October 28, 2014 – Aspiring entrepreneurs with an idea for a new business venture have the opportunity to compete for $50,000 in prize money at the sixth annual UNC Monfort College of Business Entrepreneurial Challenge.
The competition is limited to Colorado-based start-up ventures or businesses that have begun business development, market research, product development, and may have generated a modicum of revenue in the sale of products or services.
The first-place winner will receive $25,000, second-place $15,000 and third-place $10,000. In addition, winners will receive business incubator services from the UNC BizHub Collaborative, the business incubator at UNC.
Preliminary Challenge semifinalists will present their business concept to a panel of experts on January 28 at UNC’s University Center. Additionally, these semifinalists will be able to participate in an Angel Summit Pitch Contest March 3 on UNC’s campus.
Five finalists will then present their business plan in a Shark Tank format during the final competition at the 9NEWS Studios in Denver on March 26. The finals will be televised by 9NEWS sister station KTVD Ch. 20.
“The challenge continues to grow, and we are thrilled about what is in store for the sixth annual entrepreneurial challenge,” said David Thomas, assistant professor of management and director of the Entrepreneurial Challenge. “This competition is all about supporting the entrepreneurial spirit and helping people take the first step toward owning their own business. Many of our previous winners have gone on to great success, including recently being featured on the Discovery Channel and in Better Homes and Gardens.”
Winners of the fifth annual Entrepreneurial Challenge were IX Powerclean Water, a company that commercializes clean water and safe power innovations; Tabrific LLC., who offers customers a more personalized gifting option for creating experiences around an idea, product, or event; and Congo, an online platform providing users with a qualified doctor or lawyer of their choice.
“Although we’ve been working on the launch of our product OrganiClear for over a year, the program the challenge put us through really focused our thinking on the market, prospective customers, and how we can raise capital to achieve our business goals,” said IX Power Clean Water CEO John R. (Grizz) Deal.
Applications are currently being accepted until December 1 at http://mcb.unco.edu/Events/E-challenge/.