Value Proposition
A value proposition is a clear, succinct statement that articulates how your innovation addresses a unique problem, the specific benefits it offers, and why it's superior to existing solutions.
It serves as the guiding narrative for your project, helping to focus your team's efforts and communicate your solution's unique value to the judges, leading to a higher chance of success.
Research and identify who your customer is, what their pain points are, what they value, and what their expectations are. This could be done through surveys, interviews, focus groups, or market research.
Look at the features of your product or service, and how these features translate into benefits. Ask yourself what problems your product or service solves, and why it's unique or better than the competition.
This involves understanding your competition and the current market. Figure out what is missing, what can be done better, or what hasn't been attempted yet.
Once you've understood your customer's needs and your product's strengths, you can now connect the two. Explain how your product or service addresses the customer's pain points and provides them with a solution.
A good value proposition is clear, concise, and specific. It communicates what customers can expect from your products and services, and how you're different from your competitors. It should be easily understood and compelling.