1. The Challenge in a Nutshell

OPEN TO ALL ROTMAN STUDENTS [MBA, COMMERCE, EMBA, MASTERS]

WORK IN TEAMS OF 4 TO 6 STUDENTS

MBA2018 STUDENTS CAN DEVELOP THEIR MCV PROJECTS, AND CAN RECRUIT [AND DROP] ADDITIONAL MEMBERS TO TEAMS

   REGISTER TO PARTICIPATE! (DUE: JANUARY 18TH 2017 4:59 PM EST)

YOUR JOB: DEVELOP A PRODUCT [OR SERVICE] CONCEPT IN THE DOMAIN OF SELF-CONTROL [E.G., TO ENCOURAGE SAVINGS OR HEALTHY BEHAVIOURS, DISCOURAGE PROCRASTINATION, CURBING CONSUMPTION OF SUGARY BEVERAGES, ETC.]

THEN DEVELOP A BUSINESS PLAN FOR A NEW-VENTURE AROUND THAT PRODUCT AND PITCH YOUR IDEA. YOU WILL NEED TO PRESENT EVIDENCE OF FEASIBILITY AND A TESTED OR TESTABLE PROTOTYPE [LOW-FIDELITY OK].

ATTEND AN INFORMATION SESSION ON THE CHALLENGE, AND THEN PREPARE FIRST ROUND SUBMISSIONS BY 28 JANUARY 2017

VIDEO SUBMISSION LINK: https://msc2017.us.launchpad6.com/

FIVE FINALISTS WILL BE CHOSEN TO MAKE FINAL PITCHES TO A GROUP OF ADVISORS, EXECUTIVES AND FUNDERS ON 15 FEBRUARY 2017

THE WINNER TAKES AWAY $2500, ALL OTHER FINALISTS $500

REFINE YOUR PITCHING SKILLS, GET A SHOT AS A CASH PRIZE, NETWORK AND CATCH THE EYE OF SOMEONE WHO MIGHT FUND YOU!

2. The Market for Self-Control

Research in behavioural economics finds that that many consumers lack the willpower and motivation to act on many of their desires and goals. For instance, many consumers who wish they saved more for retirement or exercised regularly are unable to do so. There is a growing gap between consumers’ intentions and actual behaviour; a gap that many consumers are often acutely aware of.

Fortunately, this growing intention-action gap creates a market for self-control products. Examples of self-control products include Clocky: The Runaway Alarm Clock (a clock that runs away when the snooze button is activated), KSafe (a time-locking jar that restricts access to goodies, smartphones or game consoles), Stickk (a website that uses incentives and peer-effects to encourage people to stick to goals), and several apps that block access to the Internet to allow people to get work done!

Please see the following animations for a background to the market for self-control:

https://www.youtube.com/watch?v=T6FcVnT_E_0

https://www.youtube.com/watch?v=IkCIe1EtCaA

3. The Challenge

Each team will identify a specific behaviour in which they believe people lack self-control, and then develop a product concept to address this lack of self-control. The new product ideas you come up with should meet a few criteria:

1. Be based on some research and analyses that indicates a need for the product.
2. Be a physical product, a service or a technological product (e.g., an app or a website) or a combination of the three.
3. Be feasible: It should be within the realms of existing technology. For example, a version of pixie dust that makes people more rational when sprinkled on them, or a booster juice that suddenly enhanced willpower when drunk will not be accepted.

Then develop a business plan for a start-up venture that could launch your new product and be prepared to pitch your ideas. In your submissions, the judging panel will need to be convinced of the feasibility of the product. One way of doing this is to present a wireframe or prototype. Another way is to get the opinion of an expert, a manufacturer or a developer supporting the feasibility,

Round 1:

Prepare a 4-minute video (maximum) and a 500 word summary, link will be available here on this page soon.

Round 2:

In-person pitches

The MSC Challenge is funded by BEAR (Behavioural Economics in Action) and offered in partnership with Rotman DesignWorks and CDL (the Creative Destruction Lab).

4. Timeline