Mon, Oct 25|
Online Entry Submission
$7,000 in cash + other prizes up for grabs! This competition gives students a chance to write and present their business model summary to a set of judges and win money to grow their business. Scroll down for more info.
Time & Location
Oct 25, 2021, 11:59 PM
Online Entry Submission
About the Event
Opportunity Quest (OQ) is a business model summary competition managed by the GRIT Center for Rural Entrepreneurship at Snow College and funded by Zions Bank, with $7,000 in cash plus other prizes available! This competition fosters and promotes business growth at the collegiate level by giving students a chance to write and present their business model summary to a set of judges.
Opportunity Quest is designed for students to test a business idea, learn business skills and receive feedback. Ideas may vary from early concept through being an early stage, legally formed entity.
The competition is split into three rounds, with two optional opportunities to win funding:
- Round 1: Business model summary submission (entry deadline Oct. 25th, 11:59pm) — All Snow College students are welcome to apply
- Optional: Video submission (deadline Oct. 29th) — Open to all teams that submit a business model summary
- Round 2: Shark Tank Semi-finals (Nov. 9th) — Top 10 teams only
- Optional: Student Showcase (Nov. 10th) — Open to all teams that submit a business model summary
- Round 3: Final competition (Nov. 11th) — Top 5 teams only
The top 10 student teams will be chosen for Round 2 based on judging results from the business model summary submission, and only the top five teams advance to Round 3 of OQ. The OQ final event will include a pitch to a panel of judges and an awards presentation. The judges will determine the winners of various prizes, including the $2,000 GRIT Prize!
Snow College Opportunity Quest is one of 10 Opportunity Quest competitions hosted around the state of Utah at other colleges and universities. The winners from each of these competitions automatically qualify to the Utah Entrepreneur Challenge top 20 in the spring. Each team in the Snow College Opportunity Quest must have at least one full-time Snow student to participate.
Opportunity Quest is made possible by generous support from sponsors, mentors, judges, and faculty members.
Business Model Summary Guidelines & Requirements
The business model summary is a brief document that outlines the fundamental problem and solution your business is addressing. The purpose of the document is to convince the reader that the business is viable and could operate in the real world. It includes the most interesting and important aspects of the business. The business model summary cannot be longer than three pages (not including the cover sheet). The document must have 1-inch margins and 12-point font size. All pages, except the cover page, should be numbered. Compressed type is not permitted.
Here is suggested content for the business model summary:
- Company overview: Include the most important points about your business idea — your history, product or service, mission statement, and legal structure if applicable.
- Product or service: Describe product or service for sale, the problem or need it solves, stage of development, market differentiation, and intellectual property if applicable.
- Market: Describe the market where you aim to sell your product or service. Include the target market, competitors in the market, and an analysis of your competitive advantage.
- Sales strategy: Explain how you will go about selling your product or service while increasing profits. Include marketing strategy, distribution channels, key partners, and relationships.
- Revenue model: Describe how your business generates revenue. Include the cost to produce, cost to sell, customer acquisition strategy and market price for the product or service.
- Team: Describe who is currently on your team, their role, education, and experience. Detail current and future organizational needs.
The business model summary must be emailed as a PDF to firstname.lastname@example.org no later than 11:59pm on Monday, October 25, 2021.