Student teams have a variety of resources to help them craft their challenge ideas. Alden Library has created the "Resource Guide for Innovation Challenge:, that points students to industry information, market analyses and other important data. 

An interesting video series on innovation:

The Business Model Canvas by Alexander Osterwalder and Yves Pigneur is a tool to help innovators think through their business model, value proposition, key partners, target audience and other questions related to new business development:
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