Frequently Asked Questions
As this is probably the start of your first business venture, we’re sure you have many questions and in particular to the Utah Entrepreneur Challenge competition itself. Is your question not listed? Submit your question for the FAQ page to Steven Snyder.
How many teams compete in the contest?
On average about 200 teams register for The Challenge each year, of which 30 teams move on in the first round of judging, then a top 10 is selected to move on to the final judging and presentations.
Do I have to be a student of business to compete in the Utah Entrepreneur Challenge?
No, each year The Challenge sees participants from many fields of study, often times teams are comprised of members with very distinct backgrounds with only some members actually pursuing a degree in business studies. Recent years, the UEC has seen a lot of participation from students in the health sciences areas and engineering.
Do all team members have to be from the same college/university?
Team members need not be from the same college/university. The purpose of this competition is to award start-up cash to the winning team, an individual business, realizing that many individuals often contribute to the business and its operations.
Do all team members have to be currently enrolled as a student at their institution?
One (1) team member must be enrolled as a student at their institution for a minimum of nine (9) credit hours during the fall and spring semesters of the competition year. However, the student MUST be at the center of the organization and direction of the team. There are no restrictions regarding other team members. For more details, please refer to page two (2) of the official Competition Packet.
How large can my team be?
Teams can be of any size. However, the most successful teams in the past have had three to eight members.
Is there a fee to participate in the competition?
The Utah Entrepreneur Challenge is a non-profit organization. No fees or charges are assessed to any participant at any time during the competition.
Can I be on more than one team?
You can be a member of as many teams as you want and may submit as many distinct business plans as you choose.
What is the judging process?
Our twelve judges will evaluate all submissions. All business plans will be read by all twelve judges and ranked on a scale of 0-100. The scores will be averaged, with the top scores advancing to the next round.
How will my intellectual property be protected?
The UEC has taken appropriate measures to ensure the protection of your intellectual property. Any individuals involved with the UEC that come in contact with your plan are required to commit to a confidentiality agreement.
Are the educational forums and conferences only for students participating in The Challenge?
All educational forums and conferences throughout the competition year are free and open to the public; however, topics are based around the aspects involved in the competition to better prepared students, who choose to compete, though the knowledge of the speakers can be valuable for any and all who attend!