[Page updated: 11-18-21]
Opportunity Quest (OQ) is a business model summary competition managed by the Lassonde Entrepreneur Institute at the University of Utah. This competition fosters and promotes business growth at the collegiate level by giving students a chance to write and present their business model summary 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:
- An business model summary submission — All University of Utah students are welcome to apply
- A video submission — Top 10 teams only
- The final in-person presentation — Top 10 teams only
The top 10 student teams will be chosen based on judging results from the business model summary submission, and only the top 10 teams advance to Rounds 2 and 3 of OQ.
The OQ final event will include a pitch to a panel of judges, lunch, and an awards presentation. The judges will determine the winners of various prizes.
The University of Utah Opportunity Quest is one of 10 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 University of Utah Opportunity Quest must have at least one full-time U student to participate.
Opportunity Quest is made possible by generous support from sponsors, mentors, judges, and faculty members.
- Application Opens: Friday, Sept. 3, 2021, at noon
- Application Deadline: Monday, Nov. 1, 2021, at 11:59 p.m.
- Online Judging: Wednesday, Nov. 3, to Sunday, Nov. 14, 2021
- Announce Top 10: Wednesday, Nov. 17, 2021, by 11:59 p.m.
- Competition Final Event: Friday, Dec. 3, 2021
The University of Utah 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 University of Utah student and meet all of the following criteria*:
- The team must be organized and directed by a student from the U.
- The founding student must be registered for a minimum of nine (9) credit hours during the semester they are participating. The credit hours must be taken as a matriculated, admitted, and degree-seeking student.
- The student team members must be involved in all aspects of the competition.
- The team must not have been an award winner in past Opportunity Quest competitions from previous years. (This eligibility requirement refers exclusively to Opportunity Quest and does not include any of the other events hosted by the Lassonde Entrepreneur Institute.)
- There are no restrictions regarding other team members; however, we suggest building a balanced team with a strong combination of finance, marketing, engineering and technology skills.
- For existing companies:
- If the company has been registered in any state longer than 24 months as of Sept. 1, 2021, a brief history of the company is required in the application.
- The cumulative revenue, debt, grant, or third-party-financing for the company has not exceeded $100,000 as of Sept. 1, 2021.
An individual team may provide more than one entry; however, each business model summary must be registered separately.
NOTE: Rules and exceptions are up to the discretion of the Lassonde Entrepreneur Institute and its representatives. Submission content must be appropriate for the student, judge, sponsor, and volunteer audience. Inappropriate content will result in disqualification. Direct any questions about eligibility to the OQ team at email@example.com.
Round 1: Business Model Summary
Round 1 is open to all University of Utah students that meet eligibility requirements, and there is no registration fee. Teams entering the competition must create and submit an business model summary detailing their business idea. This business model summary must be submitted on our website. Deadlines are strictly enforced (see timeline for details). However, we understand there can be technical issues associated with submitting through our application. If you have any issues with your submission, contact us at firstname.lastname@example.org. The top 10 teams will be selected based on the merit of their business model summary submission.
Business Model Summary Guidelines & Requirements
The business model summary is a brief document that outlines the fundamental problem and solution your business is addressing. The purpose of the document is to convince the reader that the business is viable and could operate in the real world. It includes the most interesting and important aspects of the business.
The business model summary cannot be longer than 3 pages (not including the cover sheet). The document must have 1-inch margins and a 12-point font size. All pages, except the cover page, should be numbered. Compressed type is not permitted.
Here is suggested content for the business model summary:
- Company overview: Include the most important points about your business idea — your history, product or service, mission statement and legal structure if applicable.
- Product or service: Describe product or service for sale, stage of development, market differentiation and intellectual property if applicable.
- Market: Describe the market where you aim to sell your product or service. Include target market, 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.
Round 2: Video Submission (Top 10 Only)
The top 10 finalists must create a 2-minute video based on their business model summary. The video MP4 file must be uploaded to a provided location by the submission deadline (see timeline for details). Failure to provide these materials may lead to disqualification for the video prize.
Video Submission Guidelines & Requirements
Videos will give an opportunity to set your team and your idea apart. The 2-minute videos should be persuasive and help judges understand your idea and explain your business model summary. Besides the time constraint, there are no set criteria for your video. Teams should decide what ideas they feel are most applicable for judges to know.
You could use your video to:
- Clearly demonstrate and explain the product or service
- Give a personal “elevator pitch” for your idea
- Show your extreme passion for your idea
- Let your creativity, your personality, and/or the “personality” of your idea shine through
Follow these simple guidelines when creating your video:
- Videos MUST be no longer than 2 minutes in length. Videos longer than 2 minutes may not be judged.
- Keep it professional. No inappropriate sounds, language or images. Videos containing content deemed inappropriate by the University of Utah Opportunity Quest will result in disqualification
Round 3: Final Presentation (Top 10 Only)
Each of the Top 10 teams will be invited to the final University of Utah Opportunity Quest event (see timeline for details). There, teams will be able to present to a panel of judges and receive awards. The winner of the grand prize and winners of other prizes will be announced at the final event.
Final Presentation Guidelines & Requirements
Teams will be asked to give a presentation and answer questions from a panel of judges regarding their business model summary, presentation, and video. Eight minutes will be given for the presentation. The first 3 minutes will be used for the presentation with the remaining five being used for a question and answer period from the judges. Business-formal or team-logo attire is suggested. The final presentation will take place in person at Lassonde Studios.
Presentations should have impact and be brief. Most teams will not be able to present all the aspects of their business during the allotted time. The presentation should reinforce and augment the business model summary submitted by the team in round 1. Teams using a presentation will be required to submit all their presentation files by the deadline (see timeline for details). Presentations will be given in person, supplemented by a computer with a projector provided by the OQ student leadership team. The ONLY presentation file types allowed are PowerPoint or PDF. Keynote, Prezi and other file types are NOT allowed.
- Round 1 results will be announced on the OQ website and via email (see timeline for details).
- Round 2 and 3 results will be announced at the OQ final event awards ceremony (see timeline for details).
Judging Criteria (Round 1)
The first round of judging is centered on the business model summary and will be based on the general aspects of an effective business model summary.
The judges will look at how well the following topics were covered:
- Company overview
- Product or service
- Sales strategy
- Revenue model
Judging Criteria (Rounds 2 & 3)
Judges will be given a copy of the top 10 teams’ business model summary and video submission. Teams must be ready to answer questions on all aspects of their business and final presentation during the final round Q&A session.
The judges will observe business model summary pitches and look at the following topics:
- Has the team adequately explained the main points of the business model summary?:
- Company overview
- Product or service
- Sales strategy
- Revenue model
- Is the company student-driven?
- Was the presentation impactful?
- Does the idea show innovation and creativity?
Tax & Financial Aid Implications
Payment for winning a competition or being a top performer is not a scholarship or fellowship; instead, it is a prize or award and is given without stipulation as to how it must be used. Prizes of this nature may be taxable to the recipient, but are not considered wages even if the student is employed by the university. If certain dollar thresholds are satisfied, the university will report the prize or award to the IRS and the student on IRS Form 1099-Misc, Miscellaneous Income, or on IRS Form 1042-S, Foreign Person’s US Source Income Subject to Withholding. Tax Services will work with the student to make appropriate tax withholdings and may require the student to complete a W-9 Form.
Tax Implications for International Students
International students are advised to meet with Tax Services to determine their tax status for income and or scholarship awards: fbs.admin.utah.edu/tax-services/appointment-with-tax-specialist/. A tax specialist can help you fill out the applicable form(s) so you are taxed appropriately, if at all. The base requirements to be eligible for any tax treaties are: F-1 visa holders (international students attending an academic program or English language program at a US college or university) and have a social security number or taxpayer identification number. If a tax treaty is in place, Tax Services will have the student complete U.S. Form 8233, Exemption from Withholding on Compensation for Independent Personal Services of a nonresident alien individual. The tax implications are different for J-1 visa holders (exchange visitor program); otherwise, you may need to complete the IRS Form 1042-S: irs.gov/uac/About-Form-1042S. Once again, please meet with a tax specialist and they will help you determine which form applies to your visa status.
Financial Aid Implications for Students
In addition, payments made by the university to students must also be considered for financial aid implications, as they comprise financial assistance given by the university to the student (NASFAA Monograph 24, Appendix D). For University of Utah students, the Lassonde Institute will report your prize as a miscellaneous award in the central scholarship system. The miscellaneous award is a placeholder for financial aid purposes only, not a means for disbursement. You should also contact the Financial Aid Office by either email (email@example.com) or by calling 801-581-6211, and speak with a financial aid counselor to understand the implications that accepting this award may have on your financial aid.
The University of Utah may award a prize to a student not currently attending the University of Utah. In this case, it is the student’s responsibility to report the receipt of the prize to their institution, as the Department of Education considers this to be an outside resource, and must be counted as financial assistance. We encourage students to speak with a Financial Aid counselor at their institution if they have any questions or concerns regarding the acceptance of this prize or award. Each participant must indicate that they have read and understand this information on the Award Distribution Form.
Part II Certification of Citizenship Found on W9 (see below)
This MUST be reviewed prior to signing. If you are unable to certify after review please contact Alicia Vess at firstname.lastname@example.org. Your award will be distributed differently if you cannot certify.
General Contact Information
c/o Lassonde Entrepreneur Institute
University of Utah
105 Fort Douglas Blvd., Bldg. #604
Salt Lake City, UT 84113
- Brad Wilcox, Competitions Co-Chair
- Peyton Williams, Competitions Co-Chair
- Alex Johnson, Competitions Director of Judges & Mentors
- Gracie Tidwell, Competitions Director of Outreach
- Jason Snow, Event Associate
- Gabe Taylor-Swenson, Event Associate
Email (for student leaders): email@example.com