What is the University of Portland $100K Challenge?
The $100K Challenge ($100K) is a business plan competition organized by the University of Portland’s Center for Entrepreneurship.
Participants must register and submit their executive summary by Saturday, April 14, 2012 at 5:00 PM, submit their business plans by Sunday, April 22, 2012 at 5:00 PM, and present their business plans to a panel of judges on Saturday, April 28th.
On April 28th:
8:30 AM - 9:30 AM Continental Breakfast - open to participants, judges and guests
9:30 AM - 11:45 AM Business Plan Competition Morning Round
Ten minute presentations followed by five minute Q&A with judges
Noon - 1:00PM Lunch – open to contestants, faculty, judges & staff
1:00 - 3:00PM Final round of competition: finalists to present
Business plans up to 10 minutes in Oral Presentation format followed by 10 minute Q&A sessions
3:00 – 4:00PM Reception (winners announced)
Who is eligible to participate?
Eligible teams must include University of Portland student(s) as an integral part of the team. Students may be in any undergraduate or graduate programs.
Business plans must be original works. A business plan should describe a startup venture (profit or non-profit). If you have any questions, or would like to make sure your plan is eligible, please contact the Center for Entrepreneurship.
Participants will declare to compete in the for-profit track or the non-profit track.
Why participate in the University of Portland’s $100K Challenge?
You should participate because the $100K is a fantastic opportunity to develop and present a plan for a new business and you will meet many interesting and potentially helpful people. All participants will get great feedback from experienced judges. You will also be provided support as you develop your plan and presentation through workshops and mentors. This is a great way to “crash test” a plan for a business you are considering starting to improve your chances of success or fundraising, as well as a good opportunity to learn the process of creating, presenting and updating a high quality business plan, even if you will not actually launch your business at this time. The skills will help prepare you for starting another business in the future, as well as help to evaluate plans for products and businesses within another company or as a non-profit board member.
At the competition you will present before a panel of experienced entrepreneurs, investors and other professionals.
Those who do well you will receive a modest cash award and the potential of significant financial and service support for your new company.
So whether you have a well developed business idea on which you need additional feedback and have already formed your company; have a great idea that you’d like to develop; or just want to be well prepared for that point in your career when starting your own company may make sense – this competition is for you!
What are the awards and prizes?
The top three places from each of the two tracks will be announced at the end of the event on April 28, 2012.
Finalists (top six presenters) in the for-profit track will be eligible for an investment of up to $100,000 (half cash and half support services) made by the Launch Pad Fund investment committee. Finalist teams will have up to nine months to negotiate terms and complete the investment process.
Finalists in the non-profit track will be eligible for a $2500 grant and professional services award to assist in the launch or development of the non-profit made by the Launch Pad Fund non-profit committee. Winning teams will have up to nine months to receive this award, which must be made to an eligible 501c.3 organization (or have 501c.3 status pending with the IRS).
In addition, cash prizes will be awarded for each team that places or makes the finals round. First place teams receive $250 per team; second place teams $100 per team; and third place teams and finalists receive $50 per team.
There is also a special $3,000 cash prize for those business ideas that address the needs of low income senior citizens. See below for details.
What is the AARP Foundation Prize?
In furtherance of its mission, the AARP Foundation will award $3,000 to the individual or team whose for-profit or non-profit business plan best addresses one or more of the following needs of low-income seniors (50 or older earning less than $39,000 per year): (1) the need for healthier food at more affordable prices, (2) the need for a home that better allows the occupant to affordably age-in-place, (3) the need for increased income, (4) the need to reduce the negative impact of isolation on physical, mental and emotional well-being.
The AARP Foundation wants to encourage the submission of business plans that can have significant and sustainable impact on these issues. The award will be made within 30 days of the competition. The AARP Foundation reserves the right to not award the prize if no business plans of a high quality are presented. If you choose not to pursue your business idea you are still eligible for the $3,000 prize and the AARP Foundation will have ownership of your business plan.
For more information regarding the rules and details of the competition, please refer to UP's Center for Entrepreneurship $100K Competition website.
