Opportunity Quest


Opportunity Quest is a business model/executive summary competition held across the state of Utah at partner colleges. The competition fosters and promotes business growth and ideas development by giving students a chance to organize, direct, and present their business idea to a panel of judges.

Do you have an idea, a project, or an initiative you would like to pursue but aren’t sure it can be turned into a business idea? Opportunity Quest provides mentors, educational tools, and knowledge to test your idea; helps you in the creation of an executive summary; and prepares you to compete in the final pitch.

3 prizes will be awarded. The Grand Prize Award includes automatic selection as a finalist in the Utah Entrepreneur Challenge (UEC).

Eligibility

All active Westminster students are eligible to participate. You do not need to be in a business major to be an entrepreneur. Each participating team must be organized and directed by a Westminster student. Team members may include students, faculty, family, or professionals.

General Guidelines

  • Teams may present more than one idea, however, each must be registered separately.
  • For existing companies:
    • The business cannot be more than 2 years old.
    • The business cannot have generated revenues in excess of $100,000 total.
    • The business cannot have any external equity funding (VC, Angels, grants, etc).
  • Teams that make it to the finals are eligible for a 2-credit internship. Email Deborah Marzano at dmarzano@westminstercollege.edu for details. Students are responsible for all costs related to the internship.

2021–22 Competition Timeline

  • Virtual Info Sessions:
    • Oct. 21, 2021, 5–6:00 p.m. (RSVP)
    • Nov. 15, 2021, 5–6:00 p.m. (RSVP)
  • Application Opens: Oct. 18, 2021, noon
  • Application Deadline: Dec. 12, 2021, midnight
  • Online Judging: Dec. 13–17, 2021
  • Top 10 Announced: Dec. 17, 2021
  • Top 10 Mentor Sessions: Done by Jan. 19, 2022
  • Top 10 Video Deadline: Jan. 9, 2022, midnight
  • Top 10 PowerPoints Due: Jan. 9, 2022, midnight
  • People's Choice Award (Video Voting): Jan. 11–20, 2022, noon
  • Competition Day: Jan. 21, 2022
  • Award Day: Jan. 28, 2022

Competition Process

This phase is open to all who meet the eligibility criteria. There is no registration fee.

Teams must prepare an executive summary addressing fundamental issues of interest to potential investors. A max of 10 teams will be selected by a panel of judges to compete in round 2 of the competition.

The executive summary is a brief document that outlines the fundamental issues regarding a company. The purpose of the document is to present the reader with a need or problem and the solution that your idea is addressing. It is important to use this document to convince the reader that your idea is viable and could operate in the real world.

If you need assistance developing your idea and/or writing the executive summary, email Deborah Marzano at dmarzano@westminstercollege.edu. Staff and faculty will be able to meet with you.

Requirements

  • No longer than 3 pages (not including the cover sheet)
  • Single spaced
  • 12-point font size
  • Times New Roman font

Submission Format

The only format accepted for the submission is a PDF file.

Suggested Content

Company Overview

Include the most important points about your business idea—your history, product or service, mission statement, value proposition, and legal structure if applicable.

Product or Service

Describe the product or the type of service you plan to offer.

Market

Describe the market where you aim to sell your product or service. Include target audience, competitors in the market, and an analysis of your competitive advantage.

Sales Strategy

Explain how you will go about selling your product or service while increasing profits. Include marketing strategy, distribution channels, key partners, and relationships.

Revenue Model

Describe how your business generates revenue. Include the cost to produce, cost to sell, customer acquisition strategy, and market price for the product or service.

Team

Describe who is currently on your team, their role, education, and experience. Detail current and future personal needs.

Social Impact

If the team would like to be considered for the Community Award, make sure that the following is well addressed:

  • Clear identification of a social cause and/or non-profit mission built into their business model, not just into their marketing strategy.
  • Description of the scale of the social impact and community support.

APPLY For Opportunity Quest

The top 10 finalists will each create a 2-minute video that allows them to explain their executive summary. The video should help judges better understand the business idea and context. There is no set criteria as to what videos should contain; however, the following guidelines should be applied:

  • Videos must be no longer than 2 minutes.
  • Videos must be submitted via the provided link.
  • Keep it professional: no inappropriate sounds, language, or images. Videos containing content deemed inappropriate by Opportunity Quest will result in disqualification.

Videos will also be shared on social media to compete for the People’s Choice Award.

The top 10 finalists will give a final PowerPoint presentation and answer questions from a panel of judges. Ten minutes will be given for the presentation, with an additional 10 minutes allotted for questions.

Presentations should have impact and be brief. Most teams will not be able to present all aspects of their business idea during the allotted time. The presentation should reinforce and expand on the executive summary and emphasize the most important features of your business. Each team will be responsible to provide any necessary equipment for their presentation. The only files accepted will be PowerPoint and PDF.

The judging panel can consist of bankers, lawyers, accountants, entrepreneurs, and other successful and knowledgeable business leaders. Judges will not be affiliated with or be involved in the preparation or funding of any participating team. The decision of the judge’s 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.

Do not attempt to contact any judges during the competition. Any team that contacts a judge for additional feedback or mentoring risks being disqualified from the competition.

Executive Summary Judging Criteria

The first round of judging in centered on the execution and development of the executive summary. The judges will look at how well the following areas of the summary were addressed:

  • Company overview
  • Product or service
  • Market
  • Sales strategy
  • Revenue model
  • Team

Video Judging Criteria

The second round of judging is done through the evaluation of the video submission, based on these 3 areas:

  • Video Content: Does the video accomplish the objective of effectively presenting the business idea and addressing how the specific problem is solved
  • Video Appearance: Is the video well executed and has it been edited in a way that makes for a clean final product?
  • Video Purpose: Does the video give enough information about the business idea to inspire you to potentially support funding for it?

Final Presentation and Live Pitch Judging Criteria

Teams must be ready to answer questions related to their business idea, executive summary, and video. Judging will be done according to the following areas:

Pitch

  • The problem or opportunity and solution to problem/opportunity
  • The product and/or service concept
  • Feasibility of marketing and implementation of idea/solution
  • Pricing strategy
  • Financial ask

Oral Presentation

  • Professionalism
  • Knowledge of content
  • Answer to questions from judges
  • PowerPoint presentation
  • Time

Extra Points

  • Persuasive entry
  • Idea shows innovation and creativity
  • Enthusiastic, passionate about the idea, full of energy

Judges assign competition points—the team with the most points will receive the Grand Prize Award. The video with the most votes via social media will receive the People’s Choice Award. A qualifying team will receive the Community Award.

  • Grand Prize Award: $5000 and automatic selection as a finalist in the Utah Entrepreneur Challenge (UEC).
  • Community Award: $2000
  • People’s Choice Award (Video Voting): $1000

Contact

Email questions to Deborah Marzano at dmarzano@westminstercollege.edu.

Sponsor

Opportunity Quest is sponsored by Zions Bank.