The Utah Entrepreneur Challenge (UEC) is the largest student entrepreneur competition in the state. The competition focuses on developing a full business plan and offers over $100,000 of cash and in-kind prizes. All university and college students throughout Utah are encouraged to compete.
The UEC competition begins during the month of February. Student teams form and develop an executive summary to be judged for the first round. Then 20 semi-finalist teams will move on to the second round of judging, submitting a video and full business plan.
After the 20 finalists have been chosen, each team will be invited to the final UEC event. This event will include mentoring for all 20 teams, 2 rounds of judging, tabling event, final presentations and award presentations. The judges determine the winners and the grand prize of $40,000 along with several other prizes that same day. This is a new format that the UES is implementing; hoping to provide more value to the student teams in one all day event. The UES will help provide lodging and travel resources for all the top 20 teams during the final event.
The UEC provides resources to aid students in the creation and implementation of their business plans; the annual Student Entrepreneurs Conference, educational forums and mentorship. Students gain valuable skills and work experience to help them transition to the competitive world of entrepreneurship. Dozens of business plans from the competition have been realized as successful businesses.