

Which Division?

• Venture: For businesses intended to grow large
• Main Street: For small businesses
• Social Venture: For organizations and businesses focused on a social mission
• Student: Any student enrolled in a school or university
• Students can enter the other division also

Click on “Apply Now” for your division

Fill out the application form

After you submit your form

• Confirmation email with link to edit your form
• It has a link to edit until March 4^th
• Second email with link to pay your division entry fee
• $25 for Main Street and Social Venture
• $50 for Venture

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Completing the application

“Unless commitment is made, there are only promises and hopes.”

- Peter Drucker

Review of the Application Questions

• Answering these questions will help you design your business!
• You have a limited amount of space to answer each question, so be concise
• Boil your great ideas down to simple and concise statements
• Long answers lose your readers’ attention
• The questions vary slightly among divisions

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Contact Information

• Your company
• You
• Your other team members (if applicable)

Company Description

• Provide a brief overview of your company
• A short version of your elevator pitch
• This orients the reader to what your business is about

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Why does your company exist?

• What Problem are you solving?
• Who will be your Customers?
• What is your Solution to the Customer Problem?

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Market Size, Customers,

• How big is the market you’re competing in?

Revenues

• How will your business generate revenues?
• What do you expect your revenues to be in your first three years
• What do you expect your margins to be (price - cost)?

What is your go-to-market strategy?

• Who are your target customers?
• How will you reach them?
• How will they find you?
• What is your pricing strategy?

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Competitive Advantage

• How is the problem solved today?�
• Who else is solving it (competitors) and how big/effective are they?�
• Why are you better and how will people know?

Financing

• When do you expect to reach cash flow breakeven?
• How much money will you need to launch your business?
• How do you expect to raise the funds?

Team and Backgrounds

• Who are the key members of your team, if any?
• What does each of them bring in expertise and experience?
• Founders & Key positions
• Advisors
• Board of Directors

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What has your Business

Accomplished

• Product development/Prototype
• IP (intellectual property – patents, trademarks, etc.)
• Market research and validation
• Establishment of distribution channels
• Acquiring space and other resources
• Money raised to date
• Other accomplishments

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Key Milestones in Developing and

Launching your Business

• What is your goal with this company
• What are the steps (milestones) for starting your business
• With target dates

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Next Steps - Do it now!

• Register for the Challenge at www.startupchallengemb.com �
• Begin preparing your application�
• Complete your application by March 4th�
• Attend a “Creating a Winning Pitch” workshop (starting after March 4th)

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Other Resources

• For additional resources, including these informational slides, visit �https://startupchallengemb.com/prepare-to-compete/

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The Startup Challenge Website

www.startupchallengemb.com

Join Us Every 2nd Tuesday of the Month!

Contact Us

The Cal State Monterey Bay Institute for Innovation and Economic Development

�email: startupmb@startupmontereybay.com

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