Pitch Competitions Can Surface Problems Worth Solving
For Consumers And The Enterprise
Last night, BS Solidworks, Bosch, Arrow Electronics, and Analog, sponsored the Hardware Cup East Coast Regional. It was a privilege to be in the pitch competition as one of the six judges comprised of local VCs and investors. Together, we heard six teams, solving real problems, give a 3-minute pitch followed by three minutes of Q&A from us, judges. Engineers, doctors, designers, developers, and marketers made their case for why their respective physical product should win the competition.
The physical products included: manufactured products, IoT/connected devices, health/medical, VR, consumer electronics, and robotics. The optimism in the room reminded me of the excitement I felt when I began my professional journey as an entrepreneur and as an MBA student at Babson.
My fascination with solving problems began in F.W. Olin Graduate School of Business on Babson’s campus. Studying Business Administration, with a focus on entrepreneurship, I immersed myself in researching the customers’ pain and the opportunity associated with solving this problem. Specifically, I participated in the Rocket Pitch as part of the Capstone requirement for the MBA program — a concise delivery of a proposed solution in three minutes, just like the Hardware Cup startups. I was fortunate to be mentored by some experts in the field and to pitch business ideas to a broad audience of students, faculty, entrepreneurs, investors, and service providers. It was this experience accompanied by an abundant curiosity that propelled me on a path to support more disruptors in the global innovation landscape.
The drive to innovate and challenge the status quo was evident in the innovators from diverse backgrounds at the pitch competition. JuneBrain, last night’s winner, is empowering multiple sclerosis patients (MS) through home monitoring of disease activity. JuneBrain’s system allows neurologists to remotely track disease flare-ups and patient responses to treatment between clinical visits.
With the convergence of life science and technology, industry leaders must facilitate new collaborations focused on solving the problems that face our industries in the scientific and technology communities to improve healthcare solutions and accelerate innovation for patients.
I am grateful to all the innovators who made this pitch competition a success. I look forward to engaging with more problem-solvers to drive innovation to unlock the full impact of technology and make it available to those who need it.
For more information on the Hardware Cup competition, eligibility, the format, and prizes, then continue reading below:
The Competition
The AlphaLab Gear Hardware Cup, a program of Innovation Works, is a pitch competition for early-stage hardware startups.
The Hardware Cup tours six US regions: Pittsburgh, Boston, Washington, DC, Chicago, Raleigh, and San Jose.
Eligibility
To be eligible, you must be an early-stage hardware startup with at least one physical product component.
Physical products include but are not limited to: manufactured products, IoT/connected devices, health/medical, consumer products, consumer electronics, food, fashion, robotics, etc.…
Format
Six teams will be selected in each US region to give a 3-minute pitch, followed by about three minutes of Q&A with the panel of judges made up of local VCs and investors.
At the same time, several other countries will hold their own Hardware Cup competition with a similar format.
Each US regional competition and international competition will send finalist companies to attend the Hardware Cup Finals events in Pittsburgh in May 2020 in addition to a possible wild card finalist.
At the International Finals event, all US and international finalists will have a chance to pitch to the audience and have a demo table.
Prizes
The AlphaLab Gear Hardware Cup will award a $50,000 cash prize to the International Finals winners. 2nd and 3rd prize finalists will each receive cash prizes.
Winning teams from each US region will get $3,000 in cash and other prizes.
Additionally, all finalists will be invited to participate in a private Investor Day event on the following day, where they will have the chance to meet one-on-one with top hardware investors from around the country.
