How the Innovation Competition Works
The INSEAD COVID-19 Innovation Competition is a student-led initiative that asks you to provide business solutions to solve real life COVID-19 related problems.
Background
The COVID-19 crisis, its economic and social aftermath are set to become an event of historical significance.
It will forever transform the way we work, study, socialize, create and produce. Undoubtedly, we are in a rapid transition to a new equilibrium – a New Normal.
Problem Statement
Aware of the unprecedented challenges and opportunities this New Normal brings, we ask those within the INSEAD community for solutions.
On the back of this movement, a few dozen INSEAD MBA students, INSEAD faculty & Entrepreneurs-in-Residence are rallying together, to help INSEAD students conceive, validate and launch transformative solutions to business and society.
Rather than to look for reactive, quick wins in crisis-relief, this initiative seeks to frame and deliver on opportunities which have the potential to become sustainable ventures – Turning a Force Majeure into a Force for Good.
The Objective
Participants are invited to form teams to build innovative solutions and tackle the challenges posed during the COVID-19 pandemic, its aftermath, or for the prevention of a similar global health pandemic.
Unlike traditional business idea competitions, our intention is to INSPIRE the creation of ideas through workshops and mentoring – with the ultimate goal of stimulating the realisation of start-ups that can make a difference.
Teams should consist of at least two members and a maximum of five.
Who is this for?
- Full time INSEAD MBA student
- Whether or not you already have an idea or team to tackle our problem statement (Note: Ideas and teams will be formed during our Ideation Workshop)
- Those who want to make a positive change to the world
Further Information
For further details, please join the INSEAD COVID-19 Innovation Competition Telegram Channel or email us at [email protected]
Judging Criteria & Process
Impact & Value Proposition
How big an impact will your solution help the world and mankind? How original is the idea? If it is a must have or nice-to-have?
Competitive Advantage
Does the idea have a distinct advantage over its competitors? Is it easy to copy? Can it be IP protected?
COVID-19 Execution Plan
Is there a clear and believable business path both during and post COVID-19
Financials
Does the business model make sense? Does the proposal have a good sense of the fundamental costs, revenues and profits?
Long Term Growth Potential & Viability
Is there a clear path to growth over time? Can it be a billion-dollar company one day or is it a one trick pony?
Team
Are the team’s skill sets suited to launch this company? Can it happen in real life?
Potential to Invest In this Idea
Would you invest your own money in this idea?
Competition Timeline
REGISTRATION OPENS
REGISTRATION CLOSES
23 April, 2020
Deadline for registration.
A POST COVID-19 WORLD - IDEATION WORKSHOP
25 - 28 April, 2020
A distinguished panel will set the scene of a post COVID-19 world and what it may mean for the future of business. With their help, you will ideate and form teams to provide business solutions.
IDEA DEVELOPMENT AND PREPARATION OF FINAL VIDEO PITCH
6 - 20 May, 2020
You will have the opportunity to connect with dedicated mentors who will assist with your idea development. Teams will be asked to prepare a final video pitch.
LIVE FINALS
22 May, 2020
Judges will review each team’s video & engage in live Q&A with teams. Winners will be announced.
TURNING A FORCE MAJEURE INTO A FORCE FOR GOOD
24 May, 2020
Stay Tuned!