How it Works

 Are you the next Enterprize winner?

If you’re a budding entrepreneur or the owner of a new startup, and you think you can convince local business leaders you’ve got a big idea, what are you waiting for? As a participant in the Enterprize Challenge you:

    • Will be operating your business in the North Okanagan
    • Can participate individually or in a team
    • Have a business idea or a business that has begun within 2018 (Proof of business registration will be required)
    • Is a qualified business or is a social enterprise
    • Will receive mentors from the community to prepare
    • Will complete two tasks and face possible elimination after the first

*Businesses of an illegal or explicit nature are not eligible

Schedule and Prizes

Eligibility and Rules

  • Must be located/operated in the North Okanagan (Vernon, Lumby, Armstrong, Enderby, Falkland)

    Ineligible business models:

    Business models that will not be considered in this competition include:

    • Multi-level Marketing
    • Franchise Businesses
    • Prescribed/controlled models (Avon, Epicure etc)
    • True non-profit

     

    General Information:

    • All presenters are expected to be respectful and courteous
    • Organizers reserve the right to refuse any entrants who present:
      • Racist, hateful, sexist, homophobic, slanderous or insulting content
      • Content that encourages or suggests illegal activity
      • Attempts to defame or defraud any individual, group or agency
      • Content that is aggressive, coarse, explicit, vulgar, violent, obscene, or pornographic

Pre-Screening

Should the number of registrants exceed 25, the Enterprize Challenge selection committee may have to limit the number of participants that will be considered for judging. Pre-screening will be conducted based on the information provided on the registration form. If pre-screening is necessary, candidates will be screened based on the following:

  • Participant provided a clear description of the business (10 points)
  • Participant was able to clearly explain how the business will operate (10 points) 
  • A clear explanation of the customer/target market was provided. (10 points)
  • Participant understands and can identify their competition. (10points)

Total possible score out of 40

How does Enterprize work?

STEP 1: Register NOW!

Step 2: Orientation Workshop

An orientation workshop will be held to help you prepare for your participation in the Enterprize Challenge. We strongly suggest you attend this workshop as it helps get you off on the right foot.

STEP 2: Mentoring

You and/or your team will be assigned a business mentor that will help you prepare your presentation and coach you through this task.

STEP 3: Task 1 – First Business Pitch

In this 15-minute presentation, you’re going to give judges:

  1. A description of your product or service. Include the features, benefits and the niche market which will use it.
  2. A sense of your operations. How will you get the product/service to customers? What is your location and hours? What kind of equipment and staffing will you need?
  3. An analysis of the industry. What trends suggest people will want to use this product or service?
  4. A profile of your customer/target market. Who is the person you think will be best suited to your product/service?
  5. An analysis of your competition.

Elimination: Once all participants give their pitches, our judges will select seven finalists to move on to the next round.

STEP 4: Task 2 – Business Model Canvas & Financial Viability

Mentoring – If you are one of the seven finalists, you and/or your team be assigned a financial mentor that will coach you through this task. In this task, you’re going to provide the judges with a Business Model Canvas that communicates all the details they need to determine if your business idea could really make it.

  • Customer Segments – Who are you creating value for?
  • Value Propositions – What value are you going to deliver to your customer?
  • Channels – Which channels will you focus on to reach your customers?
  • Customer Relationships – What type of relationship do you want to have with your customers?
  • Revenue Streams – How will you make money?
  • Key Activities – What are the most important activities you ill undertake to support your value proposition?
  • Key Resources – What key resources does your value proposition require?
  • Key Partners – Who will help your business perform its Key Activities?
  • Cost Structure – What are the most important costs in your business?

Learn more about the Business Model Canvas

STEP 5: Public Presentations & Participant Business Showcase

This is your chance to shine! Each of the seven finalists will pitch their business idea to the judges in front of an audience at the Performing Arts Centre. You will be provided with coaching and support to get your presentation completed and polished. All finalists will have five minutes to make their final pitch to the judges and the audience of community members.

During the event, all Enterprize Challenge participants will have the opportunity to showcase the product or service they developed during the challenge at the business display in the Performing Arts Centre foyer.

First, second, and third prizes, as well as the People’s Choice, will be awarded at the end of the event

Now, what about Enterprize judging?

Judges are made up of members from the business community and will make the final decision on Enterprize Challenge winners. The judges base their criteria on the following:

  • Judging Criteria Task I
  • Judging Criteria Task II
  • Final Presentation

Questions?

Contact Kari Erickson at 250-545-2215 ext 240 or karie@futuresbc.com

Enterprize Partners