Venture Challenge - Business Concept Competition

Have the next great idea? Win up to $35,000!

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UK's Venture Challenge is a business plan and business concept competition designed to encourage innovation and entrepreneurship. The winning teams will go on to represent UK at Kentucky's statewide competition, Idea State U. The contest is open to almost any type of product, service or charitable activity a proposed for-profit or non-profit venture would offer.

CATEGORIES

Business Concept Competition (BCC) is for conceptual entries - such as those that do not include detailed financial projections and implementation steps. If you have a more complete and detailed formal business plan, apply for the Business Plan Competition (BPC).

ELIGIBILITY

Enrolled as an undergraduate or graduate student at the University of Kentucky

Teams of 2-5 students (cross-discipline teams are encouraged)

SUBMISSION

Submit your Concept for review by our judge pannel. You must also submit the Powerpoint presentation you will use at Venture Challenge by March 21, 2012.

DEADLINE

All entries must be received by March 21, 2012

Final judging will take place on March 24, 2012 at the Venture Challenge

JUDGING

The competition places emphasis on business concepts that are scored by independent judges as most likely to result in successful, high-growth ventures.

AWARDS

1st place: $2,000, box seats to Keeneland for one day, and a paid sponsorship to represent UK at Idea State U where teams are eligible to win up to $35,000

2nd place: $1,000

(Note: awards are shared between the Business Concept Competition and the Business Plan Competition)

This competition has 3 rounds

Round 1

Round 2

Round 3

Type: Judges

Start date: Thursday, February 16, 2012 12:02 AM PST

End date: Thursday, March 01, 2012 06:02 PM PST

Enrollment is open until Thursday, March 01, 2012 06:02 PM PST

Requirements:

Must be a UK undergraduate or graduate student
If a recent graduate, must have been enrolled in the 2011-2012 year or the summer of 2011 at UK

A completed Written Business Concept
Live Oral Presentation to be given on March 24

Rules:

All contestants move to next round. This is a preliminary round for anyone who wants to apply.

Type: Judges

Start date: Thursday, March 01, 2012 06:02 PM PST

End date: Saturday, March 24, 2012 03:00 AM PDT

Enrollment is open until Wednesday, March 21, 2012 11:59 PM PDT

Judging criteria

CONCEPT - Concept Summary

100 words or fewer

CONCEPT - Concept Overview

Present a vision, history, current status, strategy, goals, mission and objectives for the business

CONCEPT - Products or Services

Describe the key features and benefits, current stage of development, further development required, and competitive advantages of the product or service.

CONCEPT - Intellectual Property

Awarded only if the venture has secured license to or ownership of intellectual property to protect the product or service, or intends to secure such.

CONCEPT - Market Opportunity

Describe the market opportunity; what trends are favorable for the business; if there is a compelling need for the product/service; the benefit to the consumer/end-user.

CONCEPT - Management Team

Describe backgrounds and roles of key individuals; history and ability to work as an effective team; personnel needs; organizational structure

CONCEPT - Operating Strategies

Address the marketing, production, R&D, personnel, administrative, and financial strategies for the proposed venture

CONCEPT - Critical Risks

Realistically identify major internal and external critical risks that could threaten the business and present viable contingency concepts to address these issues)

CONCEPT - Profit Potential or Social Impact

Present a realistic assessment of start-up costs; breakeven point; and other general financial data that help demonstrate the profit potential of the Concept. If a non-profit, note social impact (lives saved, youth educated, healthcare benefits, etc.).

CONCEPT - Scalability

Demonstrate that when market entry has been achieved, how the product/service will spread to other consumers/end-users

CONCEPT - Risk Assessment

Present a realistic assessment of potential risks and how these would be addressed before launching the venture

Requirements:

Must be a UK undergraduate or graduate student
If a recent graduate, must have been enrolled in the 2011-2012 year or the summer of 2011 at UK

A completed Written Business Concept
Live Oral Presentation to be given on March 24

Rules:

Written entries will be submitted for review in advance of the on-site elevator pitch and oral presentations to be held in the UK Alumni House (400 Rose Street) on March 24th 10AM - 4PM.

Teams must participate in both the written presentation and oral presentation to qualify for prizes and awards.

The contest is open to almost any type of product, service or charitable activity a proposed for-profit or non-profit venture would offer. However, a team’s chances of winning at the state level improve if the entry is judged as having more potential to succeed in the real marketplace – versus just being a clever idea.

There are graduate and undergraduate tracks in both the business concept and business plan categories. Each state university can send up to four teams to the state competition (limit one per track) and up to eight teams total can win cash prizes.

The competition places emphasis on business concepts and plans that are scored by independent judges as most likely to result in successful, high-growth ventures. This “ready for the real world” emphasis ensures that winning teams will have the best chance of providing a return on the state’s investment by creating high-paying jobs in Kentucky.

“High-tech,” for purposes of the competition, is defined as a product, service or intellectual property derived from scientific research and development, and is based on, employs, or represents the most advanced technology currently available.

Type: Judges

Start date: Saturday, March 24, 2012 03:00 AM PDT

End date: Tuesday, March 27, 2012 03:00 AM PDT

Judging criteria

PITCH - Audience Analysis

Is the presentation appropriate for the intended audience?
Do the speakers interact with the audience?
Is the content relevant to the audience? Are the speakers audience-centered?

PITCH - Introduction: Attention & Preview

Is the topic adequately introduced? Is credibility established?
Do the speakers capture the attention of the audience?
Did the speakers adequately introduce the concept(s) and presentation?
Was there a preview of the main points of the presentation?

PITCH - Clear Objective

Is there a clear purpose/thesis/theme to the presentation?
Is the topic stated clearly?

PITCH - Major Ideas Identified & Supported

Do the speakers identify major ideas and support their goal?
Is adequate research/support (rationale)/evidence provided in the presentation?
Are the key ideas adequately explained?
Are examples and evidence relevant/appropriate?

PITCH - Organization

Is the presentation well organized?
Are the major ideas organized in a specific structure?
Are there clear transitions?

PITCH - Nonverbal Performance Skills

Are effective delivery skills (gestures/body position) employed in the presentation?
Do the speakers use appropriate body movement?
Is appropriate eye contact maintained by the speakers?
When applicable, are visual aids used effectively?

PITCH - Verbal Performance Skills

Do the speakers go beyond simply reading the content?
Is there effective continuity and fluency? Clear?
Is rate and pacing appropriate? Dynamic? Energetic?
Are volume levels appropriate (projection)? Is delivery immediate and audience centered?

PITCH - Speaker Knowledge

Are the speakers knowledgeable and prepared?
Do the speakers accomplish his/her purpose?

PITCH - Summary & Final Statement

Do the speakers clearly summarize their major ideas?
Is the final statement effective and memorable?

PITCH - Overall Impact

Is the presentation creative (interesting and memorable)?
Is the presentation more than a series of talking heads?
Has the audience learned something new?

PITCH - Overall Quality of Audience Interaction

Do the speakers ask the audience for questions?
Do the speakers satisfactorily answer audience questions?
Is there continuity in the audience interaction (effective and smooth)?

Requirements:

Must be a UK undergraduate or graduate student
If a recent graduate, must have been enrolled in the 2011-2012 year or the summer of 2011 at UK

A completed Written Business Concept
Live Oral Presentation to be given on March 24

Rules:

Written entries will be submitted for review in advance of the on-site elevator pitch and oral presentations to be held in the UK Alumni House (400 Rose Street) on March 24th 10AM - 4PM.

Teams must participate in both the written presentation and oral presentation to qualify for prizes and awards.

Brian Raney

CEO, APAX Software

CEO at APAX Software. Founder at BuildingLayer. Founder at Awesome Inc. MS in Economics, BS in Computer Science from University of KY. Entrepreneur in Residence at University of Kentucky. I also coach competitive soccer. I love building a culture that attracts smart, creative people.

Charles Seal

Charles H. Seal – serves on the Board of Directors of iNET (Innovation Network for Entrepreneurial Thinking) and is a member of the Bluegrass Angels (an angel investor network in Lexington, KY). His primary focus is financial management and business development where he now provides consulting services. He is actively involved in the institutional investment management of the assets of pension plans, captive insurance companies, and foundations & endowments. His career spans the finance, treasury, investment, strategic planning, and accounting functions of three major public corporations, and more recently working with smaller firms including start-ups.

Harvie Wilkinson

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Competition dates
From: Thursday, February 16, 2012 12:02 AM PST
To: Tuesday, March 27, 2012 03:00 AM PDT

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Round 2

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