From: Retail & Luxury Goods Club
Date: March 15, 2012
Subject: Innovation in Luxury - submission process and rules



Dear students and alumni of London Business School,

We are pleased to announce that the Innovation in Luxury business plan competition is now accepting entry form submissions.  Please complete the attached entry form and send it as a pdf to InnoLuxsubmissions@london.edu, ensuring that you have read the competition Rules (attached) before signing the entry form.

The entry deadline is 5pm on 29 March.

Guidelines on stage 1: 

Additional details on the competition can be found on the Club website: http://clubs.london.edu/rlg/

FAQ:

Q: What do you mean by innovation?

A: Think of innovation broadly. Your innovation may take a product that has been successful in one market segment and apply it to another. It may incorporate elements of “Blue Ocean Strategy” / strategic innovation. It may re-frame an industry architecture to both capture and deliver superior value. It may be a technological solution for or improvement upon sales channels. It may be a novel solution to an old problem.

Q: What do you mean by luxury?

A: Think of luxury broadly – perhaps from the economic perspective: luxury goods are unnecessary goods with a high income elasticity of demand. Don’t limit your concept of the sector to handbags and scarves (though handbags and scarves have their lucrative place in it). Amongst the Walpole membership, there are companies as diverse as Hildon Natural Mineral Water, British Airways First, and Burberry. 

Q: I want to participate, but I don’t have an idea (or…but I need a team). What do I do?

A: There are lots of potential entrants with great ideas, looking for teammates, and lots of potential teammates looking for leaders with great ideas. Post your interest on the Retail & Luxury Goods Club discussion board – http://clubs.london.edu/rlg/), and talk to your friends.

Q: I want to participate, but I want to work alone. Do I have to have teammates?

A: You are NOT required to have teammates.

Q: Does the business idea have to be B2C?

A: No. B2B businesses have the opportunity to radically change the industry – just as Luxottica have done for the eyeglass industry. 

Q: Does the business have to be British?

A: No. London Business School is an international community, and this competition reflects that. It is possible that entrants and winners will make connections and receive advice that would be particularly useful for businesses that will be/have been set up in the UK. However, globalisation is a reality of the luxury industry today.

Q: Will my IP be protected?

A: The Terms and Conditions, once published, will detail the process for IP protection. We are working with a team of lawyers to ensure that business plan competition best practices for IP protection are followed in this competition.

Q: How do I submit the entry form?

A: Once the Terms and Conditions are finalised and published, we will circulate the appropriate email address and publish it on the competition homepage (http://clubs.london.edu/rlg/innovation-in-luxury)

Q: My business is older than 18 months and has more than £100k in revenues, but I still want to participate. What can I do?

A: You can think of a new business and compete based on the new concept. Your experience should add credibility to your submissions. Alternatively, you can apply with your existing British luxury brand to the Walpole Brands of Tomorrow Programme (visit http://www.thewalpole.co.uk/our-members/brands-of-tomorrow.aspx for more information)

Q: I still have questions, whom do I contact?

A: For now, please contact one of the RLG organising committee: 

Peter Lewin, MBA2012 (plewin.mba2012@london.edu)
Simone Biccari, MBA2013 (sbiccari.mba2013@london.edu)
Vivienne Jia Jin, MBA2013 (vjin.mba2013@london.edu)
Kevin Stansfield, MBA2013 (kstansfield.mba2013@london.edu)


Attachments:
  • LBS - Walpole Luxury Innovation Competition -- Entry Form.doc
  • Stage One FAQ.pdf
  • Innovation in Luxury Competition Rules.pdf