how-to guide for innovation
1. Concept Introduction
- What is your innovative idea? How is it environmentally or socially and economically sustainable?
- Provide a brief introduction of the concept, and any background information which may set the stage for the rest of the concept plan. Identify your target market and its unmet needs.
2. Value Proposition
- How does your sustainable innovation solve the unmet or unarticulated needs of your sponsorship partner and/or its business partners, end users and other stakeholders?
- Highlight value-add factors and present compelling reasons to believe why your idea will make a dramatic difference in the market.
3. Competitive Advantage
- How will the benefits of your sustainable innovation create or increase the sponsor company's competitive advantage?
- Highlight key factors of differentiation for the sponsor company versus their competitors.
- Teams may discuss sustainability of the advantage and fit with overall strategy or product portfolio.
4. Cost/Benefit Analysis
- What are the main benefits that can be achieved by your sustainable innovation and what are its related costs?
- Highlight key financial, social, and/or environmental benefits. Teams may include estimated qualitative and/or quantitative costs and benefits.
- To the extent possible, highlight key top or bottom-line results and expected change in market share, revenues, and cost savings.
5. Implementation
- What is your action-plan for feasibly implementing the idea?
- How would you measure social, environmental and economic impact of your plan?
- Highlight any internal and external risks involved.
6. Concept Illustration
- Provide a graphical illustration of their concept to help judges and sponsors visualize the idea.
- It can be the design of a product, an advertisement copy, or any other creative graphic that will bring your idea to life.
