Developing Your Video Pitch and Business Summary...some how-to suggestions
Our panel of judges will select top-scoring submissions based on a combined score of the 2-minute (or less) Video Pitch and the 1,000-word (or fewer) Business Summary. Each component is worth 50% of your overall score. Before preparing your submission, be sure to refer to the Judging/Evaluation Rubric.
If you have any questions, please email Challenge@OneMontana.org
Preparing your 2-minute (or less) Video Pitch
This activity will help you design your 2-minute Video Pitch.
First, here are three short videos about how to make an effective business pitch. As you watch these videos, make a list of what the speakers say are the important elements of a business pitch. While they talk about a 60-second pitch, for our competition your Video Pitch can be up to 2 minutes long.
- Make Your Perfect Pitch: The Elevator Pitch
- How to Pitch Your Business in 60 Seconds
- How to Do a 60-Second Startup Pitch
Second, having made your list of the important elements of an effective business pitch, watch the following videos of university students making business pitches and evaluate the strengths and weaknesses of each one.
- Winner of the University of Dayton business pitch contest.
- Winner of the Utah State University business pitch contest.
Third, watch the videos submitted by the winners of our 2016-2017 Montana Teenpreneur Challenge. Again, apply what you learned about making an effective business pitch as you watch them. We are not saying these pitches are excellent, only that they were the best ones submitted last year.
Finally, if you get ABCFox, watch an episode or two of Shark Tank, the popular weekly television show that appears Sunday evening at 8:00pm, during which people pitch their actual businesses or business ideas to a group of potential investors.
Remember, your 2-minute (or less) Video Pitch will count for 50% of your total score.
Note: You do not need to use sophisticated equipment to make your Video Pitch. A well-practiced pitch shot on a Smartphone is adequate. Because there is great variation in the technical capabilities of Montana's high schools, we ask our judges to evaluate only the quality of the business pitch itself, not the quality of the video production.
Preparing your 1,000-word (or fewer) Business Summary
To create a level playing field so that all Montana high school students will feel comfortable entering the Challenge, we reduced the amount of information typically required in a traditional Business Plan. This is why we call the required written component of our competition a Business Summary.
Note: Students enrolled in CTE courses in which business plans are taught or students who participate in their school's BPA, DECA, FCCLA and FFA programs should consider using the materials they produce for their classes or for state and national competitions.
The objective of the required Business Summary is to give our judges a sense of your understanding of basic business concepts and your ability to effectively communicate that understanding in writing.
Therefore, unlike a traditional Business Plan, our required Business Summary includes only four topics and limits you to a maximum of 1,000 words. Refer to the Judging/Evaluation Rubric for details.
The four topics are:
- Introduction- What is the problem (pain point) and product or service that solves the problem (for your existing or proposed business)? Why people already do or will want it (value proposition).
- The Market- Who are your actual customers for an existing business or your anticipated customers for a new business idea?
- Marketing Plan- How does your existing business acquire customers (and what more might you do?)? How might your idea for a new business reach your anticipated market or markets?
- Financial Plan- How much do you know about the financial aspect of running a business? Use actual categories and amounts if you run an existing business. Use projections if you are submitting a new business idea.
Option 1- You can use our Business Plan Template (simply click on the link to download a .doc version that you can fill in).
Option 2- You can create your own Business Summary document that incorporates the four required topics. If you do, please type each topic in bold and type your response in regular text (not bold). If you cannot download the .doc version of Business Summary Template, click here to see a .pdf version that you can use as a model.
Remember, your 1,000-word (or fewer) Business Summary will count for 50% of your total score.