The TI India Innovation Design Contest’s deadline is coming up in just a few days! Here are a few a quick tips and tricks to fine tune your proposal before you hit send!
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Proposal Abstract: Begin your proposal with a sharp summary of your idea. Your abstract could cover the problem faced by customers, your innovative idea, value propositions, how you would reach out to potential customers and any other necessary information. |
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Team Roster: A well-defined team roster with clear role identification for each member is important for success in the contest. It is expected that each team member take up top-level roles like technical, marketing and operations. It will be the responsibility of the technical member(s) to conceptualise the design, the marketing member(s) to perform a thorough market analysis and the operations member(s) must contribute by identifying the right components required for the product design. |
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Market Analysis: This is used to determine the appeal of the target market, understanding the potential evolution for the product. This involves understanding the pain points of the customer/user, studying the market size, market trends, growth rate, price structure etc. SWOT Analysis (strengths, weaknesses, opportunities and threats) could be one of the simplest methods to undertake the analysis. Sources can include:
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Value Proposition/Product Differentiation: Commonly referred to as “Unique Selling Point” or USP, this part of the proposal requires teams to make a strong case for the inevitable question: “Why should the consumer buy your product versus another?” This includes highlighting your products strengths and its differentiating factors from competitors. |
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Distribution Channels: The path through which goods and services travel from the vendors to the consumers is known as a distribution channel. Selection of the correct distribution channel is key to maximizing profits and managing the very valuable cash flow in the early days of a new product |
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Innovation: Teams are expected to lay special emphasis on innovation for both their proposal and product, while providing necessary justification on how it is innovative. While you want to let the creative juices flow, remember you also want to create a probable idea that serves the market |
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Technical Solution: Designing any product requires a structured approach, so we expect teams to submit a block level view of their entire proposed system. Team must identify various subsystems involved and their functionalities while meeting the eligibility criteria of the use of TI parts. |
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Feasibility: Ultimately, the deciding factor for the acceptance or rejection of any proposal is based on the feasibility of converting the idea into the product in India’s current market landscape. Teams can share their brief plan for manufacturing their product in India using product development lifestyles as a basis |
Conclusion: While this task may seem colossal, a good proposal is always flexible and can be edited to suit the needs of the team. Best of luck to all teams entering!
