If you still have questions after reading this FAQ, email us.
» Who is eligible to apply?
The competition is open to all full-time graduate and undergraduate students at Virginia Tech. Also eligible are very recent graduates who received their degrees within the 12 months immediately prior to the application date of February 10, 2017. The average age of the team must be 27 years or less for them to participate and receive prizes if selected as a finalist team. Teams that have competed in this event in the past may not enter again unless they are presenting a new business concept. If your team is selected as a finalist, your team will present on April 12, 2017, at The Inn at Virginia Tech and Skelton Conference Center in front of a live judging panel and audience. The winning team will be announced the same day at the Networking Reception and Awards Presentation at 4:15 p.m. in Latham Ballroom at The Inn.
» What kind of business idea can I submit?
Technology-based business ideas.
» Can I participate on more than one team?
Yes. A separate application and one-page summary must be submitted for each team/concept.
» Is there a fee to apply?
There is no fee to enter the Global Entrepreneurship Challenge Semifinals.
» What is the maximum team size?
Team size is not restricted, but only full-time students are eligible to participate and receive prizes if selected as a finalist team.
» How developed does my business idea need to be?
A business concept is an attractive and well-researched market opportunity for which the team has devised a powerful and innovative response, including a viable financial business model. The prize is focused on supporting educational entrepreneurship at an early stage of development. Therefore, applicants are encouraged and expected to have a working prototype, but they must not have received beyond $100,000 in investments from private investors and/or government agency funding beyond research grants, nor offered product(s) for sale except in market survey mode, at the time the application form is submitted on February 10, 2017.
Although this is a business concept competition, you will be expected to explain the customer need being met by the product or service, size of the market opportunity, competitive advantage, business model and value proposition (how will your company make money), and some financial projections and funding needs/sources.
Proposed products/services that support a sustainable environment or specifically address needs of underdeveloped countries are encouraged, but no special credit will be assigned to such business concepts.
The judges consider the viability of the market opportunity, the strength of the team’s response, the strength and balance of the team, the overall predictability of a success, and the professionalism of the presentation.
» Who will be evaluating my idea?
The judges consist of business leaders, seasoned entrepreneurs, and/or investors.