Overview – The job to be done by your product or service. What exact job (e.g., “intubate a difficult airway” or “reduce risks or costs by improving documentation of anesthesia”) needs a de-novo or better solution? Why is it important to solve this particular problem? Since most of the judges are anesthesiology experts – the more concrete (and succinct) the better.

Your Solution – your new product, service, or new way of working. How does it work, how is it 10-times better than what we have now? (tip: solutions that are incremental – no matter how much your mother loves the idea – won’t make the cut). Does your solution require a unique new work process or is that already in place? (Tip: Despite obvious technicalities and the expertise of the judges, don’t get too deep in the weeds. Remember, you’re looking for money, not (or at least not yet) a Nobel Prize.

Your Market – Who will buy it? Meaning who will actually hand over the greenbacks to you? It may be CMS, an insurer, or the hospital, or a wholesaler. It’s usually not a doctor – they will probably use it – but they won’t necessarily buy it. However doctors may create demand so you need to educate and promote to them perhaps. What is the total market size; what segment do you plan to play in? Who else is already there? How much of that segment will you likely get. What is your anticipated price range (and why)? How long will it take to get take-up? (Tip: longer than you can ever imagine).

Your Competition – Describe the main competition very briefly but with realism – perhaps add the strengths/weaknesses of the most proximal. You probably want to say “no significant competition”. (Tip: for a good idea that’s very rarely the case). Describe – very succinctly – your practical intellectual property coverage. So-called “use patents” are often not good enough to protect you. Neither is copyright.

Your Team – Very important. Who’s on first, second and third base for you – and why? What are their particular strengths? (tip: keep it brief and try to avoid telling the Sharks that your spouse was your first and best choice as Chief Operating Officer). Gaps in teams are ok as long as you know it and have a plan.

Finances – Specifically, for the next 3 years. How much, if any revenue will you make – really? How much will you spend on manufacturing, packaging, distribution? Do you need to pay royalties? How much will you spend on R&D, on marketing and sales, and on administration? What is the annual and cumulative cash flow (keep it simple). When will you need slugs of money (by quarter). How much will you need? (Tip: while you are confident that 3 years hence, sales will take off like a rocket, the judges might be modestly skeptical).

Exit Strategy – Venture investors will be smart and patient – but even the best ones have a finite horizon to get their money back with a multiple – remember they usually keep “only” 20% of the profit they make on your work. If you talk one into investing $1 million for 10% of your firm, you’ll have to convince her/him that the firm is already worth $10 million today. Even more important – since they need a return of 4-times in 5 years (an internal rate of return of about 40% which might even below for a VC target) you need to move the value of your company from $10 million to $40 million – AND – you have to get someone else to buy their shares either by (i) buying them back yourself (ii) selling your entire company out (so you all get rich) or (iii) helping them sell their shares to another person or entity or via a private or initial public offering.