The Create4Good Challenge is a social initiative by the late philanthropist Mr Kwek Leng Joo, that encourages students across SMU and SUTD to collaboratively apply their strengths in entrepreneurship and technology, towards creating smart and sustainable solutions to social needs.
We invite proposals for integrated solutions involving the coordinated application of Smart, Caring Innovation Proposals that advance Singapore’s vision as a caring and smart nation.
The innovation should be in the form of a product or service with a real-world use and translatable into a sustainable venture. It is expected that the innovations funded will become scalable in the private or public sector.
This annual competition will enable teams to move their ideas from concept to reality.
Stage 1 - Proposal Submission (by 17 November 2018)
Based on the written proposal submissions, TEN teams will be shortlisted to pitch their ideas to a panel of judges at the Semi-Finals. From there, FIVE Finalist teams will be selected and each will receive $10,000 proof-of-concept funds to further develop their ideas and business.
Stage 2 - Final Judging (May 2019)
Finalists will take the next few months to develop their work and pitch for the grand prizes. The winning team will be awarded $50,000, the first runner-up $30,000, and the second runner-up $20,000. The development funds are to be used to meet start-up costs, including to fund overheads of running a company.
- The competition is open only to SUTD and SMU undergraduate students. Each team must have a minimum of 3 to a maximum of 7 members AND must include students in both institutions.
- Ideally, the project should integrate SUTD’s brand and culture of multi-disciplinary research as well as SMU’s strengths in business expertise, innovation and out-of-the-box thinking.
- While the project must involve technological innovation, it must also demonstrate a significant social care angle and a business angle.
- The $10,000 proof-of-concept funds are to be used to develop the idea and the prototype only. The product has to be workable in the Singapore context.
- The final winning development funds are to be used to further develop the product or service in order to develop a business or seek additional VC funding. Your business should also be capable of becoming an entry for other challenges.
- For the initial proposal submission, each team will be required to submit a 5-page proposal in Word document AND a team CV (2 pages max per member plus 1 page delineating the responsibilities of each team member for this business).
- If shortlisted, up to 10 teams will be invited to pitch for the FIVE finalist positions.
- The top 3 winners will be selected in the Grand Finals and will subsequently be asked to present an update of their progress at the next Create4Good boot camp or information session.
Each finalist team must present their ideas in a 10-minute pitch before a panel of judges. This will be followed by a 10-minute Q&A session. Teams will be judged according to the criteria listed below.
- Problem and Idea Definition
- Identifying Customer Needs
- Competitive Advantage
- Business Feasibility
- Technological Innovation
- Management Team
- Go-to-Market Strategies
Does your team have a clear understanding of the problem or situation you are trying to solve? Do you clearly articulate the technological aspect, the societal care aspect and the market aspect?
Does your idea have the customer in mind? Has the customer’s needs been clearly identified and researched?
Has your team clearly defined your product or service and ensured it has not been created before? How will you ensure that the product or service will not become obsolete? Have you integrated the needs of your customer? To what extent is your innovation different and better than what is currently being done?
How is your product, service or design sustainable? Has your team developed a plan? For this competition, sustainability means that your innovation can continue to be updated and generate revenue in the future. What are your plans for future development of the proposed product or service both for yourselves and for others to carry out?
Does your product or service use technology to challenge people to adapt and think in new ways? Is your product or service technically feasible in the real world?
Does your team have the right mix of skills and experience to develop this business idea?
Have you critically considered your initiatives in how they will enable you to acquire customers, markets and merchants? Are your costs and expenditures clearly articulated?