State Bank Business Challenge Details
The State Bank Business Challenge will be held as part of this year's One Utah Summit, on the Southern Utah University campus. This Business Challenge is intended to help identify and support high-potential early-stage businesses. With $50,000 in cash prizes, all entrepreneurs who meet the criteria are encouraged to consider entering the competition, especially those who are from rural and Southern Utah.
- Business must have generated some revenue by the time of entry. Prior year's total revenue must not exceed $150,000.
- Entries require a 90-second video that should include an overview of your product or service, your team, your revenue model, and your marketing and sales strategies.
- Entries must be submitted by Midnight, September 28th.
- This competition is open to legal residents of Utah and students attending schools in Utah.
- Applicants may enter individually or in groups, but only one entry per person.
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Must be available to attend in person for both Semi-Finals (October 6th) and Finals (October 7th). No remote participation will be allowed.
- Participants will pitch to three separate sets of judges in the semi-finals: Local business leaders, SUU's Entrepreneur Leadership Council, and select leaders from State Bank of Southern Utah.
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The six finalists will be determined by the top two performing semi-finalists by each set of judges, with the following stipulations:
- The Entrepreneur Leadership Council's top-scoring SUU student-entrepreneur will be a finalist
- State Bank of Southern Utah's top-scoring student entrepreneur from SUU, Utah State, or Snow College will be a finalist
- Video application deadline: Sunday, September 28th at midnight. Must be a YouTube link.
- Notification of advancement in the competition: Wednesday, October 1st by midnight.
- Round 1: October 6th at 4:30-7:00 pm in Dixie L. Leavitt School of Business.
- 90 second pitch, approximately 60 seconds for Q & A
- Round 2: October 7th at 3:00 pm in the Auditorium
- Approximately 6 selected contestants
- 90 second pitch, approximately 3 minutes of Q & A
- This is an early-stage business competition, not a business-idea competition. Businesses must have generated some revenue by the time of submission,but cannot have earned more than $150,000 the prior year.
- This competition is open to legal residents of Utah and students attending schools in Utah
- Applicants must be available for Round 1 (semifinals) on October 6th @ 4:30 pm and Round 2 (finals) on October 7th @ 3:00-4:00 pm. All portions of this event take place in person. No Remote participation will be allowed.
- Individuals involved in the administration of the competition and judges are also disallowed from participating. The immediate family of individuals involved in the competition may participate but are ineligible to receive cash prizes.
- Entries must be submitted by Midnight, September 28th.
- Applicants may enter individually or in groups, but only one entry per person. No person may participate in the presentation of more than one business.
- Entries must describe a business that may be lawfully operated in the United States. Entries must be the original work of the entrant, must not infringe any third-party rights, and may not in any other way violate applicable laws and regulations.
- Proprietary concepts and intellectual property may be protected by a provisional patent or copyright, should the contestant desire. Contestants in this contest will not be penalized for withholding key concepts or intellectual property associated with their business.
- Rules are subject to change without prior notice.
- If you have been a previous winner of the State Bank Business Challenge, you are not able to participate in the event.
- SUU Winners will be required to meet with a member of the Entrepreneur Leadership Council (ELC), and all other winners can choose between an ELC or an Officer of State Bank. This will be an opportunity to discuss and advise business winners on how best to utilize their winning funds.
For more information, please contact Kristina Maine.