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Weber edp News

August 6, 2014

Concept to Company

The “Concept to Company” competitions are ongoing entrepreneur contests held in various regions across the state of Utah. The main objectives of the contests are to encourage and support Utah’s entrepreneurial innovators with the intent of helping them turn their concepts into a company.Competitions are held in all regions of the state with each competition focusing on the unique entrepreneurial strengths of that region. Contests are completely free and prizes are awarded with no strings attached! new2-GUV-webThe contests are organized and hosted by Grow Utah Ventures, a non-profit group committed to assisting Utah’s entrepreneurs, and Zions Bank. Local businesses & experts also provide judging & sponsorship services for contests in each region. See the individual past/upcoming contest pages for a list of specific contest sponsors.

How Does It Work?
About 5 contests are held each year around the state. Each contest typically runs for 3 months consisting of a two month application window, a finalist selection process, and a final judging day. An average of 90 entrepreneurs apply to each contest and from that, 8 finalists are chosen to pitch in person to the judges. At the end of judging, three winners are chosen and announced. Following the judging day, a public CrowdPitch/Awards Event is held to celebrate the winners and let the public vote on their favorite and hear the pitches. The Grand Prize Winner is also announced at that event.

Who Can Apply?
Any Utah-based entrepreneur and small businesses with a product or service innovation that fits within the contest rules. Generally, eligibility is for ideas that have not yet been taken to market (meaning they have no sales revenue); however each contest is a little bit different so be sure to read the rules for each contest under the “Current Contests” section.

The winning entry typically receives a cash and services award between $5,000 – $20,000 to help bring the idea to fruition. Additionally, the two runner-up winners typically receive cash and services awards of $2000 – $10,000 each. The exact amounts vary per individual contest due to the number of participating sponsors. Please see the “Current Contest” pages for exact prize amounts for each contest. All prizes are awarded with no strings attached- honest!