Contestants were required to submit a one-page venture summary, a business model canvas, and a three-minute elevator-pitch.

FORBES: 170 Teams Enter The Entrepreneurs Challenge

Like Siu and Snyder, many contestants found it relatively easy to complete the one-page summary and the business model canvas.

FORBES: 170 Teams Enter The Entrepreneurs Challenge

If your organization can perfect it, the Idea Gauntlet can be used not only for the executive summary, but also to shatter group think, evaluate proposed features, and even help structure your core business model.

FORBES: Insight From Competitors: The Idea Gauntlet