What I learned as a startup judge: Prototyping for products, insight for services

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.

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.

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Reference

Blank, S., & Dorf, B. (2020). The startup owner’s manual: The step-by-step guide for building a great company. John Wiley & Sons.

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