NNBA Shark Tank Competition
NNBA is hosting a Shark Tank Competition! This is sure to be one of the highlights of this year’s conference and is scheduled Saturday afternoon. The Rules and Guidelines for our Nurse Entrepreneurs and aspiring entrepreneurs to enter this event are below. NNBA’s Shark Tank will not require a business plan, financial statements or any supporting documents. It is literally “pure pitch”, with nothing but the value of your idea and presenting skills to support it. Who are the Sharks…well, you will find out soon! Prizes will be awarded so you don’t want to miss this fun event.
NNBA’S Shark Tank Competition takes place in two rounds. The first round, the Qualifying Round, will be based upon completion of the Registration Form Entry. Submitted entries will be judged by NNBA’s Business Advisory Board members and finalists will be notified. Entries must register on line by September 1, 2015. Qualifying Round pitches will be judged on: innovative idea, proof of market, and competitive advantage (See more below). Finalists will be notified and if desired, have an opportunity to talk with a NNBA Shark Tank Advisor.
Pitch Round Rules
Finalist pitches have a strict time limit of 5 minutes, after which a timer will notify the speaker that his or her time is up. Nothing said after time is called will be considered.
- Final-round pitches have no minimum time, but contestants are expected to deliver five minutes’ worth of content.
- Each pitch will be followed by a five-minute question-answer session with the judges, who are free to ask for any clarification or justification they need.
- Final-round pitches will be judged on four criteria: innovative idea, proof of a market, demonstration of competitive advantage, and response to questions.
Both the preliminary and final pitches are judged on three criteria:
- Innovative Idea: Because the NNBA Shark Tank focuses on drawing out new business ideas, the core idea itself is of elevated importance. In this category, a completely new idea with compelling potential will do well, even if the proposed details of its execution seem doubtful.
- Proof of a Market: Even the best products or services fail as businesses if nobody in particular wants to buy them. Therefore, each pitch should identify a profitable group of people with a unique need that the business would address.
- Demonstration of Competitive Advantage: Once the market is identified, if it is truly viable, it will probably already have businesses competing directly or indirectly for it. Each pitch should acknowledge these competitors and explain what would set its own company apart. If there are no competitors, the pitch should explain why the market is empty and how they can viably enter it.
The Finalist Round, who make it on stage at the conference, has the additional criteria of:
- Response to Questions: Each final pitch will be followed by a five-minute question-answer session. The finalists’ ability to respond to the judges’ questions will be considered here, as will the soundness of the pitches under scrutiny.
NNBA Shark Tank Entry Form
Please submit your entry below: