Are you the next Enterprize winner?
If you’re a budding entrepreneur or the owner of a new startup, and you are ready to pitch your big idea, you’re ready for the Enterprize Challenge! As a participant in the Enterprize Challenge you:
- Will be or are operating your business in the North Okanagan
- Can participate individually or in a team
- Have a business idea that will launch in 2020 or a business that has begun within 2019 (Proof of business registration will be required)
- Will be or is a qualified business or social enterprise
- Available to work with mentors from the community to prepare
- Ready to complete two tasks and face possible elimination after the first
*Businesses of an illegal or explicit nature are not eligible
Eligibility and Rules
- Must be located/operated in the North Okanagan (Vernon, Coldstream, OKIB, Lumby, Cherryville, Armstrong, Spallumcheen, Splatsin, Enderby, Falkland)
- All presenters are expected to be respectful and courteous
- Organizers reserve the right to refuse any entrants who present:
- Racist, hateful, sexist, transphobic, 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
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
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 The Enterprize Challenge Work?
2. Orientation Workshop
An orientation workshop will be held in February 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.
A series of training workshop are offered within the first few weeks of the challenge. Workshops are approximately 2 to 3 hours long and are held in the evenings. These workshops are delivered to ensure that every Enterprize Challenger has the tools they need to deliver their best pitch. Workshops include the creation of a Business Model Canvas.
The Business Model Canvas is a one page document which works through the fundamental elements of a business or product, helping to structure your business idea in a coherent way. In completing your Business Model Canvas you will examine:
- 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?
You and/or your team will be assigned a business mentor that will help you prepare your presentation and coach you through this task.
5. First Business Pitch
Your first pitch takes place behind closed doors. In this 15-minute presentation, you’re going to give judges:
- A description of your product or service. Include the features, benefits and the niche market which will use it.
- 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?
- An analysis of the industry. What trends suggest people will want to use this product or service?
- A profile of your customer/target market. Who is the person you think will be best suited to your product/service? How will you bring them value?
- An analysis of your competition. Who are you direct and indirect competitors? How will you distinguish yourself in the marketplace?
Elimination: Once all participants give their pitches, our judges will select seven finalists to move on to the next round.
6. Financial Viability
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 and financial overview that communicates all the details they need to determine if your business idea could really make it.
7. 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 lobby.
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:
Contact Kari Erickson at 250-545-2215 ext 240 or firstname.lastname@example.org