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Student Business Concept Competitions

The 2011 Summit features two student business concept competitions. Teams from Virginia Tech will compete the morning of April 13th for the local grand prize of $5,000. Teams from other universities throughout Virginia and North Carolina will compete later that afternoon for another $5,000 grand prize.

The objectives of the competition are to encourage students to develop their entrepreneurial ideas, enhance understanding of requirements for a successful business venture, and showcase the creativity of students in Virginia and North Carolina.

Virginia Tech Competition Winning Team: Lujure
Brian Putt, Joshua Gunter, and Nathan Latka (not pictured)
Lujure
Accepting their award from Michael Drzal of LeClairRyan


Regional Competition Winning Team: Kera10
Afton Vechery, Wake Forest University
Kera10
Accepting her award from Ken Maready of Hutchison Law Group


Prizes

Grand Prize Winners of the Virginia Tech and Student Business Concept Competitions:

2011 Student Competition Rules

Eligibility: The competition is open to all registered students in the Commonwealth of Virginia and North Carolina. All participants must be full-time students with an average team age of 25 years or less to participate and receive prizes if selected as a finalist team. Up to five finalist teams will be selected to present for each competition at the Summit. Students may elect to work with teams of up to five. Each student must be registered at a college or university in Virginia or North Carolina.

Guidelines and Deadlines

1. February 11, 2011: Individual students or student teams of up to five students must register by purchasing an Intent to Compete form by midnight of February 11, 2011.
Submit an Intent to Compete form

2. February 11, 2011: Students must submit a one-page summary of the business concept by following the one-page submission guidelines by midnight of February 11, 2011. These will be reviewed by a panel of faculty and local business leaders; and those chosen to participate in the competitions will be announced February 15, 2011.

One-Page Summary Guidelines ~ Review before submission

Submit a one-page summary
for VT Student Competition


Submit a one-page summary
for Regional Student Competition


3. March 11, 2011: The announced students and teams that were chosen to compete must submit a more detailed business concept document by following the submission guidelines. This is to be a three to five-page document and up to five finalists per competition will be announced Friday, March 18, 2011. The business concept document will be critiqued on the dimensions listed below.

Business Concept Guidelines ~ Review before submission
SubmitBusinessConcept

Business Concept Criteria:
  • Professionalism of submission or presentation
  • Explanation of compelling customer need being met by the proposed product or service
  • Size of the market opportunity (quantified)
  • Competitive advantage of the company's product or service in the marketplace
  • Management team's strengths, in terms of the core competencies needed for business success
  • Proposed value proposition: how will value be created and captured by the business
  • Business financial projections and the funding needed in its initial years

4. April 13, 2011:
Up to five finalists for each competition will present their business concepts at the Entrepreneurship Summit before a panel of judges as well as angel capital and business leaders and others attending the Summit.

Presentation Guidelines ~ Review in preparation for presentation

Presentation Judging Criteria: Judges will rank the finalists and awards will be presented at the Networking Reception and Student Awards Presentation.
  • Professionalism of submission or presentation
  • Explanation of compelling customer need being met by the proposed product or service
  • Size of the market opportunity (quantified)
  • Competitive advantage of the company's product or service in the marketplace
  • Management team's strengths, in terms of the core competencies needed for business success
  • Proposed value proposition: how will value be created and captured by the business
  • Business financial projections and the funding needed in its initial years

How to Prepare

1. Meet the above mentioned deadlines.
2. Carefully review and follow instructions and formats for the
3. Review the Frequently Asked Questions section.




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Phone: 540-443-9100
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