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Manulife New Product Challenge: Market for Self-Control 2018

The Challenge is hosted by BEAR (Behavioural Economics in Action at Rotman) and offered in collaboration with Rotman DesignWorks and CDL (Creative Destruction Lab) with thanks to our Presenting Sponsor Manulife.


MSC2018 Final Event & Networking Reception

An event that brings together the worlds of Behavioural Insights, Marketing, Innovation, Design and New Ventures!

Date: February 15th, 2018
Venue: Desautels Hall at the Rotman School of Management
Keynote: Cynthia Goh [Director, Impact Centre, U of T]
Judging Panel: Elizabeth Chak [Ontario Centres of Excellence]
Xavier Debane [Manulife]
Roy Kao [MaRs]

Melaina Vinski [PwC]

 Program PDF
 

 

 

 

 

 



MSC2018 FINALISTS & PITCHES


Team AVAIL

Zi Tynn Cheng (Rotman Commerce Finance &Economics), Steven Cui (Rotman Commerce Finance & Economics), Kim-Thu Nguyen (Rotman Commerce Finance & Economics), and Tash-had Saqif (Computer Science &Cognitive Science)

"AVAIL is a behavioural-focused mobile app that helps parents and teens negotiate goals and rewards for internet usage reduction. "


Team Beju

Jaimie Holland (Rotman Full Time MBA), Bryan Mclaughlin (Rotman Full Time MBA), Andrew Seepersad (Rotman Full Time MBA), and Daphne Uy (Rotman Full Time MBA)

"Beju is a high-tech, fashionable wearable that is reinventing the way women take their birth control pill."


Team Eloquence

Natassia Bukina (Evening MBA 2020), Kevin Hanley (Morning MBA 2020), Parth Patel (Morning MBA 2020), Adam Pham-Hung (Evening MBA 2020), and Nitin Jaitely (Morning MBA 2020)

"Elo is a wearable speech companion that passively listens to your speech and gently nudges you when you use a crutch word, allowing you to eliminate your crutches and communicate flawlessly. With Elo by your side, you can be more confident, credible, and eloquent."


Team SinkBoss

Akshath Bhatia (Rotman Full Time MBA), Bing Feng (Rotman Full Time MBA), Sergio Montalvan (Rotman Full Time MBA), and Ning Supharerk (Rotman Full Time MBA)

"SinkBoss is designed to help people solve dishwashing procrastination. The product is a rubber mat that detects the weight of dishes inside the sink. It will generate sound once dishes are piled up to the maximum load, nudging the user to clean their dishes on time."

              
 

Team The Nudgers

Bassam Abdellatif (Rotman Commerce Finance & Economics), Ali Mrani Alaoui (Math Applied to Finance and Economics), Hoomam Homsi (Pharmacology & Biochemistry), and Bisher Sammak (Rotman Commerce Finance & Economics) 

"Tanda is a digitized solution that incorporates a peer to peer lending model, nudging individuals to save collectively, granting each saver a turn at the group savings."

 

Team The Troupers

Cody Lam (Rotman Commerce Finance & Economics), Alex Jeong (Rotman Commerce Finance & Economics), Konrad Rabeda (Rotman Commerce Finance & Economics), and Maggie Zhang (Rotman Commerce Finance & Economics)

"Tightrope is an app that prevents impulsive purchases by reminding users of their spending habits at the time of purchase."




The Challenge in a Nutshell

The Challenge in a Nutshell

OPEN TO ALL UNIVERSITY OF TORONTO STUDENTS currently enrolled in a degree program are encouraged to participate. This includes both full-time and part-time students, across all campuses.


REGISTER YOUR TEAMS AS PARTICIPANTS!

Register Now

YOUR JOB:

  • In a team of 4 to 6, develop a product (or service) concept in the domain of self-control (e.g., to encourage savings or healthy behaviours, discourage procrastination, curbing consumption or 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 on 1 December 2017 at the Rotman School (Room L1010, 4PM-6PM), and then prepare first round submissions by 22 January 2018. 
  • Five finalists will be chosen to make final pitches to a group of advisors and executives on 15 February 2018
  • Refine your pitching skills and get a shot at a cash prize. The winning team takes away $10,000, finalists receive $1000.

STAY TUNED!
We will be using Slack to help everyone stay up to date: https://msc-2018.slack.com We’ll be posting announcements and additional resources (to help you develop your idea) on the #general channel. To join our Slack page, click here (you must use this link to join as this is a unique invite link). When creating your display name, please include your full name, degree program, and year of graduation. E.g. JaneSmith_MBA_2018.

To access the slides from the info session, join the MSC Slack channel. The slides from the info session provides details on what we're looking for in your video submission and will help you craft your video material. We are also posting tips and reminders on the Slack channel as well!

NEED TEAMMATES?
No problem! Please join our Slack page (click here) and join #findingteammates channel to join a team or find additional teammates!

 

For questions, contact Kim Ly (kim.ly@alumni.utoronto.ca) or Liz Kang (liz.kang@rotman.utoronto.ca). 

The Market for Self-Control

The Market for Self-Control

Research in behavioural economics finds 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!

The Challenge               

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 idea 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.

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

Timeline                         

Timeline

November 24,2017

Registration Opens

December 1, 2017

Information Session

The info session will be held in Room1010 at the Rotman School of Management, 4pm-6pm (we aim to end at 5pm, leaving the rest of the time for questions).

January 18, 2018

Registration Closes

January 22, 2018

First round video submission due

January 26, 2018

Finalists are notified

January 29, 2018– February 14, 2018

Teams work with coaches
February 15, 2018 Final Pitches and Networking Reception

STAY TUNED!
We will be using Slack to help everyone stay up to date: https://msc-2018.slack.com We’ll be posting announcements and additional resources (to help you develop your idea) on the #general channel. To join our Slack page, click here (you must use this link to join as this is a unique invite link). When creating your display name, please include your full name, degree program, and year of graduation. E.g. JaneSmith_MBA_2018.

To access the slides from the info session, join the MSC Slack channel. The slides from the info session provides details on what we're looking for in your video submission and will help you craft your video material. We are also posting tips and reminders on the Slack channel as well!

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