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91̽»¨ Eastern
45425 National Road W.
St. Clairsville, OH 43950
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Shark Challenge Proposal Guidelines and Judging Criteria

2024 Proposal Guidelines and Judging Criteria

Important information to consider:
  • Product(s), Process(es), Service(s), or Business Model to be offered, or improved upon
  • The equipment, tools, staffing, and space needs of your business and associated costs
  • Factory/other facility/business location
  • Plan for talent acquisition.
  • The way that the proposal demonstrates innovation.
  • Target customers with indication of whether these are businesses, government agencies, individual consumers.
  • Marketing strategies (Direct sale, retail distributor, etc.)
  • Competitive Environment Analysis
  • Profitability and return on investment.

 

As you draw near completion of your proposal ask yourself some more advanced questions.  The answers to the following questions should be included in your proposal:
  • Describe the impact your business innovation will have on the economy and employment in the region.
  • What goals must your business meet to grow and succeed?
  • How complicated would it be to exit your business? (Cost of close up/shutdown, clean-up costs, cost of ending contracts, &c.)
  • At what point do you foresee needing additional financing, and how would you obtain it?

  • Do you envision a need to sell the business at some point, for it to reach its potential?

     

  • Consider the more extensive list of questions and issues that appears below.

 

  • Please check announcements of submission deadlines for the current year.

 

  • Proposals should be 3 - 7 pages, double spaced with a legible 12-point font.  
    Bulleted lists and tables are encouraged but should not comprise the majority of the proposal.
    Proposals can be updated after the Preliminary Round judging process has been completed.

 

  • A video presentation of about ten minutes will be submitted as part of the Preliminary Round. Submission will take place about a week in advance of the ‘live’ Preliminary Round presentations to the judges.

 

  • A ‘live’ two-minute presentation, using remote conferencing will be made to the judges in the Preliminary Round, followed by Q & A
    Judges will have the video and written proposal for review in advance.

 

  • A ‘live’ twelve to fifteen-minute presentation, using remote conferencing, will be made to the judges in the Final Round followed by Q & A. Live-streaming is anticipated.

 

Proposal Guidelines

Product(s), Service(s), or Method(s)
  • Describe your product(s), process(es), service(s), and/or business model, and indicate the innovative aspect(s) 
 
  • How is your product(s), service(s), or method(s) better than competitors’? (if applicable)
  • What problem(s) does your product, service, or method solve?
  • How does your new business model (if applicable) create more economic vitality?
  • What impact will your innovation have on employment and on the overall economy of the region?

     
  • Should and does your innovation promote environmental and social justice?

 

  • Does your innovation promote sustainability and the reuse of materials? 

 

  • How will you assure and measure the environmental impact?



 

 

Equipment/Staffing/Tools/Space
  • What equipment, tools, and space will your business require? 
 
  • What staffing requirements (I.e., number of employees, shifts) do you anticipate having? 
 
  • What costs are associated with these requirements?
  • What challenges will you face in acquiring talent?
  • How will DEI impact your talent acquisition activities?

 

Factory/Facility/Business Location 
  • Where will your office/factory/business be located?

 

 

 

  • What are the advantages/disadvantages of this location? 

 

  • In locating your business, how did you consider the impact on nearby and downstream residents?

 

Target Market 
  • Who is your target market? 
 
  • Why do you anticipate this market having an interest in your product(s), service(s), or method(s)? 
Marketing 
  • Will you be selling directly, through retailers, through distributors, &c.? 
  • How will your product(s), service(s), or method(s) be sold to this market?
Competitive & Social Environment Analysis 
  • Who are the competitors in your industry? 
 
  • How does your product(s), service(s), or method(s) differ from theirs? 
  • How will your operations impact employment in the region?
  • How will your operations impact other businesses in the region?

 

  • Will some groups of people benefit or be harmed differently by your innovation? How did you assess the impact and value the impact on any differentially impacted groups?

 

  • What concerns do you have around labor used and other social issues related to your supply chain?

 

 

 

Profitability and Financing 
  • How, and when, will you make a profit doing this?
  • What rate of return on investment is anticipated?
  • What number of units, dollar value of sales, &c. are expected, and when?
  • At what point do you foresee needing additional financing, and how would you obtain it?

 

Judging Criteria

Proposal Clarity  /10

Sufficiency of Information Provided (Product/Process/Location/&c.) 

  /10 
Overall Idea  /10
Relevance to Ohio Valley/Southeast Ohio Region  /10
Market Analysis Including Competitive Analysis  /15
Reasonableness of Financial Projections  /10
Degree of Innovation  /15
Viability/Sustainability  /10
Professionalism of Delivery  /10
Total/100