WHO IS ELIGIBLE TO ENTER THE EAGLES $40,000 STARTUP CHALLENGE?
Any student enrolled at Eastern Washington University.
WHAT DOES THE APPLICATION PROCESS ENTAIL?
The application process is to ensure quality ideas and participation. All entries must be the original work of the students and free from any claim of copyright, patent or other restriction. Aiming for all students to have a equal and fair chance. The top 50 applicants will move onto Stage One.
To apply you simply need to
Describe each in 3 sentences or less:
- Your idea for a new business
- The value proposition
- The primary customer
Need help? Check out our Resources!
WHAT IS CONSIDERED "ORIGINAL WORK"?
Original work means that the business needs to be your own (or your team’s); you cannot pitch someone else’s business, and it also cannot be a franchise of another business.
I HAVE MORE THAN ONE BUSINESS IDEA, CAN I ENTER ALL OF MY IDEAS?
Yes! You may enter different ideas. We recommend no more than 3.
IS THERE A COST TO PARTICIPATE IN THE CHALLENGE?
No, there are no costs to you if you are selected to participate in the competition.
IS THIS A TEAM COMPETITION OR INDIVIDUAL?
Individuals are welcome to apply, but you can also have up to four students on your team.
HOW DO I FIND OTHER STUDENTS TO HELP WORK ON MY BUSINESS IDEA? OR, IF I DON’T HAVE AN IDEA, HOW DO I FIND A TEAM WITH AN IDEA TO JOIN?
Contact us! We will be happy to connect you to other students if you do not have an idea or team. Still, complete an application and make sure to click yes and describe your situation when asked: "Would you like to add members to your team?"
First, apply before midnight on January 25th. Based on the application, the top 50 will move on to Stage one. Teams will be provided access to workshops and mentors to assist them in refining their concept and pitches. The top 20 teams from Stage one will move on to Stage two: Wednesday, February 12th.
WHAT ARE THE FOUR STAGES?
Stage 1: The Idea & Value Proposition Challenge
Tuesday, January 28, 2020 | 2-minute elevator pitches- speed dating format
- An idea and a clear value proposition
- All participants receive a certificate of completion for Stage 1 of the Idea & Value Proposition Challenge!
- All 50 participants receive a prize!
- Free food and drinks!
Top 20 teams will advance to Stage 2, gaining access to 3D printing and other prototyping resources in the Center for Entrepreneurship Maker Space.
Stage 2: The Product/Service Design Challenge
Wednesday, February 12, 2020 | Trade show presentation
- Visual display and poster session presentation
- Knowledge of market
- Basic Feasibility analysis
- Plan for using $2500 to advance this idea
- Mentors available for on-the-fly assistance
- All participants receive a certificate of completion for Stage 2 of The Product/Service Design Challenge
The top 10 teams will advance to Stage 3. Teams may submit proposals for up to $2500 in prototype, product/service development, market research, etc. support. Proposals are due by 7 pm on February 21, 2020. Awards will be distributed to teams by March 10 (before spring break).
Stage 3: The Business Design Challenge
Thursday, April 9, 2020 | Pre-investment pitch- "Shark Tank" style finals
- Mini business plan or full executive summary
- Prototype or well-developed design for business/product/service
- Evidence of customer discovery interviews
- Proof of concept is desirable
- All participants receive a certificate of completion for Stage 3: The Business Design Challenge
- $10,000 of prize money will be awarded
Every team from Stage 3 is eligible. Businesses must be legally formed to enter.
Stage 4: The StartUp Challenge Finals
TBD | $10k Seed Capital Round-Winner Takes All
- Evidence of progress throughout the competition.
- Plan for using the $10k along with evidence this is an efficient and strategic use of funds to get the business going.
- Applications due May 29, 2020, by 7pm. Board selections will be made June 2nd, 2020
- Applicants will ideally gain access to one or more mentors who have developed an interest in the project.
- At least two members of the team will be invited to attend a Spokane Angel Alliance lunch.
- The entire team will be invited to attend the Spokane Triangle Expo at no cost.
- All participants receive a certificate of completion for the Eagles $40,000 Startup Challenge and are recognized on the Center For Entrepreneurship website