One of our Entrepreneurship clubs on campus is hosting a startup competition called the 8 Hour Business Challenge and we hope you can make it!
More details from Sigma Upsilon Mu:
Enter by going to bit.ly/8HBC
Featuring Tech Coast Angel, Pro Desk Space, iLoyal, and !NCRDBL Brands. Hosted by Sigma Upsilon Mu Entrepreneurship Fraternity.
At the challenge, you will form into teams, come up with a business idea, validate that idea, create a prototype, do cost/profit analysis, develop an elevator pitch, develop a commercial, and develop a business presentation. The entire event is scheduled and designed to allow you to develop the business concept in 8 hours. You will be following a very detailed process, and mentors will be there guiding the teams. Once the 8 hours are up, you will pitch your business plan to judges, and a room full of entrepreneurs, investors, and business professionals.
Up to eight teams of 5 to compete to create a business in eight hours. The rules are simple:
- The ideas must be original
- Each team must work independently
- Each team member must work with his assigned team
- Each team must present a 60-second “elevator pitch”, a five minute pitch, and a video advertisement that will be uploaded to the Abscond Media YouTube Channel.
8am: Contestant Registration and Assignments, teams that are formed prior to the competition are allowed to keep members. Individuals who are not a member of a team are assigned to a team.
9am: First Sprint, teams must brainstorm their ideas. Specifically this process involves developing an original concept and testing it. During this phase, members of the center for entrepreneurship will be available to provide guidance and mentoring.
1pm: Second Sprint, teams must create their pitches, prototypes, and video for judging.
4pm: Meet and Greet, in association with our sponsors is a business-focused meet-and-greet. This meet-and-greet is for local businesses and challenge audience to get to know each other. Students from business clubs from Cal Poly, CSUF, and UCI will be at the event meeting with businesses that are tabling at the event, as well as representatives from the California State University Incubator.
(For information on how to purchase a table at the meet and greet, contact Mandy Wang, at firstname.lastname@example.org)
Judges Arrival, Judges arrive between 5-6, get comfortable, interact with audience and local businesses, and review the procedures and requirements for the event.
6:30pm Contest Begins:
- Round One: 60 Second Pitch
- Round Two: Commercial
- Round Three: Five Minute Pitch, followed by five minute Q&A with Judges
8pm: Awards Presentation, Awards are given out and Promotional considerations.
1st Place: $200 Cash opportunity is awarded, by check, as well as other promotional gifts and non-cash opportunities.
2nd Place: $100 Cash opportunity is awarded, by check, as well as other promotional gifts and non-cash opportunities.
Additionally, there are 4 other Category Winners, $50 cash opportunities for:
- Best Video
- Best Pitch
- Best Design
- Best Individual Effort
All opportunities are provided after the event. Presentations are judged by third parties and judged based on completeness and feasibility. The decision of the judges is final; the final judgment for submissions is the responsibility of the judges for the event. Judges are independent and not paid to attend the event. Statements made by participants and judges are their own views, and they are not indicative of the University, affiliates or Sigma Upsilon Mu. All contestants must sign up by March 5th 2015. Maximum of 40 participants, there is limited space. Attendees and participants agree to non-disclosure for the event by participating in good faith and fair play.