2008 Business Concept Challenge: Win $750!

What is the purpose of this challenge?
We know there are students who have some great business ideas, so we want to encourage their entrepreneurial spirit.  The purpose of this challenge is to encourage students to explore what it takes to consider a new venture or expand an existing one.  

Who is sponsoring this event?
Venture Works is a resource center for entrepreneurs established by Huntington County United Economic Development (HCUED), in partnership with Huntington University, Northeast Indiana Innovation Center (NIIC), Huntington County Commissioners and Huntington County Chamber of Commerce. 

Who is eligible to apply?
Any high school student who resides in Huntington County or college student who either resides in Huntington County or attends Huntington University

What do I need to do to participate?
Submit an application and a 1-2 page executive summary 

When is the application deadline?
4 p.m. on Monday, October 6

Where do I turn in my application and executive summary?
You can either drop off or mail your information to:           
Huntington University
Enterprise Resource Center
ATTN:  Joanne Green
Huntington, IN 46750

What can I win?              
1st place will receive $750
2nd place will receive $500         
3rd place will receive $250

When will I find out if I won?  
You will be notified on Monday, October 13, if you are a finalist. There will be a short awards presentation at Huntington University on Wednesday, October 22, at 3:30 p.m. to announce the top three finishers. 

Who do I contact if I have questions?  
Feel free to contact Joanne Green at (260) 359-4310.

What if I need help writing my executive summary?  
We will offer a free workshop on Wednesday, September 10, from 6-7:30 p.m. at the Huntington University Merillat Centre for the Arts, room 150. Contact Joanne Green at (260) 359-4310 to RSVP.

What should I consider as I write my executive summary?

Questions to address in your summary:

1. WHAT is your product/service and what does it do? What market gap does it fit?

2. HOW is it different from other products/services available?

3. WHO will buy it?  What target market segments are you going after?

4. WHY will they buy it?

5. HOW will it be promoted and sold?

6. DESCRIBE the buying experience and the usage experience for the customer.

7. HOW will you make money?

Judging criteria is as follows:

• The Idea—how compelling, innovative and interesting is the idea?

• The Market—what’s the size of the market, is it growing and who is the target?

• Innovativeness—Is the business concept novel or unique, giving it a competitive
  advantage?  How will it impact the market?

• Overall college graduate level job creation impact for the idea.

• Overall Impression—real chances of success in the market place.

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