Schulze School of Entrepreneurship

Fowler Business Concept Challenge Rules and Procedures

The second annual Fowler Business Concept Challenge at The University of St. Thomas will be held during October 2011. Finalists will be invited to present their qualifying plan on October 21. Entries will be judged on:

1. Originality (The business idea is unique)
2. Clear and compelling value proposition (The team has demonstrated there is a legitimate, recognized need and provided an appropriate solution)
3. Competitive advantage (The proposed business creates more value for customers than alternative solutions)
4. Market opportunity (Evidence of adequate market size and creation of a viable business model)
5. Feasibility (There is a reasonable prospect of funding and successful implementation)

Each team will create and submit a five-page description of its concept for a new business explaining the product or service, the target customers, the value proposition to those customers and a description of the potential market, including size. Finalists will be chosen from among the initial submissions. Finalists will then prepare a 20-minute presentation of their concept and present it on October 22 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 winning teams in each division will be awarded a $10,000 scholarship per team, with $5,000 for the runner-up team, $2,500 for the second runner-up team and $1,000 for the fourth runner-up team. The best individual presenter in each division will be awarded $1,000. All St. Thomas graduate and undergraduate students are encouraged to compete, regardless of major. Students may submit up to three entries, but will only be allowed to have one entry in the semifinals. The winning teams will be encouraged to develop full business plans, under the guidance of the faculty associated with the Schulze School of Entrepreneurship, for competition in regional and national business plan competitions in the spring of 2012.

Initial Submission Requirements

All initial business plan submissions must be received by Dr. David Deeds, Schulze Endowed Chair and professor of Entrepreneurship, Schulze School of Entrepreneurship, by 5 p.m. October 6, 2011. Submissions should be e-mailed to david.deeds@stthomas.edu.

Each submission should address the following questions:

1. What is your product or service? Clearly describe your Product or Service.
2. How will you’re business generate revenues?
3. What will you businesses’ revenues be after the first, third and fifth years of operation?
4. What is your specific target market and how do you plan to address it?  (Who are your customers? What do they do? How old are they? Where do they live? Etc.)
5. Why do they need to buy what your business will sell?
6. How big is your target market (# of potential customers, $$s spent on comparable products). How many of these customers will you reach during first, third and fifth years of operation?
7. Every business has competition. Who are yours and what sustainable advantages will your  business have over them?
8. Briefly highlight relevant experience of management team and advisors.
   

Each submission must include the following elements:

1. Cover page, including the project title and date, team member names and UST student e-mail addresses, and the division in which you are entering. View a sample cover page.
2. Body: a description of the business concept  not to exceed 5 pages of double-spaced, 11-point type and including
   a. A concise description of the proposed business and why it is unique or compelling
   b. A description of the target market: Who is your customer? Which customer problem or problems will the business solve? What other solutions will compete for that customer?
   c. A description of the market opportunity, i.e. a preliminary estimate of the size of the potential market and the number of customers that can be reasonably addressed.
   d. Your proposed solution: What is your product or service? How will it solve the problem identified in (b.)? How will your solution create exceptional value for the customer?
   e. A business model: How will you generate revenues and profits
3. Signature page, including the UST student e-mail addresses, full names and signatures of all team members, attesting to the originality of the work.
   

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Judging Criteria – Initial Submission

Submissions received by the deadline will be judged by a reviewer panel using the following, equally-weighted criteria:

1. Originality (The business idea is unique)
2. Clear and compelling value proposition (The team has demonstrated there is a legitimate, recognized need and provided an appropriate solution)
3. Competitive advantage (The proposed business creates more value for customers than alternative solutions)
4. Market opportunity (Proof of adequate market size and creation of a viable business model)
5. Feasibility (There is a reasonable prospect of funding and successful implementation) 

Plans from each division (Undergraduate and Graduate) will be chosen as semifinalists. Semifinalists will be notified by e-mail no later than 5 p.m. on October 11, 2011.

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Semifinalist Submission Criteria

Semifinalists will be required to prepare and electronically submit a 15-minute PowerPoint presentation (maximum of 20 slides) detailing their business plan and addressing the criteria detailed in the submission.

All finalist business plan submissions must be received by Dr. David Deeds, Schulze Endowed Chair and professor of Entrepreneurship, Schulze School of Entrepreneurship, by 5 p.m. October 20, 2011. Submissions should be e-mailed to david.deeds@stthomas.edu.

Semifinalist Presentations and Judging

Semifinalist teams from each division will present their plans to a panel of judges during the morning session on October 21. All team members must be present and available to answer questions, but each team may choose one or more representatives to give the presentation.

Each team will be allowed 15 minutes for the presentation and five minutes for questions and responses. Time limits will be strictly enforced.

Semifinalist presentations will be evaluated by a panel of judges using the following criteria:

1. Business Idea (67%)
   a. Originality (The business idea is unique)
   b. Clear and compelling value proposition (The team has demonstrated there is a legitimate, recognized need and provided an appropriate solution)
   c. Competitive advantage (The proposed business creates more value for customers than alternative solutions)
   d. Market opportunity (Evidence of adequate market size and creation of a viable business model)
   e. Feasibility (There is a reasonable prospect of funding and successful implementation)
2. Presentation (33%)
   a. Presentation materials are clear, comprehensive and organized
   b. Delivery is clear, compelling and persuasive
   c. The team is able to answer judges’ questions directly, clearly and effectively
   d. The team effectively uses allotted time

Following the morning presentations, the panel of judges will select two teams from each division to move to the final round in the afternoon. The final presentations will be assessed by a new panel of judges based on the criteria noted above. Winners will be announced at an Awards Ceremony following the final round.

All competition participants and judges will be invited to the Awards Ceremony held immediately following the final round. The ceremony will be held in the Schulze School of Entrepreneurship on the Minneapolis campus of the University of St. Thomas.