Event Overview:

The Mizoram University Innovation Challenge 2024 aims to foster creativity, problem-solving, and entrepreneurial skills among students from Mizoram University and its affiliated colleges. The challenge will focus on addressing local and regional issues through innovative solutions and will provide students with a platform to showcase their talents and ideas. Further, the challenge can advance the upcoming innovations within the University’s domain as in-breed startups

 

Target Participants:

• Students from Mizoram University and its affiliated colleges.
• Participation is open to individuals and teams (maximum 5 members per team).

Timeline:

1. Submission of Proposals: 31^st October 20, 2024
2. Evaluation: Up to 5^th November, 2024
3. Final Presentations: 7^th & 8^th November, 2024
4. Awards and Closing Ceremony: 11^th November, 2024

Challenge Structure:

1. Submission of Proposals: Participants submit detailed project proposals addressing specific themes or problems.
2. Preliminary Round: Proposals are evaluated, and shortlisted teams advance to the next round.
3. Mentorship: Shortlisted teams receive mentorship from industry experts to refine their ideas.
4. Final Presentation: Teams present their solutions to a panel of judges, followed by a Q&A session.
5. Awards: Prizes are awarded for the most innovative, practical, and impactful solutions. Further, those entries fit for starting startups may be mentored at MZU Incubation Centre and BioNest. There, they may avail seed funds and R&D facilities.

Prizes and Awards:

1. • First Prize: ₹40,000 (₹ 20,000  for two categories viz. UG and PG)
   • Second Prize: ₹30,000 (₹ 15,000  for two categories viz. UG and PG)
   • Third Prize: ₹20,000 (₹ 10,000  for two categories viz. UG and PG)
   • Special Categories (e.g., Best Social Impact): ₹10,000
   • Those entries with viability and feasibility for promotion as startups may be incubated and offer seed funding of up to 10 lakhs per startup.

Evaluation Criteria:

1. Innovation: Originality and creativity of the solution.
2. Practicality: Feasibility and potential impact of the solution.
3. Presentation: Clarity and effectiveness of the final presentation.
4. Scalability: Potential for the solution to be scaled or adapted to other contexts.

Contact Information:

• Event Coordinator: Lalremmawia
• Email: [email protected]
• Phone: 8787432651

Sample Outline of the Innovation Pitch

 

I. Introduction

Briefly share your background and relevant experience.

II. Problem Statement

Define the Problem – Clearly articulate the issue your business aims to solve.

Importance of the Problem – Explain why this problem matters and its impact on the target market.

III. Solution Overview

Present Your Innovation Idea – Describe your product or service and how it addresses the problem.

Unique Value Proposition – Highlight what differentiates your solution from competitors.

IV. Market Analysis

Target Market – Define your target audience and their characteristics.

Market Size and Trends – Provide data on the market size and growth trends to show potential.

V. Business Model

Revenue Streams – Explain how your business will make money (e.g., sales, subscriptions).

VI. Marketing and Sales Strategy

Go-to-Market Plan – Outline how you plan to attract and retain customers.

Key Marketing Channels – Identify the channels you will use (e.g., social media, partnerships).

VII. Competitive Analysis

Competitive Advantage – Explain how your business will stand out and succeed.

VIII. Financial Projections

Key Financial Metrics – Present projected revenues, costs, and profits for the next 3-5 years.

Funding Requirements – Specify how much funding you need and how it will be used.

IX. Milestones and Timeline

Key Milestones – Outline important milestones and goals for your business.

Timeline for Development – Provide a timeline for achieving these milestones.

X. Conclusion