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Eric Rego Big Idea Competition
The Eric Rego BIG Idea Competition is an annual competition for all CSB/SJU students who have a dream to make the world, or things in it, better. Individuals or teams can apply by submitting a venture idea description and presenting the idea in a 90 second "elevator pitch" The ten finalists will repeat their elevator pitch before a panel of business and nonprofit leader alumni/ae and selected Entrepreneurial Studies students during Celebrating Scholarship and Creativity Day. That event occurs every year at the end of April. Winners receive cash prizes and promotion of their idea on campus, to alumni and to local and regional community.
Who Can Participate?
The BIG Idea Competition is open to any individual or team of up to three students enrolled at CSB/SJU during Spring Semester of the year of the competition. Current E-Scholars are not allowed to participate as they participate in a similar national competition.
We believe that all students have entrepreneurial potential and can demonstrate that potential with limited assistance. We would be happy to provide assistance to individuals or teams about how to further develop their ideas.
What does it take to apply?
No business plan or actual business is needed. All that is needed is the answers to six simple questions. A BIG idea and the enthusiasm to pursue it is what will persuade the judges.
1st, 2nd and 3rd place will present their ideas again as part of Scholarship and Creativity Day!
Wednesday, April 25th in HAB, 118, CSB at 10:30am.
What is a Venture Idea?
The possibilities are wide open. A venture idea can be a needed new product, a new way to deliver a service, a new solution to an old problem, a new way to help others, etc. It can address a campus need, a community need, a national need, or a global issue. The venture idea can be about something that has never been tried, something that has been proven elsewhere but needs to be "tweaked" to be done in Central Minnesota, or something that strengthens an existing venture or product. It can be an idea that would be delivered for profit or one that would require a nonprofit organizational structure.
Contest Rules
1. Open to all current CSB and SJU undergraduate students. CurrentE-Scholars will compete in a seperate contest.
2. An individual or a team of up to three students can submit an idea, all team members must be current students
3. Previous winners can apply again but are not allowed to submit the same idea
4. Previous applicants who did not win may submit the same idea in consecutive years
5. Ideas that have already been tested can be submitted, but ideas that have been in operation for more than 6 months cannot be submitted.
6. Ideas that already have some financial support must report the amount and the sources at the time of idea submission. Financial support can include sales revenue or contracts, foundation grants, personal or family funds, angel investment, or professional venture capital investment. Entries that have funding in excess of $100,000 will not be eligible to compete.
7. A submitted idea can be revised based on feedback from judges and coaches during the process but the basic idea cannot be changed after it is submitted.
Application questions:
1. What is your idea? In 800 words or less (two Facebook entries)
2. What problem, need or opportunity does it address?
3. Who needs this and why? (Who will be the customer and why do you think so?)
4. How BIG could this get?
5. What are your next steps forward?
What will Winners Receive?
· The top individual or team will receive a $200 prize.
· The 2nd place individual or team will receive a $100 prize.
· 3rd place individual or team will receive $50 prize.
· Certificates of Excellence in Creativity awarded