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Franz Center: $100K Challenge Venture Competition
April 23rd, 2016
Whether you have already formed your company with a well-developed business idea which you need additional feedback on, 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!
Frequently Asked Questions:
What is the University of Portland $100K Challenge? The $100K Challenge ($100K) is a new venture competition organized by the University of Portland.
Who is eligible to participate? Teams must include University of Portland student(s) as an integral and fully participating member of the team. Students may be in any undergraduate or graduate program, and any major is welcome and encouraged to participate.
Business plans must be an original work describing a new venture (profit or non-profit). If you have any questions, or would like to make sure your venture or plan is eligible, please contact the Franz Center at firstname.lastname@example.org.
Participants will be asked to declare their intention to compete in either the for-profit track or the non-profit track when they register online.
Why participate in the University of Portland’s $100K Challenge?
The $100K Challenge is a fantastic opportunity to develop and present a plan for a new business and meet many interesting and experienced entrepreneurs, investors and other professionals who may be helpful to you in pursuing your entrepreneurial or career ambitions. All participants will -be provided support in developing their plan and presentation through workshops and mentors, and receive great feedback from experienced judges.
This is a great way to “crash test” a plan for a business you are considering and improve your chances of success or fundraising. Even if you will not actually launch your business at this time, this is a great opportunity to learn the process of creating, presenting and updating a high quality business plan. These skills will also help prepare you to evaluate plans for products and businesses within another company or as a non-profit board member.
Those who advance to the finals of the competition will have the opportunity to receive a modest cash award and the potential of significant financial and in-kind services support for your new company.
How is the $100K organized? All teams will present business plans during the morning preliminary round on April 26th before a panel of judges. Each presentation will be strictly timed and limited to ten minutes, followed by a five- minute Q&A session from the panel.
Teams will have the use of a computer and projector with internet connection. Audience members will not be allowed to ask questions during the presentation or Q&A period.
Two finalists will be selected from the morning preliminary rounds to present in an afternoon final round. Judges will score each business plan and presentation to make final award decisions. The final judges for, for profit ventures will determine first, second, and third place winners. A single social venture winner will be chosen in the morning round.
The top three places from each of the two tracks (profit and non-profit) will be announced at the end of the event.
What are the awards and prizes? 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 $2,500 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).
Cash prizes will be awarded to each for profit team that places or makes the finals round. First place teams receive $1,250 per team; the second place for profit team will receive $750 per team; and the third place team will receive $250 per team. The first place Social Enterprise team will also receive a cash prize of $1,250. These amounts are to be divided among teammates, as determined by the team leader.
There is also a special $3,000 cash prize for those business ideas that address the needs of low income senior citizens, provided by the AARP Foundation.
I'm interested in participating what are the next steps? For more information and specific guidelines download the information available on the right-hand side of this page.
To register to participate in the $100K Challenge or to upload any of your competition documents, visit our competition site.
2015 Winners: Townie Shades
To sponsor the $100K Challenge, please email Peter Rachor or call at 503.943.7769.