Spark Tank Workshop: Create the future of auto finance
Instructions:
- Break into small groups.
- Come up with a business idea for a successful startup or new technology that addresses a challenge, gap or opportunity in the automotive finance market. (For example, your startup could offer a technological solution to solve a problem, offer an opportunity to train employees to better address today’s market challenges, or create a new product that serves a market opportunity.) Keep in mind these questions:
- What is the problem or pain point your new technology or startup solves for?
- Financial opportunity (market size / potential)?
- Potential obstacles (competition, lack of resources) and how to overcome them? Why is this better than existing technologies/companies?
- Answer the question, how much will you be asking for, and for what do you plan to use an investment from the investors? (The maximum investment from the investors will be $20 million)
- Once your group has formulated your idea, create a pitch and write it out on a notepad on your table.
- Name two “leaders” who will pitch your concept to the panel of “investors.” Other members of the start-up’s team can participate, if the team wants.
- 40-45 mins will be allowed for brainstorming discussion. Your pitch time should last around 3-5 minutes.
- After each group has presented, the winning group is the one that receives “$20 million” of funding from the “investors.”