I had the honor of judging four runner-up teams in Track 2 at the Sunstone Innovation Challenge at CSU Long Beach. Together with three other judges, we reviewed business plans and live pitches.
The four teams presented ideas and shared insights on product-market fit (PMF), market size (TAM, SAM, SOM), and go-to-market strategies across channels. They also laid out pre-launch timelines and key metrics to measure success.
Photo courtesy of Shelley Takahashi
Our judging rubric covered from market opportunity and business model to market validation and team structure. Each judge brought a unique perspective, focusing on aspects such as the scalability and/or financial strength of the business model.
I observed that understanding materials and experience with prototyping were critical when teams developed product concepts, and a deep understanding of customer needs was essential when generating service concepts.
Ultimately, the team, “Rise and UnWind,” was finalized with its clever idea of a coffee shop by day and speakeasy by night, supported by the team’s experience in the F&B industry.
To succeed with venture capitalists, founders must carefully balance solving real customer problems with delivering practical and workable solutions.
