FAQ

How do I enter the New Venture Challenge?

  • The final registration date for the CU New Venture Challenge is Monday, March 1, 2009 at midnight.  Complete submissions will include:  1) a final business plan, 2) resumes of team members, and 3) the Waiver/Release and Originality of Idea must be submitted by that date.  The website will be updated to allow for submission online of all three requirements in one form.  Check back in early February for the final submission form.  (For judging purposes, all final submissions must include a digital copy of the business plan and resumes.)
  • All business plans should be no longer than 20 pages total – 10 pages for the plan and 10 pages for the appendices.

What is the Competition Schedule after submission of a final business plan and how do the teams compete?

  • After submission of a business plan on March 1, the plans will be screened and 8 semifinalists will be chosen. Each semifinalist team will be required to present their plan before a panel of judges on Friday morning, March 12 in the CU ATLAS Building.  Team check-in is at 8:30 am.  The presentations will begin at 9 am.
  • The judges will then choose finalists to compete at the final competition to be held on Friday afternoon in the CU ATLAS Building.

Who is supporting the CU New Venture Challenge?

How are business plans judged?

  • The competition is meant to reward well thought-out concepts, due diligence in research, clearly written business plans and engaging presentations. Strictly speaking, viability is secondary. (For example, teams aren’t penalized for lacking experienced management.) On the other hand, viability is relevant; obvious flaws in the plan may stem from too little research or not thinking through all the implications.  Criteria for reading and judging are designed to meet the educational goals of the CU NVC, while giving judges enough flexibility to use their experience to reward good ideas and strong effort.  Business plans are judged on five categories.  Each category is worth five points for a total of 25 points.  Additionally, judges can add up to 5 “bonus points” (see judging criteria) Therefore, the maximum score is 30 points.

What are the judging criteria?

1) Quality of Writing, including:

  • Clear and engaging executive summary (perhaps most important)
  • Easy to follow; writing is well-organized and clear
  • Brevity – not dense; essentials jump off the page
  • Not overly technical, but with enough detail to illustrate the idea
  • Plans required to be no longer than 20 pages in length – 10 for the plan and 10 for the appendices

2) Quality of Presentation (applicable only to finalists)

  • Content clearly presented / economy of expression
  • Compelling – gets your attention
  • Good use of visuals – but not overkill
  • Adheres to time limits

3) Concept / Vision

  • Clear goal expressed with realistic steps to achieve it
  • Utility / Appeal – does the concept address a customer need?

4) Quality of Evidence and Research

  • First-hand research – talking to target customers and industry experts
  • Researched competitors on multiple levels (other providers of product; substitutes)
  • Strong link between customer / competitor research and concept
  • Anticipation or responsiveness to customer demands / competitor advances

5) Plan Components Are the product/service description, marketing plan, finance plan, description of competitive advantage and growth plan:

  • Innovative?
  • (But also) Realistic?
  • Internally consistent? (Does the components make sense together?)

Bonus Points

This is an opportunity for judges to award extra points based on their experience.  A judge need not award bonus points.  Some possible reasons to award bonus points include:

  • This is a brilliant idea that addresses a real market need.
  • The parts fit together so well that it “just made sense.”
  • The amount of work by the team is evident and suggests future success.
  • It made this concept or team “fundable”.

Important Deadlines

Feb 8 at midnight – Deadline for business plan review process

Mar 1 at midnight – Final deadline for submission which will include:  1) a final business plan, 2) resumes of team members, and 3) the Waiver/Release and Originality of Idea.

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  • Important 2010 Dates

  • Mar. 12 CU New Venture Challenge FINALS The CU New Venture Challenge Finals are this Friday, 3/12 beginning at 2pm in ATLAS 100 on the CU-Boulder Campus and are open to the public.
  • Mar. 12-18th CU Entrepreneurship Week