i.d.e.a.MSU is a competition designed to provide Midwestern State University students with a business idea the opportunity to hone their idea, get valuable advice, and win some money to get started. The contest operates in two steps. During the first step, teams submit their four-page (maximum) business plan. From those plans, the judges pick six finalists, who then make an oral presentation to the judges at the end of the spring semester. The judges pick the winners based on those presentations.
So, what would be a great business venture? Solve a problem involving a lot of “pain” (meaning people would pay a lot for your product) and/or a problem that affects a lot of people (meaning lots of people would buy your product). Solve the problem in a way that is superior to any existing solutions (your superiority may simply be that your product could be produced much cheaper than existing products). Finally, solve the problem in a way that would be hard for any current or potential competitors to copy.