LightningRoundQuestionBank

Accelerated,RandomizedQ&Asession
Rules:
3minPerContestant
10Secondallotmentforresponses,w/ForcedAdvance
AdditionalQuestionsFromAudience,andJudges
Expect12CreativeOpenendedQuestions
Top3to5Finalists(eachtrack)

GeneralQuestions:
1. WhatisyourProblemStatement?
2. WhatisyourSolutionStatement/Missionstatement?
3. HowmethodsdidyouusetovalidateyourStartupConcept?
4. DescribeyourUniqueValueProposition?
5. WhatisyourUnfairAdvantage?
6. Whataresomeofthecorevaluesofyourcompany?
7. Whatmotivatedyoutostartthisbusiness?
8. Intotal,howmanyhourshaveyouinvestedinthisbusiness?
9. Inbuildingyourstartup,whatchallengeshaveyoufacedininthepast6months,andhowdidyou
overcomethem?

CompetitiveAnalysis:
1. Whatgivesyourcompanyadurablecompetitiveadvantage,oranUnfairAdvantage?
2. Describeyourthreelargestpotentialcompetitors?
3. Whatadvantagesdoesyourlargestcompetitorhaveoveryou?
4. Whatkeypatentsorcopyrightsdoesthecompanyhaveorneed?
a. Howwasthecompanysintellectualpropertydeveloped?
5. Whatstostopalargecompanyfromenteringthemarket?
6. Whenyoulaunchyourproducthowwillyourcompetitionrespond?

Market/CustomerAnalysisandValidation::
1. Whatarethebarrierstoentryinyourbusiness?
2. Whatisyourstrategyforcustomerrelationshipmanagement?
3. Whoareyourmostimportantcustomers?
4. Defineyourtargetmarket.
a. Whatistheprofileofyourenduser
5. Describewhatcustomerproblemyousolve.
6. Forwhatvaluearecustomersreallywillingtopay?
7. Indollars,howbigisyourspecificmarket?
8. Whatsectorandindustryisyourbusinessin?
 9. Whatpercentageofthemarketdoyouplantogetoverwhatperiodoftime?
a. Whatearlytractionhasthecompanygotten(sales,traffictothecompanyswebsite,app
downloads,etc.,asrelevant).
b. Howcantheearlytractionbeaccelerated?
c. Whathasbeentheprincipalreasonsfortheearlytraction?
10. Canyoudescribethehowsupplyanddemandinteractinthisindustry,ormarketplace?
11. Hasthisbusinessmodelbeenprovenelsewhere?

StrategicPartnerships:
1. WhoareyourKeyPartners?
2. WhoareyourKeySuppliers?
3. Whatresourcesdoyourpartnersprovide?
4. Whichonecompanywouldbeyourbeststrategicpartnerandwhy?
5. Whatplatformsarecriticaltoyoursuccessandwhy?
6. Whatkindoflargercompanywouldbeinterestedinacquiringyou?

BusinessModel:
1. Whatareyourrevenuestreams?
2. Whatisthemostimportantcostinherentinyourbusinessmodel?
3. Howwillyoudistributeyourproduct?
4. Whydoesyourcompanyhavehighgrowthpotential?
5. Whatareyourprojectedprofitmargins?
6. Whatisyourbreakevenpoint?
7. Whatisyourpricingstrategy?
8. Whatthreatswillyourbusinessbemostsensitiveto?
9. Whatfactorsmostaffectyourprofitability?

InvestmentandRiskAnalysis
1. Haveyouraisedanyinvestmentmoneyforthisstartup?Eitherway,whatwouldyourtermsbe?
2. Asadollarvaluation,howmuchisthiscompanyworth?Howdidyouarriveatthatnumber?
3. Whatarethetermsforinvestment?What%ofyourcompanyareyouwillingtogiveup,andforhow
much?
4. Doyouhaveanyregulatoryrisks?
5. Whataresomeofyourproductliabilityrisks?

Sales,Marketing,andPromotion:
1. Whataresomeofthecorefeaturesandbenefitsofyourproduct?
2. Whatisyourstrategyforcustomeracquisition?
3. Throughwhichchannelsareyoumarketingtoyourcustomers?
4. WhichofyourMarketingChannelswillbemostcostefficient?
5. Whatuniquepublicrelationsstrategyimplement?
6. Howimportantisadvertisingforyoursuccess?
7. Whataretherelevantkeywordswillyoutargetinyouradvertising?
8. Describethecoreelementsofyourbrand.

TeamandExperience:
1. Whatrelevantexperiencedoesthefoundingteamhave?
2. Whatkeyadditionstotheteamareneededintheshortterm?
 3. Whyistheteamuniquelycapableofbeingsuccessfulwiththisproject?
4. Howwillyouattracttopnotchtalentandemployees?
5. Whattypesofadvisorsandmentorsarehelpingyou?
a. Describethetypeofadvisorsandmentorsthatcanbenefityourstartup?
b. Wherewillyoulearnbestpracticesforyourindustry?

LeanPrinciples:
1. Whatisyourminimumviableproduct?
a. Whatarethetwoorthreekeyfeaturesyouplantoadd?
2. Whatarethekeybusinessperformancemetricswillyoufocuson?
3. Whatisyourcostofcustomeracquisition?
4. Whatisyourproductroadmapandhowwillitevolve?
5. Nametwofeaturesthatyouhavechangedoriteratedsincestartingout.

OpenEndedWrapUpQuestions:
1. DescribethebasicsofyourMinimumViableProduct.
2. Whatheadwindsandchallengesdoesyourindustryfaceoverthenext5years?
3. Asanentrepreneur,whyisgoodtobeFirst,Best,Differentmeantoyou?
4. Whatisyourbiggestweaknessasanentrepreneur,andhowwillyouovercomethisinordertosucceed?
5. Asanorganization,whatskillsetsandexpertisedoyoulack,andhowwillyouovercomeit?
6. Describeonewayyouvehadtopivotyourbusinessconceptsincefirststartingout:
7. Whatmotivatesyou,asafounder?
8. Wheredoyouseethiscompanyin5years?
9. IfIgaveyouacheckfor$20,000rightnow,whatwouldyouspendthemoneyon?
10. Doyouseethisasalifestylebusiness,orascaleandgrowthorientedbusiness?
11. Whatareyoureallygoodatandhowdoesthatpertaintoyourstartup?
12. Whydoyoudeservetowinthisscholarship?
13. Whatdoyouwantoutofyourstartup?