ABOUT THE COMPETITION

Have you ever come up with a unique product or service but never pursued it?

Here is your chance to submit your innovative idea! This new contest is open to full- or part-time undergraduate and graduate students as well as faculty (including adjuncts) and staff members at Fairleigh Dickinson University. This competition encourages individuals to generate ideas for products or services that are innovative. We hope to unleash the creative and innovative spirit within our University community!

The submission process is simple and short so we look forward to your entry.
(Please note that only winning titles will be disclosed. A brief description of the winning idea/product will be disclosed only upon approval of the author.)

How to Enter
To enter the competition, applicants must download, fill out and submit the 1-page 2010 Innovation Challenge Competition Entry Form. See the Flyer.

Competition Timing
The competition begins in the fall of 2009. The final deadline for entry in the competition has been extended to April 16, 2010, at 5 p.m. Non-winning participants will receive an e-mail notification and will also be invited and recognized at the awards ceremony on early May.

Please stay within word limits for each section. To ensure that your entry does not exceed these limits, simply highlight the text in each box and use the Word Count function [under Tools on menu bar]. Then email the completed form as a Word document attachment to fduchallenge@yahoo.com. You must type your name in the ‘subject’ line of your email.

Send the application only once. If for any reason you need to resend your application, please type 2nd email with your name in the 'subject' line. For example, Subject: 2nd email - John Smith.

We will send you a confirmation email within 5 business days after your application is received.

Below, additional information is provided for each of the fields in the entry form. General comments about the overall form follow the discussion of the individual fields.

Author Identification The author must be a full or part-time registered undergraduate or graduate student or a faculty (including adjuncts) or staff member of Fairleigh Dickinson University. Please make sure that the author information is correct. The e-mail address provided by the author will be used in any correspondence concerning the entry. 

Innovation Title (10 word limit) The idea title and the author’s name are the only information that will be made public by the Institute if the entry is a winner. The title and author will be listed on the web site and on the program which will be available at the awards ceremony. Please do not place any information in the Innovation Title section that you wish to keep private. The title should be short but descriptive. 

Innovation Description (150 word limit) In this field please persuasively and clearly describe your innovation. Exactly what is your product or service, and how will it be used? What additional features or developments (if any) will be needed before the product or service becomes useful? Good innovations (useful inventions) are developed and don’t fall from the sky complete and ready to implement. In some instances, an author of an innovation entry will not have exclusive rights to that idea because it came from elsewhere or perhaps relies upon an invention held by someone else. If that is the case, please mention the innovation’s owner in this field. 

Need (100 word limit) What customer needs will be satisfied by your product or service?

Customers (125 word limit) In this section, outline who will use your product or service. What kind of people make the decision to buy, and how do you plan to reach those people on a large scale? 

Uniqueness (100 word limit) Why should the judges believe that your product or service will be better than those currently in existence? If the product is truly new (nothing like it exists currently), how will you persuade customers of its value?

Competitors (100 word limit) New products/services almost always directly or indirectly compete with existing products/services. What businesses already sell products or services that will be negatively affected by your product or service? Why is your product or service better than what competitors are currently providing? Your innovation could be for a non-profit organization or institution. Here, you will need to outline how your innovation will generate enough revenue (through revenue, donations and/or other sources) to cover its costs.

Protect Your Idea (100 word limit) How easy will it be for your competitors to copy your innovation? Remember that a new product/service is nearly always weaker than existing products/services. If your idea takes customers away from others and is easily copied, you are not likely to be in business long enough to establish a competitive advantage. How will competitors respond to your market entry, and how will you protect your business from their reactions? 

Societal Benefit (100 word limit) The purpose of this field is to provide you with an opportunity to justify why your innovation should be supported by those that are not involved in it. What good will come from your product/service? Why will the world be a better place because of your innovation? Some ideas may not make much money, but create great value or do great good for large numbers of people, and judges will look favorably upon those ideas. 

Criteria

• The overall feasibility and persuasiveness of the idea
• Potential for growth or overall societal benefit
• Clarity and development of the innovation
• Feasibility of building and sustaining a competitive advantage

Judges
The judging panel will include corporate executives, entrepreneurs and venture capitalists.

Prizes
Undergraduate
  - 1^st   $1000
  - 2^nd   $500
  - 3^rd   $250

Graduate
  - 1^st   $1000
  - 2^nd  $500
  - 3^rd   $250

Faculty/Staff
  - $500

If you have any questions, feel free to contact us at 973-443-8842