Each team will create a concept for a new business and submit a five-page explanation of the product or service, the target customers, the value proposition to those customers and a description of the potential market, including size. Finalists for the undergraduate and graduate divisions will be chosen from among the initial submissions.
Finalists will then prepare a 20-minute presentation of their concept and present it to a distinguished panel of judges drawn from the entrepreneurial, business and investment communities. The teams that present the best business concepts will be awarded scholarships.
The competition is open exclusively to all University of St. Thomas undergraduates, graduate students and post-doctoral fellows registered in the semester of the competition. All members of a team must be current students with a a valid UST student ID.
Teams registering to compete in the undergraduate division must be comprised of all undergraduate students. Graduate division teams must have at least one currently registered UST graduate student (master's or Ph.D. level), but may be comprised with both undergraduate and graduate students.
Sixteen teams will be selected as semifinalists in each division. Four finalists will be chosen for the social venture division. These teams will be given additional instructions to prepare for their presentations to judges.
The judges will select the top team from each group to move on to the final round in the afternoon. The winners will be selected from the four finalists in each division by a new panel of judges.
Preliminary submissions will be judged by a reviewer panel using the following criteria (equally weighted):
- Originality (business idea is new, novel and unique)
- Clear and compelling value proposition (legitimate, recognized need; appropriate solution)
- Competitive advantage (creates more value for customer than alternative solutions)
- Market opportunity (adequate market size; viable business model)
- Feasibility (reasonable prospect of funding and successful implementation)
All participants and judges will be invited to the awards ceremony to be held immediately following the finals, at the Schulze School of Entrepreneurship. The winners of each of the awards will be announced at that time.