Opportunity Quest (OQ) is a business model executive summary competition managed by the Snow College Business Department and Entrepreneurship Center. This competition fosters and promotes business growth at the collegiate level by giving students a chance to write and present the executive summary portion of the business model to a set of judges. Opportunity Quest is designed for students to test a business idea, learn business skills and receive feedback. Ideas may vary from early concept through being an early stage, legally formed entity.
The competition is split into three rounds:
The top 15 student teams will be chosen for Round 2 based on judging results from the executive summary submission, and only the top five teams advance to Round 3 of OQ. The OQ final event will include a pitch to a panel of judges, with an awards banquet the following week. The judges will determine the winners of various prizes, including the $1,000 grand prize.
The Snow College Opportunity Quest is one of 11 Opportunity Quest competitions hosted around the state of Utah at other colleges and universities. The winners from each of these competitions automatically qualify to the Utah Entrepreneur Challenge top 20 in the spring. Each team in the Snow College Opportunity Quest must have at least one full-time Snow student to participate.
Opportunity Quest is made possible by generous support from sponsors, mentors, judges, and faculty members.
The Snow College Opportunity Quest is a student competition; the student must take the lead in the submission and must play a major role in formulating the business. This is a student business model competition and is based on the work of students. The competition does not award ventures that are not formed and managed by students.
Competing teams must be composed of at least one Snow College student and meet all of the following criteria:
For existing companies
An individual team may provide more than one entry; however, each executive summary must be registered separately.
Teams must prepare an Executive Summary addressing fundamental issues of interest to potential investors. It should highlight the most important and interesting elements of the business that lead a potential investor to understand why your venture will succeed. For more specific information about the Executive Summary refer to the packet, which can be dowloaded above.
Round II consists of two options. Choose one of the following options:
The Top 15 finalists must create a 2-minute video based on their executive summary or present their idea in a “Shark Tank” style presentation round in front of a judging panel.
Round 2 consists of two options. Choose one of the following options:
Make a two-minute presentation (with a one-minute Q&A) to a panel of judges. The panel will be comprised of business leaders, students, and faculty. The Shark Tank presentation to judges will held on Tuesday, November 13, 2018, beginning at 5:30 p.m. Teams will be assigned a time slot via email. A projector with a connector for Windows machines will be available for competitor use, but teams are responsible for bringing a laptop, other digital devices, HDMI cables, adapters, etc. Dress is formal business attire.
2. Submit a two-minute video (URL info on the entry form). The video should highlight the most important and interesting elements of the business that lead a potential investor to understand why your venture will succeed. See below for more specific information about the video (the video will be a required component for the statewide competition held in the spring). The URL must be submitted at the time of entry if a video is used in place of the live Shark Tank presentation.
Download the packet above to see all rules regarding the video and Shark Tank round.
Each of the Top 5 teams will be invited to the final Snow College Opportunity Quest event (see timeline for details). There, teams will be able to present to a panel of judges. Final judges will be different from the Shark Tank round judges. The winner of the $1,000 grand prize and winners of other prizes will be announced at the awards banquet.
The judging panel consists of successful and knowledgeable business leaders and educators, as well as select students during the Shark Tank round. Judges will not be affiliated with, or involved in the preparation or funding of, any participating team. The decision of the judges’ panel will be final and will not be subject to appeal. The overall selection of winners is based on the viability and likely success of the business.
The judging panel may consist of venture capitalists, bankers, lawyers, accountants, entrepreneurs, Business Department faculty, business students, and other successful and knowledgeable business leaders. Judges will not be affiliated with, or involved in the preparation or funding of, any participating team. The decision of the judges’ panel will be final and will not be subject to appeal.
The Grand Prize, in the amount of $1,000, will be awarded to the team with the best final presentation. The second place winner will receive $500, the third place winner will receive $300, the fourth place winner will receive $200, and the fifth place winner will receive $100. The prizes will be awarded in cash value during the final awards banquet.
As a competitor, you are responsible to protect any information concerning your business that you share with advisors, team members, and fellow participants of the competition. Snow College takes no responsibility for unwanted disclosure in these instances. Contestants should be careful about disclosing information concerning proprietary concepts. Competitors concerned about the protection of intellectual property may contact the University of Utah Lassonde Entrepreneur Institute Company Launch program (lassonde.utah.edu/launch) or the Hours with Experts program (lassonde.utah.edu/experthours) to connect with available resources.