What’s Your Big Idea?
Business Plan Competition
The competition is designed to spur our students’ entrepreneurial spirit. Graduate and undergraduate competitors enter individually or in teams to create growth-oriented business models. Teams submit their basic business models for judging in the preliminary round, which takes place in early February. At this point, teams need only submit a plan overview. The second phase begins when judges review the preliminary entries for the strongest high-potential ideas. The competitors who make it to this point must finish researching their new ventures and write a complete business plan. When writing the plan, students should follow the outline, which is provided at this Web site (see pages 4-5 of the Nuts and Bolts of Great Business Plans).
Who can compete
- Students can enter the competition individually or form teams
- The team leader must be an enrolled student at any college or school at UF
- The business submissions must be the team’s own original work and ideas
The Center will work with you to enhance your business plan. We offer a Business Plan Lab, mentoring from our experienced faculty and successful entrepreneurs, online resources for preparing financial statements, special sessions with accounting and law firms that have partnered with us and access to a video library of former business plan presentations.
Entry Requirements & Registration
- Form a team to work on the new business idea.*
- Have a clear idea of what business you’re trying to create, and have completed some research on the potential and issues of the intended business.
- Register online no later than December 16.
Please note that the entrant must certify that at least one member of the team was a full time enrolled student at the Univeristy of Florida during the Fall and Spring semesters of the academic year in which the competition falls.
*If you do not have a team, but you are interested in collaborating with others (e.g., adding teammates with other skills), indicate that on the Intent to Compete Form.
The top three competition winners - those who represent the best potential for growth and for attracting outside financing - will receive prize money. Additional smaller cash prizes are also awarded for the best technology--based venture and the best social venture.
The plans must be successfully presented to a panel of judges. The rules section of this website covers specifics about the competition. The UF Big Idea Competition semi-finals, which will consist of the top 16 entrants, will be held on Thursday, April 24. The top four teams will compete in the finals, which will be held on Friday, April 25. These events are open to the public.
Judges review the complete plans on the following criteria:
- Concept strength
- Economics of the business
- Management team
The completed business plans are due by early April. The judges select the top 16 teams to compete in the final presentation phase. This phase takes place over two days. On day one, each team will have 20 minutes to verbally present their plans to judges. Judges then have 15 minutes to question each team. From this, the top four teams are chosen to compete on day two—before a different panel of judges. Winners are determined and awards are presented after a second round of presentations.
Note that this is a competition in which both the innovativeness of the business idea and the quality of the full business plan are evaluated. The competition rewards creative thinking regarding new markets, products and services, as well as the team’s strategy to implement its plans. The prize money is offered as seed money to promote the plan’s enactment. The business must actually be started, and prize money checks are written to the new companies, not the individuals.