Welcome to Business Cup Challenge 2024!

This form is designed to capture your innovative business ideas.

Before you begin, please take a moment to review the following guidelines:

INSTRUCTIONS: TIME COMMITMENT:

• Word Limit: Please fill in the various sections of the business canvas using point form. Before beginning, take some time to reflect on your business idea. Consider the problem or
Ensure each point is complete, clear, and coherent. need you're addressing, how your solution is unique and innovative, your target market, potential
competitors, the feasibility of your idea, the value you offer customers, and the financial aspects
• Clarity and Conciseness: Write clearly and concisely, using language that is easy to understand. involved. By carefully considering these factors, you will be better equipped to develop a compelling
Avoid jargon or technical terms that may not be familiar to all readers. and competitive business concept and complete this form.

• Originality and Feasibility: Ensure your business idea is original and not a direct copy of an existing • Estimated Time: Completing this form should take approximately 60 minutes.
product or service. Additionally, the business idea should be feasible and should demonstrate a Please allocate sufficient time to ensure you can submit your idea by the deadline.
clear path to implementation.

UNDERSTANDING THE CHALLENGE YOUR SOLUTION

Business Problem Audience Needs Product or Service Unique Value Proposition

Clearly define the problem or need you aim to address. Identify the specific needs and desires of your target Describe the solution you propose to address the identified Explain what sets your solution apart from competitors.
What are the specific challenges faced by your target customers within the context of this challenge. needs. What is the core offering of your business? Why should customers choose your product or service
audience? over others?
What are the pain points or challenges of your What is the main solution your business offers?
What specific issue or gap are you addressing? target audience?List specific challenges they Describe what you offer clearly (e.g., a What differentiates your product or service
dentify a concrete gap in the market (e.g., lack face (e.g., high costs, lack of options). subscription box of eco-friendly products). from competitors?Identify what sets you apart
of eco-friendly products). (e.g., exclusive partnerships, unique
What motivates them to seek a solution? What does your product or service do to solve sourcing).
Why is it important or urgent to solve?Highlight Understand what drives their search for the identified problem?Explain how it
the urgency (e.g., environmental crises or solutions (e.g., values, convenience). addresses the issue (e.g., easy access to Why should customers choose your solution
changing consumer preferences). sustainable goods). over others?Clarify why customers should
Are there specific features they are looking for? prefer you (e.g., superior quality or price).
Who is most affected by this problem? Pinpoint must-have functionalities (e.g., How does it meet the audience's needs?
Determine the primary demographic (e.g., sustainability, cost-effectiveness). Connect features directly to audience Does your product offer something unique
environmentally-conscious consumers). challenges (e.g., convenience, affordability). (price, quality, convenience)?

Highlight special features (e.g., customizable

options, sustainability certifications).

REACHING YOUR AUDIENCE RESOURCE REQUIREMENTS

Channels Customer Segments: Resources

Outline the channels you'll use to reach, promote, and deliver your value Identify the specific groups of people you're targeting. Who are the List the necessary resources, such as equipment, personnel, and
proposition. How will you connect with your target audience? individuals or organisations that will benefit from your solution? funding, that will be needed to implement your business idea.

Who are your target customers (age, gender, profession, What resources are required to deliver your product/service (funding,
How will you reach your target audience (online, retail,
lifestyle)?Define key characteristics (e.g., age range, urban equipment, personnel)?List essentials (e.g., funds for inventory,
partnerships)?Decide on marketing methods (e.g., social
professionals). marketing).
media campaigns, influencer partnerships).
Which groups will benefit the most from your Do you need suppliers, technology, or intellectual property?Identify
Which platforms or channels will you use for marketing and
product/service?Identify those who would gain the most key suppliers or technology (e.g., eco-friendly packaging suppliers).
sales?Choose effective channels (e.g., Instagram, local
events). (e.g., families, businesses seeking sustainability).
What skills or expertise are essential to run the business?Determine
Can these segments be grouped by shared characteristics? expertise needed (e.g., marketing, supply chain management).
What will be your strategy for connecting with customers?
Plan how to engage (e.g., interactive content, Look for common traits (e.g., lifestyle preferences or values).
community-building efforts).
 FINANCIAL CONSIDERATIONS MEASURING IMPACT

Revenue Model / Monetization Financial Sustainability Impact Goals Impact Metrics

Identify the main sources of income that will sustain your Describe whether your idea can be scaled with or Define the desired outcomes of your business idea. Determine the key metrics that will measure your
business operations and support the delivery of your value without external funding. Assess its long-term financial What positive changes do you aim to create for stakeholders progress and success in achieving your impact goals.
proposition. Clearly define what will drive your sales (e.g., sustainability, explaining how it can generate profits and the planet?
number of units sold × selling price per unit). Provide an over time.
What key metrics will you use to measure
overview of your business model and include details on What are the broader societal, environmental,
revenue, gross margin, and other relevant financial aspects. How will the business sustain itself long-term? success (customer satisfaction, revenue
or economic goals of your business?Define
Plan for future growth (e.g., diversifying product growth, sustainability impact)?
larger objectives (e.g., promoting sustainability
lines). in communities).
How will you generate revenue (subscriptions, Establish performance indicators (e.g., sales
direct sales, services)?Choose methods (e.g., growth, customer retention rates).
Can it scale, and will it need additional funding? How will your business contribute to positive
product sales, memberships).
Assess potential for expansion (e.g., entering change?Describe how your business benefits
new markets). How will you track progress over time?Decide
What is your pricing model?Consider society (e.g., job creation, environmental
on methods for monitoring (e.g., customer
competitive yet profitable pricing (e.g., tiered education).
Will it be profitable without external feedback surveys).
pricing for different customer segments).What
investments?Ensure a solid business model Are there specific communities or causes you
are the key revenue drivers? Are there benchmarks or targets you aim to
that supports growth. aim to impact?Specify who you aim to help
achieve?Set targets to aim for (e.g., a specific
Identify what will drive sales (e.g., promotions, (e.g., local artisans, underserved populations).
percentage of repeat customers).
customer referrals).

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Date:

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