Thu 22 Apr 2016 — Design Management student, Giovana Soares, won second place and overall best executive summary in the Connecticut Intercollegiate Business Plan Competition held on April 22 in New Haven! Her app, Rise n Prize rewards users for waking up on time.
Giovana’s App idea was born after her co-worker, who always comes in late to work, told her he would only be on time to work if he got $100 every time his alarm went off. Although she can’t give him $100, she came up with an app that gives users different types of rewards – such as gift cards, coupons, and freebies – for those who don’t hit the snooze button.
How does it work? Users set an alarm, and when it goes off, they answer questions and play quick games aimed to measure how awake users are, which are in turn translated into points and traded for rewards. But users only get the points if they don’t push the snooze button. Additionally, to avoid users from playing the games and going back to bed, points will only be validated if the smartphone’s accelerometer detects some activity within 30 minutes of the alarm.
“When I got to the competition and watched the first competitors pitch, I thought I did not stand a chance. There were great ideas that seemed very well thought out in terms of operations. But I guess I overlooked my own work! After receiving two prizes and reading the judges comments, I understood that the main reason I won best written executive summary was that my financials were very well elaborated and that, unlike my competitors, I had 5 different revenue streams. This means that if one stream fails, I have four others to back it up. The other prize, Second Best Venture Business, was mostly due to the app having compelling sales potential and high market share potential in an industry that is worth billions.”
“Giovana consistently produces results that amaze. That she does so on self-directed projects such as Rise n Prize proves she is a gifted business thinker. It is enormously gratifying to see her get recognition from the academic and business communities.” says Alex W. White, Chairman of the MPS Design Management program.