The Business Idea Pitch Competition is designed to identify and promote promising new business ideas from students at the University of Michigan-Dearborn.
Idea submission for the 2020 competition is now closed.
Individuals or teams of up to five members start by submitting ideas online by answering five key questions:
- What is your idea (max 400 characters)?
- Who is your target customer (max 300 characters)?
- Who are your biggest competitors (max 300 characters)?
- What makes your idea different (max 300 characters)?
- Why will this idea be successful (max 300 characters)?
Ideas are reviewed by experts and voted on by the public. The top ten teams will present their ideas in a live, virtual competition for cash prizes.
Sample Submission: Exercise-in-a-box. This is an example of an idea for the UM-Dearborn Business Idea Pitch.
What is your idea?
Gyms all around the state have recently been required to close and exercise equipment is in high demand and hard to find. With Exercise-in-a-box, a subscription-based service, exercise-enthusiasts will be able to order a customized box of equipment with specific workout ideas and instructions on how to use the equipment at home.
Who are your biggest competitors?
There are many workout apps, websites, and accounts (e.g., Peleton, Nike Training Club, MyFitnessPal, etc.), but not all show how to do the exercises from home and/or are not customized for each person. In addition, they do not supply the equipment needed to complete the workouts.
What makes your idea different?
Not only will consumers be provided with customized, at-home workouts, but they will also be able to select equipment from a diverse list to complete the workouts. With Exercise-in-a-box, no gym is required and consumers do not need to deal with the hassle of trying to purchase their own equipment.
Why will this idea be successful?
It will be marketed as an alternative way to continue getting workouts completed without a gym. Exercise is important for leading a healthy life, and this service will help consumers incorporate it into their daily routine and remove the hassle of trying to purchase equipment on their own.