BE A MENTOR!

In order to help the participants of the Pitch For $K competition expand their entrepreneurial network, each finalist is paired with a mentor as they prepare for their pitch. As a mentor, it is asked that you commit to a minimum of 3 hours to work with your assigned finalist. Sessions with your finalist can take place via phone, video call or in-person (if comfortable). In addition to your mentorship, the finalists are required to participate in a pitch clinic facilitated by the University of Michigan Flint’s Innovation Incubator and bring their idea through the 100K Ideas process, to prepare for their pitch.

Objectives:

As a mentor, your primary objectives are to:

  • Assist with fleshing out the problem, solution, and need of their idea.
  • Provide insight and feedback on pitch presentation.
  • Provide connections and knowledge to assist with moving their idea forward.

Assessment Questions:

To help your finalist flesh out their idea, here are a few questions that may be helpful to ask:

  • What problem are you trying to solve?
  • Do you have any patents, trademarks or copyrights around your idea?
  • What does your idea do and how does it do it?
  • Who is the purchaser?
  • What is the end user?
  • What differentiates your idea from existing solutions?
  • Current revenue stage? (pre-revenue, break-even, profitable)
  • Who are your competitors?
  • What is the market research – is there a need for this?
  • How will your idea make money?
  • What will you do with the prize money?