What is the OQ Competition?
Opportunity Quest (OQ) is a business plan competition at USU that seeks to find the most competitive and professional executive summary and elevator pitch video for a new or existing student business. It is part of the Utah Entrepreneur Series, a series of competitions that prepare students for the state-wide entrepreneur competition, "Utah Entrepreneur Challenge" (UEC).
- The competition is open to all students (any major) at Utah State University
- Each year $8,000 in prize money is given away (1st Place = $5,000, 2nd Place = $2,000, 3rd = $1,000)
- The Top 10 finalists get exclusive access to mentors, all members from The Center for Entrepreneurship Founders Board
- USU winner is automatically advanced to to Top 20 of the UEC ($100K in prizes)
Why Join / Participate
The competition fosters and promotes business growth at the college and university level by giving students a chance to organize, direct, and present a business idea to a panel of judges. Opportunity Quest provides teams with an educational forum to prepare them for the competition and aid them in the creation and implementation of their business plan. By joining you will:
- Get helpful feedback in order to move forward with you business opportunity
- Attend free workshops to coach you on how to write the different aspects of an executive summary
- Receive tips and insights from other students who have participated in past competitions
- Set deadlines, motivate and push yourself to focus on building a successful business
- Build your network by meeting like-minded students and faculty
- Get the cash you need to jump start your business venture
- Gain skills and resources you need to be an entrepreneur
What is needed to participate
You simply need to write out a business model for your idea/business in order to participate.
The business model is a brief document that outlines the fundamental problem and solutions 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 should be no longer than 6 pages (not including the cover sheet). The document must have 1-inch margins and 12-point font size.
Business Model The business model should briefly describe:
1.Company overview: Include the most important points about your business idea — your history, product or service, mission statement and legal structure if applicable.
2.Product or service: Describe product or service for sale, stage of development, market differentiation and intellectual property if applicable.
3.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.
4.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.
5.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.
6.Team: Describe who is currently on your team, their role, education and experience. Detail current and future personal needs.
For existing companies: The company can be no more than 24 months old (actively selling product) and the cumulative revenue or venture backing for the company has not exceeded $100,000 as of November 8, 2018. Contact email@example.com with any questions.
Opportunity Quest Enrollment:
The application for the Opportunity Quest is now closed.