Great Ideas Business Competition FAQs

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  What Is the Great Ideas Business Competition?
  The Great Ideas Business Competition is an annual event hosted by the Willes Center for International Entrepreneurship at BYU–Hawaii. It provides students with the opportunity to develop and present a basic business plan, gain practical experience, and receive feedback from industry professionals. The competition focuses on fostering critical thinking, problem-solving, teamwork, and communication skills.
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  Who Can Participate in the Competition?
  The competition is open to all current, full-time, on-campus BYU-Hawaii students. 12 credits or more is considered full-time. Teams can be made up of 1-4 members. However, individuals who are employed by the Willes Center or who are serving as competition judges are not eligible to participate. There is no entry fee to enter the competition.
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  How Do I Register for the Competition?
  To register, visit the competition page on the Willes Center website, complete the online application form, and submit the required information by the specified deadline. You will receive a confirmation in Canvas once your registration is complete. Competition Course page.
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  What Is the Deadline for Registration?
  The registration deadline for the Fall 2024 competition is October 19, 2024, at 11:59 pm.
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  What Are the Different Stages of the Competition?
  The competition consists of three rounds.
  

  1. Round One (Online Judging): Participants submit a pitch deck with an embedded 2-minute video, which is evaluated by a panel of online judges.
  2. Round Two (Semifinals - In-Person Judging): Semifinalists present their business ideas in person to a panel of judges and participate in a public booth showcase.
  3. Final Round: Finalists present their refined business ideas to a panel of guest judges for the final evaluation.
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  What Do I Need To Submit for Round One?
  For round one, teams need to have completed the application module and submitted a 13-slide pitch deck with an embedded 2-minute video outlining their business idea following the guidelines in the Canvas course.
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  How Are Teams Selected for the Semifinal and Final Rounds?
  Teams are selected based on the scores given by the judges in each round. The top-scoring teams from round one will advance to the semifinals, and the highest-scoring teams from the semifinals will move on to the final round.
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  What Are the Judging Criteria?
  Judges will evaluate submissions based on several criteria, including the clarity and quality of the business idea, market understanding, feasibility, innovation, presentation skills, and the potential impact of the business.
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  Are There Any Workshops Available To Help Teams Prepare?
  Yes, a series of workshops and labs are held to help teams prepare for the competition. These workshops cover essential topics such as structuring a business, creating a value proposition, market analysis, and financial management. A detailed schedule of the workshops can be found on the competition website.
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  What Are the Labs?
  The labs immediately follow the workshops and are used to help students develop their business plans. All students are welcome, even if they are not planning to enter the competition.
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  Do I Need To Attend All the Workshops?
  While attendance at the workshops is not mandatory, it is highly recommended. The workshops provide valuable guidance, resources, and feedback that can significantly improve your business plan and presentation skills. All students are welcome, even if they are not planning to enter the competition.
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  Is There Any Software Available To Help With Business Planning?
  Yes, participants are encouraged to use LivePlan, a business planning software provided free of charge for a 3-month period. LivePlan offers tools for financial forecasting and creating a comprehensive business plan. This software will be offered to each team after the application module is complete.
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  Where Will the Semifinal and Final Rounds Be Held?
  The semifinal and final rounds will be held in HGB 273/275 at BYU–Hawaii. Detailed directions and schedules will be provided to all semifinalists and finalists.
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  What Should I Prepare for the Booth Showcase?
  Teams selected for the semifinals must prepare a booth that visually represents their business idea. This includes posters, product samples, or any other materials that effectively communicate the concept. Detailed guidelines will be provided to all semifinalists.
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  Can I Make Changes to My Pitch Deck or Video After Submission?
  Changes to the pitch deck or video are not allowed after the submission deadline for round one. However, semifinalists may refine their presentations for the in-person rounds. See the Rule Book for deadlines.
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  What Are the Dress Code Requirements for the Competition?
  Business casual attire is recommended for all rounds of the competition. Teams presenting in the final round are encouraged to dress in professional business attire.
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  What Prizes Are Available for the Winners?
  Prizes for the competition include scholarships, possible mentorship opportunities, and possible in-kind services. Details about specific prizes will be announced closer to the competition date.
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  When and How Will the Winners Be Announced?
  • Semifinalists will be announced live on October 30, 2024.
  • Finalists will be announced live at the end of the public booth showcase on November 13, 2024.
  • Winners will be announced during the awards presentation on November 14, 2024.
  • Finalists who do not place will receive a participation scholarship.
  • All participants are encouraged to attend the awards ceremony.
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  How Can I Provide Feedback on the Competition?*
  Participants will receive a post-competition survey via email. We encourage you to provide feedback to help us improve future competitions.
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  How Can I Stay Involved With the Willes Center After the Competition?
  There are many ways to stay involved, including joining our mentorship program, participating in future competitions, and attending workshops and events hosted by the Willes Center. Check our website for more information on upcoming opportunities.
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  Who Can I Contact for More Information?
  For any additional questions or concerns, please contact the Willes Center for International Entrepreneurship through the Great Ideas competition website or visit our office at HGB 226. We’re here to help!