This week team Innovate took part in the dutch auction. They discussed and weighed up their options regarding which resources/consultant time they wanted to buy. In the end they bought the projector with their creative currency and spent the rest of their money on booked time with the consultants and academics.
After Innovate received their feedback from the consultants they spoke with me about what was on their mind and what course of action needed to be taken. It would seem that this team is worried that their idea might not make a big enough return on investment. This may be a cause for concern as it’s important that both parties receive value out of the product. On the other hand it would seem that the consultants really liked team Innovates idea, therefore this is in their favour.
My advice for Innovate is to ensure that their estimate is reasonable and their idea is kept simple. If they can demonstrate that there is strong interest in this product/service then this will give them a fighting chance of winning. It’s also important that they keep their idea simple and explain to the judges that it is indeed possible to build upon the product in the years to come.
It would seem that the general advice from all academics and consultants is to keep their presentation simple. Keep the judges interest with an engaging presentation and keep your message clear and simple. Practice your presentation and let others watch your video in order to receive feedback. This way you can ensure that you are communicating the right message.
Good luck Innovate!