Venture Forth FAQ and Helpful Hints

Venture Forth

If you are a credit union or CUSO that is affiliated with the network you are eligible.  This include any owners or clients of: CU*Answers, CU*NorthWest, CU*South, Xtend, e-Doc Innovations or RK Go Big.

The competition is attempting to identify the best innovative and most unique ideas that have been created by CUs or CUSOs in response to the unique conditions that have been a result of the COVID- 19 pandemic.  This can include innovation product, process or delivery channels that have been created to meet the barriers to meeting your member’s needs during this National and international emergency.  Your submission can also be based on  any innovative ideas or solutions that have been created to support the opportunities and challenges of the post crisis period.

  1. Identify what the problem/opportunity is that you are trying to manage
  2. What innovation did you create to solve this problem/opportunity? How is your idea different from other solutions in the marketplace?
  3. Data, data, data. What data was used to identify the problem/opportunity? What data was used to support solution development (testing)?  What data was used to identify success or failure?
  4. What were the parameters of defining success or failure? Financial, transactional, operational?
  5. Was your idea tested or presented without testing? Did testing confirm your desired outcome or did cause you ro go back to the drawing board for modification?
  6. What is the useful life of your idea? Was it specifically developed to be used only during this crisis period or to leverage some specific aspect of  of this “Stay at Home” period, i.e. PPP programs, CAREs program benefits, etc.? Was your solution developed to continue beyond the current conditions, to eventually be integrated into your normal product, process or delivery channel strategies?  Was your idea developed solely as a strategy or tactic for the post crisis environment?
  7. If marketing played a role in your solution please identify tactics and submit materials.
  8. Is your idea network ready?  Can your idea be shared and leveraged by your network partners?  Was your idea the aggregation of ideas from other network partners.

Judges will refine the total submissions to a final 4 applicants.  First, second and third places will then be selected out of the final 4 and after the Judges conduct an interview via Zoom with the 4 finalists. All materials submitted via the application process will be considered in determining finalists and winners.

The competition starts immediately.  As of today our expected deadline for idea submissions is October 1.  Announcement of results will be the first week of November.