Utah Entrepreneur Challenge for College Students (US)

The competition focuses on development of a compelling student business and offers $75,000 of cash and in-kind prizes. This competition is made possible by generous support from sponsors, including Zions Bank, mentors, judges, and staff members from colleges and universities across the state.

The UEC provides resources to aid students in the creation and implementation of their business. Students gain valuable skills and experience to help them transition to the competitive world of entrepreneurship. Dozens of past teams from the competition have successfully moved forward and become successful businesses.

Benefits

• Cash and in-kind prizes will be awarded amongst the contestants. Funds received from the UEC should be used for to advance the business idea.
• A variety of other cash and in-kind prizes — including accounting, legal, and consulting, staffing and information technology services — will be awarded to selected teams for additional preparation of their business plans and initial business development. These services are distributed solely at the discretion of and are subject to the conditions set forth by the donor, and may be subject to change from year-to-year.
• Prizes exceeding $10,000 must be awarded to a legally formed company, not an individual.

Funding Information

• Judges will allocate $75,000 in prizes and awards to the top 20 finalists. Younger students, ages 14-18, are encouraged to complete in the High School Utah Entrepreneur Challenge for a chance to win $30,000 in prizes and scholarships.

Eligibility Criteria

• Because the Utah Entrepreneur Challenge is a collegiate student competition, the student must take the lead in the submission and must play a major role in formulating the business. The UEC is a student business competition and is based on the work of students. The UEC does not award ventures that are not formed and managed by students.
• Competing teams must be composed of at least one Utah college or university student and meet all of the following criteria:
  • The team must be organized and directed by a student from a college or university in the state of Utah.
  • The founding student must be an active student during both semesters of the competition year.
  • The founding student must be registered for a minimum of nine (9) credit hours during the semester they are participating. The credit hours must be taken as a matriculated, admitted, and degree-seeking student.
  • The student team members must be involved in all aspects of the UEC competition.
  • The team must not have been a top-8 finalist in past Utah Entrepreneur Challenge competitions from previous years. (This eligibility requirement refers exclusively to the Utah Entrepreneur Challenge and does not include any other events hosted by the Lassonde Entrepreneur Institute.)
  • There are no restrictions regarding other team members; however, they suggest building a balanced team with a strong combination of finance, marketing, engineering and technology skills.
  • For existing companies:
    • If the company has been registered in any state longer than 24 months as of Sept. 1 in the year the competition year begins, a brief history of the company is required in the application.
    • The cumulative revenue, debt, grant or third-party financing for the company has not exceeded $100,000 prior to Sept. 1 in the year the competition begins.
    • The company cannot be a franchise.
• An individual team may provide more than one entry; however, each business model must be registered separately.

For more information, visit University of Utah.