WEI Challenge

2024 WEI Challenge

The 2024 WEI Challenge is an opportunity to pitch your original business ideas to a community of entrepreneurs, small business owners, potential investors, faculty, and supporters.  Three (of up to four members) teams will be selected to compete for cash prizes, lunch with a WEI Advisory Board member, and five hours of free mentoring from a Valley Sierra Small Business Development Center Business Advisor to help you write your business plan and launch your business! You will also be invited as a special guest on The Entrepreneurship & innovation Studio Podcast to discuss your progress, promote your business, and expand your reach.

General Rules

1. Eligibility
   • The contest is open to all currently enrolled students (undergraduate and graduate at California State University Stanislaus, Modesto Junior College, San Joaquin Delta College, and Columbia College).
   • Participants can enter individually or as a team (maximum of 4 members per team).
   • Each individual or team may only submit one business idea.
2. Business Idea Requirements
   • The idea must be original and developed by the participants.
   • The business can be for-profit or nonprofit, but it must be a new venture (not an already established business).
   • Ideas focusing on social entrepreneurship, technology, sustainability, and innovation are highly encouraged.
3. Pitch Format
   • Each team will have 15 minutes to pitch their idea and 10 minutes for the judges' Q&A.
   • Pitches can be presented through a platform of your choice (e.g., PowerPoint with a 12-slide limit, video, etc.) or live demonstration (optional).
   • Teams must submit slides or materials for review 72 hours before the contest.
4. Disqualification
   • Any form of plagiarism will result in immediate disqualification.

Judging Criteria

• Innovation & Creativity: How unique is the product or service? Does it offer a new solution or approach?
• Market Viability: Is there a clear market need for the product or service? Does the idea have potential for growth?
• Business Model: Does the team demonstrate a sustainable and profitable business model?
• Social Impact (if Social Entrepreneurship): What impact could the idea have on society, the environment, or a community?
• Market Positioning and Competitive Edge: How well did the team demonstrate a deep understanding of their target market, including accurate market sizing and growth potential?
• How well did the team articulate how their company is positioned to address significant market needs or gaps?
• How well did the team explain how their company differentiates itself from competitors in terms of product/service offerings, business model, or other unique aspects?
• How well did the team outline a clear and realistic strategy for capturing a significant share of their addressable market?
• How well did the team discuss the tactics and resources they plan to deploy to achieve growth and sustain market presence?
• How well did the team highlight any intellectual property (IP), patents, or proprietary technology that gives their business a competitive advantage?
• How well did the team discuss any other barriers to entry they have established or plan to create, including strategic partnerships, supply chain advantages, or brand strength, that will protect their market share and deter competitors?
• Presentation: How well did the team communicate their idea? Was the presentation clear, engaging, and persuasive?

Team Rules

1. Team Composition

   • Teams must consist of college students, and non-students cannot be involved in presenting the pitch.
   • Cross-disciplinary teams (with members from different majors) are highly encouraged.

2. Team Responsibility

   • Each team member must contribute to the presentation.
   • Teams are responsible for their own transportation, technology, and materials for the pitch.

3. Prizes/Awards

   • Cash prizes and/or mentorship opportunities will be awarded to the top 3 teams:
     • 1st Place: $2,000
     • 2nd Place: $1,000
     • 3rd Place: $500
   • Additional prizes include:
     • Lunch with a WEI Advisory Board Member
     • 5 hours of mentoring and work with a Valley Sierra SBDC Business Advisor
     • Appearance on The Entrepreneurship & Innovation Studio Podcast

4. Post-Contest

   • Winning teams may be asked to participate in follow-up mentorship programs or incubator opportunities.

5. Ethics

   • Ideas should be ethical and pitches that promote illegal activities or unethical practices will not be accepted.