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Salt Lake City enters the race to develop commercial ventures in outer space with a Business Model Canvas Competition (BMC), fully focused in aerospace and space‐scalable business startups in or around the Salt Lake City area. The NewSpace Salt Lake City BMC will be held from 5:00 to 8:00 on March 8th, at Impact Hub Salt Lake, a local high-tech incubator in downtown Salt Lake City. Submissions will be accepted from February 2nd until March 2nd. Contestants will compete in a “shark-tank” style event, each having 15 minutes to present their business model canvas and answer questions before a panel of judges. The winner of the NewSpace Salt Lake City BMC will receive a $2,500 cash prize and a guaranteed place in the national NewSpace Business Plan Competition, to be held at a to be determined date and location later this year.
The company should have technologies or products that advance the NewSpace movement. These would include the following general areas:
Space-scalable™: Technologies primarily developed to solve problems here on Earth for commercial benefit and profit, but are also scalable to solve key long range space problems when the demand ultimately exists, to help make the settlement of the space frontier a reality. This could include biotechnology, nanotechnology, medicine, radiation mitigation, smart materials, alternative energy, or next-gen IT hardware, among many other possibilities.
Space-related: Process engineering, power systems, bio-regenerative systems, tourism, media, software, and other supportive solutions.
Entrepreneurial space: Those firms directly involved in launch systems hardware technology and supporting infrastructure, including data acquisition, communications, exotic fuels, space suits, flight safety, in-space market activities, etc.
This event is organized by BoomStartup in partnership with the Center for Space Commerce and Finance, Heinlein Prize Trust, and NewSpace.vc. The competition in Salt Lake City is one of several regional qualifying events for the national NewSpace Business Plan Competition organized by the Center for Space Commerce and Finance. The national BPC will include the winners from regional events across the US.
The competition is intended to simulate the real world process of entrepreneurs soliciting start up funds from early stage investors and venture capital firms. The judges function as venture capital investors deciding on which business venture they would most likely fund. The quality of the value proposition, the strength of the canvas experiments, and the clarity and persuasiveness of the canvas and oral presentation, all influence the judge’s decisions. Ultimately, the winning team should be the team in which the judges would most likely invest their money. The judges will evaluate each plan from three different perspectives: entrepreneur, investor, and engineer. Their ranking of the top teams is guided by the scorecard but will be consistent with the approach that would be used by investors.
All entries must be submitted through the BoomStartup’s Online platform. (Indicate NewSpace BMC as the reason for your application)
The judges will evaluate each Business Model Canvas based on the following:
- Executive Summary: Clear, exciting and effective as a stand-alone overview of the plan
- Products or Services: Description, features and benefits, pricing, current stage of development and proprietary position.
- Market and Marketing Strategy: Description of market, competitive analysis, needs identification, unique capabilities and sales/promotion.
- Management: Backgrounds of key individuals, ability to execute strategy, personnel needs, organizational structure.
- Summary Financials: Presented in summary form, easy to read and understand consistent with plan and effective.
- Offering and Viability: Overall proposal and terms to investors – is the investment opportunity clear and compelling?
- Is the opportunity practical for a team to accomplish and near-term space enabling?
Your business model canvas should include all sections as outlined below. See the FREE Steve Blank course “How To Build A Startup” for guidelines.
Your Business Model Canvas & Pitch, must be uploaded as ONE (1) file in PDF format.
Your pitch deck must contain the following:
- Cover Page with the name of the applicant, street address, telephone number, and email address of the individual entrant(s) and team leader.
10 Slide Deck0. Cover incl. tagline and contact info1. Overview2. Problem3. Solution4. Business model: value proposition / how do we make money / unfair advantage5. Traction6. Market size (TAM, SAM, SOM)7. Distribution8. Team9. Financial forecast including SaaS metrics CAC, LTV, Churn %, use of proceeds10. Ask
- Business Model Canvas & Pitch Deck must be uploaded to your BoomStartup Online profile under My Documents by 5 p.m. March 2, 2017.
The winners will be announced on March 8, 2016.
1st place regional prize: $2,500 and a guaranteed place in the national NewSpace BPC, including a private, two-day Boot Camp session to prepare their pitch to investors in the national competition at the New Worlds Institute’s annual New Worlds Conference.
Previous national NewSpace BPCs have awarded Grand Prizes up to $100,000, second prizes up to $25,000, and smaller sponsored prizes.