Woodbury School of Business
Excellence Since 1941
 OQ

Utah Valley University Executive Summary Competition
Student Competition Packet
2013-14

  Woodbury School of Business
Entrepreneurship Institute
Utah Valley University
800 W. University Parkway
Orem, UT 84058

Sponsored by: 

 

 ZionsBank

        

     SW Gibson 

 UVU OPPORTUNITY QUEST OVERVIEW

Opportunity Quest is an executive summary business plan competition open to all students within Utah Valley University.  Individuals or teams can submit entries, but each submission team must include at least one current Utah Valley University student in a prominent leadership role.  The competition fosters and promotes business growth at the college and university level by giving students a chance to organize, direct, and present a business idea to a panel of judges.  Opportunity Quest provides teams with a series of workshops to prepare them for the competition and to aid them in the creation and implementation of their business model.

A cash prize of $4,500 will be awarded to the team judged to have presented the most viable and promising business executive summary.  The first-place team is also automatically entered as a finalist in the Utah Entrepreneurial Challenge.  Second place will also be awarded a cash prize of $3,000 and $1,500 for the third place team. Each of the remaining finalist teams will be awarded cash prizes of $100 each based on outstanding performance in one of seven categories. In-kind services for the top three winning teams will also include professional video recording services valued at $2000, provided through the UVU Entrepreneurship Institute.

Opportunity Quest involves UVU student volunteers working with the UVU Entrepreneurship Institute.  The Opportunity Quest Competition is designed to enhance participants’ entrepreneurial mindset.  UVU Opportunity Quest is made possible by generous support from sponsors, mentors, judges, and faculty members of Utah Valley University.

ELIGIBILITY

Each participating team must be organized and directed by a student at the Utah Valley University who is enrolled during the Fall 2013 semester (student standing will be verified by Opportunity Quest staff.)  There are no restrictions regarding other team members who may include students, faculty, family, or professionals, and they need not be residents of Utah.  Successful teams typically have a strong combination of accounting, finance, marketing, and technology skills.

Company formation is not a requirement to enter the competition.  Additionally:

  • Teams may present more than one plan; however, each plan must be registered separately.
  • At least one Utah Valley University student must hold a prominent leadership position in the team
  • The business cannot be more than 24 months old as of August 1, 2013
  • The business cannot have generated revenues in excess of $100,000 as of August 1, 2013
  • The business cannot have any external equity funding as of August 1, 2013, (funding from Venture Capital investors, Angels investors, grants, etc.) 

THE COMPETITION PROCESS

Round 1:  Executive Summary 

This phase is open to all students.  Begin by registering your team online at www.uvu.edu/woodbury/OQ.  List the team primary contact information including: name, phone number, e-mail address, school, and student ID number.  Also include the names of all other team members. 

Teams must prepare an executive summary addressing fundamental issues of interest to potential investors. Highlight the most important and interesting elements of the business that lead a potential investor to understand why your venture will succeed.  

For more specific information about the executive summary, please refer to the “Executive Summary” sections.

Ten finalist teams will be selected and scheduled to present at the Judges' Panel based on their written Executive Summaries. They will be notified Tuesday, Jan. 21 at 8:00 a.m. via email. In order to be eligible for the competition, the executive summary must be submitted online by midnight on Monday, January 20, 2014. The UVU Entrepreneurship Institute will provide two printed and bound copies of each of the executive summaries for each of the ten finalist teams and will deliver these copies to the teams at the beginning of the Presentations to the Judges' Panel.

Round II:  Crowd Pitch:
The Ten Finalist teams will be invited to give a 4-minute 'elevator pitch' between noon and 12:50 on Tuesday, Jan. 21 in LA 101 to about 90 UVU students and faculty.  This is not a mandatory event nor will it count in the final evaluations but it will help you to refine your pitch and anticipate audience questions.  All pitches will be filmed during the Crowd Pitch.  The recordings can be reviewed by the teams between 1:00 - 3:00 PM on Tuesday, Jan. 21 in SB 248.  Again, this is only for the competing teams and is intended as a help in preparing for the final pitch to the Judges' Panel. 

Final Round:  Presentation to Judges' Panel

Each of the ten finalist teams will make a presentation to a panel of judges on Tuesday, January 21, 2014 between 2:00 and 4:30 PM in the UVU Sorensen Center, SC 213C.  Since the presentation time is limited to ten minutes, the presentation must be well-organized and emphasize only the most important features of the business.  Another 5 minutes will be allotted for questions and answers with the judges’ panel.

Business dress is required.  The final presentation will be held in the UVU Sorensen Center, SC 213C from 2:00 - 4:30 PM on Tuesday, January 21, 2014.  

Presentations should have impact and be brief.  Most teams will not be able to present all of the aspects of their executive summary during the allotted time.  The presentation should reinforce and augment the executive summary.  Emphasize the most important features of your business in the time allotted in order to persuade the judges that your business will be successful.  A projector will be available, but each team will be responsible to provide any additional, necessary equipment for their presentation.  Please bring your slide deck on a thumbdrive or flashdrive along with any prototypes, posters, or anything else needed to present your business concept effectively.

EXECUTIVE SUMMARY

The executive summary is a brief document that outlines the fundamental issues regarding a company.  The purpose of the document is to convince the reader that the business is viable and could operate in the real world.  The most interesting and important aspects of the business, as well as the student involvement should be highlighted and explained.

The executive summary including the cover page should be no longer than 4 pages.  The document must have one-inch margins and a 12-point font size.  All pages, except the cover page, should be numbered.  Compressed type is not permitted.

The executive summary should briefly describe:

  • The company history
  • Product or service the business will provide
  • Market need (pain point)
  • Target customers
  • General business strategy (how the company will sell the product or service and make a profit.)

The executive summaries will be uploaded to the Opportunity Quest website on Canvas.

JUDGING

The judging panel consists of successful and knowledgeable business leaders.  Judges will not be affiliated with nor involved in the preparation or funding any participating team.  The decision of the judging panel will be final and will not be subject to appeal.  The overall selection of winners is based on the viability and likely success of the business.

Judging Criteria

Judging is based on the executive summary, and final presentation.  Teams must be ready to answer questions on both their executive summary and final presentation during the final round Q&A session.  The top ten ranked written plans will advance to the final round in which the three presentations with top scores will be selected as winners.

PRIZES

A cash prize of $4,500 will be awarded to the team judged to have presented the most viable and promising business executive summary.  The first-place team is also automatically entered as a finalist in the Utah Entrepreneurial Challenge.  Second place will also be awarded a cash prize of $3,000 and $1,500 for the third place team. Each of the remaining finalist teams will be awarded cash prizes of $100 each based on outstanding performance in one of seven categories. In-kind services for the top three winning teams will also include professional video recording services valued at $2000, provided through the UVU Entrepreneurship Institute.  Prize money and in-kind prizes will be announced at 5:00 PM in SC 213C on Tuesday, Jan. 21, following the Presentations to the Judges' Panel.  Prizes will be awarded shortly there after. Winners will also be recognized during the UVU Entrepreneurship Awards Banquet in April, 2014.

NO CONFIDENTIALITY AGREEMENTS

As a competitor, you are responsible to protect any confidential information pertaining to your business plan with advisors, team members, and fellow participants of the competition.  Opportunity Quest takes no responsibility for inadvertent disclosures in these instances.

Contestants should be careful about disclosing information concerning proprietary concepts.  Competitors concerned about the protection of intellectual property may contact Utah Valley University Technology Commercialization Office or look up answers to technology protection question.

RESOURCES

www.uvu.edu/woodbury/oq

You will find helpful links to schools, clubs, organizations, venture capital, patent research, publications, trade secrets, and a suggested reading list at our website.  An executive summary sample is available for review at our website under Competition Information.  This can be used as a template or model in preparing your own executive summary, though a plan that flows from one concept to another is preferable to one the simply adheres to a template.

Other Resources

There are innumerable resources available to help teams analyze business problems, describe marketing, and plan high-impact presentations.  While the basic set of topics is included in this document and must be covered in some manner, creativity should not be left out of the equation.

UVU OPPORTUNITY QUEST staff and student directors

Director of OQ

Shauna Theobald

Shauna.theobald@uvu.edu

801-863-7363

Administrative support

Debbie Rhoads

debbie.rhoads@uvu.edu

801-863-7363

Videographer

Richard Stapler

richard.stapler@uvu.edu

801-863-7364

Staff support

Justin Simonsen

Justin.Simonsen@uvu.edu

801-863-7364

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http://www.uvu.edu/maps/

 

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