The Competition Process
The Utah Entrepreneur Challenge is a year-long business plan competition, which takes place throughout the academic year. Focus and emphasis is put on the key aspects vital for any entrepreneur's new business venture - the executive summary, the business plan, and pitching the idea!
Round I: Executive Summary
This phase is open to all participants. To begin the competition process, participants/teams must register at www.uec.utah.edu by selecting the link, Registration. Submit the form with the required information.
Teams must prepare an executive summary addressing fundamental issues of interest to potential investors. It should highlight the most important and interesting elements of the business that lead a potential investor to understand why your venture will succeed. For more specific information about the Executive Summary refer to the section under the heading Executive Summary. Twenty-five (25) to thirty (30) semi-finalist teams will be selected for Round II based on their Executive Summaries and will be announced on the homepage and via email. At the discretion of the panel of judges, additional semi-finalists may be selected. Applications are due Friday January 29, 2010 at 5:00pm and summaries are due February 05, 2010 to the Utah Entrepreneur Challenge office at 5:00pm. Click here to view the calendar and other deadlines.
Round II: Business Plan
Semi-finalists must submit a complete Business Plan by Thursday March 4, 2010 by 5:00pm. The Business Plan is a detailed expansion of the Executive Summary. It should include market research and growth projections for at least three (3) years. It should assess prospective markets and investors, establish goals, and identify specific strategies for accomplishing the goals. For more specific information about the Business Plan refer to the section Business Plan. Ten teams will be selected as finalists for Round III based on the criteria set forth under the business plan section and will be judged by a panel of business professionals. Finalists will be announced via on the homepage and via email.
Round III: Final Presentation
Each of the finalists will present their businesses to the panel of judges. Final judging will take place on April 3, 2010. Presentations must be well-organized and emphasize the most important features of the business; time is limited to twenty-five minutes, including a question and answer session. For more information about the Final Presentation refer to the section Final Presentation. The $40,000 grand prize and other awards will be announced at the annual Utah Entrepreneur Challenge Final Awards Banquet.
Samples of the scorecards for Rounds II & III are available online in the resources section.
Forums and other UEC events will be held prior to the beginning of the judging process of the competition to assist competitors in building teams and provide instruction with preparing executive summaries and business plans. Competitors are strongly encouraged to participate in these forums. For a schedule of events visit the Calendar.