The New Venture Challenge is the final phase of the Miller Competition Series. The top 8 teams in the New Venture Challenge will be awarded $15,000 and admitted to the summer-long Founders’ Launchpad accelerator to provide the opportunity to work on their business over the summer and prepare for future investment. To successfully launch, these companies will most likely need more than $15,000 and the New Venture Challenge and Founders’ Launchpad are designed to help scalable student ventures from BYU to prepare for the process of raising money and launching.
There are 2 phases of the New Venture Challenge. The judging criteria and questions used throughout each phase are as follows:
- Is the customer pain both clearly identified and legitimate?
- How well does the solution address the pain?
- What is the market potential?
- How scalable is the business?
- What is the level of validation and/or traction?
- How unique is the value proposition?
- How likely would you (the judge) be to invest in this business?
Phase 1: Online Submission
March 15, 2017 @ 11:59PM: INITIAL SUBMISSIONS DUE
Executive Summary: 1-page document in format provided by Miller Competition Series. Download the template here. Save as a pdf, upload it in google drive and share the link in the info form below (right-click on the file and select “Get sharable link”).
Video Pitch: 6-minute narrated presentation or video pitch. Make an unlisted youtube video and copy the link in the info form. This pitch should be an investor style pitch and should include information about the following (as well as answer the judging criteria above):
- Company Purpose
- Market Size & Opportunity
- Revenue Model
- Go to Market Strategy
Info form: Fill out this form. Includes team members, contact info, cap table (to check eligibility), etc.
March 23, 2017: Top 16 teams announced by end of day
Phase 2: New Venture Challenge two day event (top 16 teams)
March 28, 2017: FINAL EVENT SUBMISSIONS DUE
Each team will be required to submit:
- Speed Pitch slide: 90-second pitch competition slide, one single slide, no animation. Must be in Powerpoint 16:9 format. (See below for event details)
- Final Event slides: 4-minute presentation. “Shark Tank” style presentation. Must be in Powerpoint 16:9 format. (See below for event details. Note: Only the top 8 will give this presentation, but we need everyone’s slides ahead of time as there is no time to prepare after the 8 teams are selected)
- 10 second Video: We will be creating a montage video of all 16 teams to play at the beginning of the Final Event (see event details below). Be creative with this clip to make a good representation of your business in just 10 seconds. Good luck :).
March 30, 2017: Speed Pitch
Speed Pitch & Speed Mentoring ($3,000 in awards):
2:30-4:30 pm in w408/w410 Tanner Building
Each of the top 16 teams will be given 90 seconds to pitch their business with 60 seconds of Q&A from the Founders group. After all teams have pitched, each team will have the opportunity to meet briefly with each Founder to answer questions and receive feedback. The Founders will be the primary judges for the entire competition and this is the first opportunity for them to get to know your business. The Founders will be given $1,000 of fake money that they will then “invest” in the businesses they like best at that point. The top three teams will be given awards. (1st place: $1,500 2nd place: $1,000 3rd place: $500).
Please arrive by 1:30 to do a final check on your slides and answer any questions about the rest of the competition.
March 31, 2017: Showcase & Final Event
Team Showcase ($15,000 awarded to each of the top 8 teams):
10:00-12:00pm in various rooms in Tanner Building
The Team Showcase is the most important part of the competition. Each team will have a 25 minute running clock to present their business and field questions from the Founders and other judges. This should be an investor style pitch and teams should be ready to answer the difficult questions about the launching and scaling of their business. There is no required format for this event. Teams will use their own computer to run the presentation and should arrive before their scheduled time to verify that everything works. Teams will receive their time and room assignments at a later date.
Each team will also be assigned a mentor and given a study room from 9:00 am to 12:00 pm to help them to prepare and polish up their presentations.
Teams will be served lunch from 12:30 to 1:30 pm while the scores are tallied and the top 8 teams are decided. The top 8 teams will be announced at 1:30 pm.
Final Event ($7,000 in awards):
3:00-4:30pm in Joseph Smith Building Auditorium
The Final Event will be a “Shark Tank” style event in front of an audience of 800+. A video with 10-second clips of all 16 teams will be shown and the 8 Finalists will be publicly announced and admitted to the Founders’ Launchpad.
All 8 teams will then present a 4-minute presentation to a set of judges on stage and the audience. The judges will have 2 minutes to ask questions. Teams are competing for two final awards: Founders’ Choice ($5,000) and Crowd Favorite ($2,000).