Every June for several years now the Lundquist Center for Entrepreneurship runs its undergrad venture quest event, a venture competition. It involves submitting a business plan for acceptance into the contest, then presenting for judges on a Friday morning in early June. There’s always been $500 in prize money. You can click here for the web page about last year’s contest, with pictures of two winners. It’s unusual that both of them were single-person entries last year; usually the better teams have three people on them.

The non-business-major entrants to this competition have always come exclusively from this class. They are open to anybody from the university, but I don’t think they’ve ever had an entrant except from this class.

The process starts with getting yourselves set up with a group — although you can do it individually as well — and agreeing on a business to develop. In early may, you submit a summary to enter the contest. As I’m writing this they haven’t yet set up the necessary web page, or submission deadline, so we’ll watch for that as spring quarter goes on. Groups are chosen from the summary, which is a lot like your assignment 4 for this class. Then a couple of weeks after they announce the finalists,usually four or five groups. The finalists submit written business plans — the same thing you do as the business plan for this class — and then present their idea in a 10 minute presentation, followed by 10 minutes of questions and answers, on the day of the event. Judges are volunteers from the local business community. By lunch time, winners are chosen and checks are distributed.

You’re welcome to use the comments are here to suggest ideas, open your ideas up for team members, and ask questions about the contest.

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