Concept Competition

Hosted by: School of Engineering and Applied Science, School of Law, College of Arts & Sciences, School of Medicine, School of Nursing

Point of Contact: Jim Cheng with Engineering, Rahul Keshap with the School of Law

Description: Projects in this track have drawn on any of the engineering disciplines, computer science, or medical and physical sciences, to develop solutions to meet or solve a societal or consumer need. The underlying discovery or innovation can originate from any of the science, medical and engineering disciplines: anatomy, genetics, immunology, materials, chemical, aerospace, electrical, computing, biology, physics, math, etc. Distinctly new applications of university-based research and capstone projects are eligible. any product or service where the primary customers would be hospitals, health and wellness centers or medical professionals.

Examples:

• Chip enabled credit card
• Wearable device to manage medication
• Process for recycling gray water
• Smart car
• Solar roadway
• Cyber security system
• Micro-plastics filter
• Improved method for hand-washing in hospitals
• Sensor technology to enable care of loved ones
• Device to enhance physical therapy

Hosted by: Batten, Curry, Architecture
Point of Contact: Christine Mahoney with Batten School 

Description: Projects in this track are sustainable business models with a mission to have a positive social impact. These social ventures may be for-profit or non-profit but they must be financially sustainable – that is, have a business model if for profit or a revenue generating model if non-profit, also referred to as an earned income stream. Concepts should consider their “triple bottom line” – financial sustainability, environmental sustainability and social responsibility. “Financial Sustainability” means that the concept should include how the entity will earn revenue to continue operating over time (i.e. not grant or charity based). The social impact for a for-profit is credited more when the mission of the venture is well integrated with how the venture generates income, for example a one-for-one model is stronger than a model where a percentage of profits is donated to a charity.

Examples of Social Enterprises: TOMS shoes, Warby Parker, Ethos Water (one for one models), Solar City (clean energy), Seventh Generation (environmentally friendly consumer goods), Graystone Bakery, Women’s Bean Project (employment for empowerment), or Impact Makers (consulting for good).

Hosted by: McIntire School of Commerce
Point of Contact:  Eric Martin with McIntire

Description: Projects in this Track focus upon some new market category as yet unmet, or some pre-existing market need/want that is underserved — with potential as individual customers or consumers. Meeting these needs/wants may not require any scientific breakthroughs. Instead, your project makes use of what’s available, perhaps in a novel way, to develop a compelling, even—dare we say— sophisticated solution.

Examples: An online marketplace for connecting fashion designers with feedback and customers; A new, healthy-food service on the Corner; A social media app that makes it easier to plan group events.

Hosted by: Darden School of Business
Point of Contact: Anya Eisenfrats with Darden

Description: Projects in this Track focus upon some new market category as yet unmet, or some pre-existing market need/want that is underserved — providing service between two businesses rather than between a business and an individual consumer. Examples of business buyers are producers, resellers, governments, and institutions. Meeting these needs/wants may not require any scientific breakthroughs. Instead, your project makes use of what’s available, perhaps in a novel way, to develop a compelling, even—dare we say— sophisticated solution.

Examples: A company that provides a cloud-based customer relationship management software; A company that offers HR/payroll management solutions to other businesses; A company offering alternative recycling options to local businesses; Microsoft; Amazon; Salesforce. 

*Only for students who attend UVA Wise

Hosted by: UVA-Wise
Point of Contact: Shankar Naskar with UVA Wise

Description: This track is for all projects competing in the E-Cup at UVA College at Wise in Wise, VA.

Team Members

i.    Any team with an undergraduate or graduate student currently enrolled in a degree program at UVA, or post-doctoral trainees at the University, may enter the competition. Faculty, staff, and alumni are encouraged to participate by providing advice or mentoring and can be listed as team members.

ii.    A maximum 6 people are allowed on each team.

iii.    At least one UVA team member has to be physically present to be in the finals. Video conferencing is not allowed for in person competitions.

iv.    If an entrant is in the finals for more than one submission, that entrant can only present for ONE presentation in the final competition.

v.    Only current UVA students may participate in the team’s presentation including Q&A.

Selecting a Track

You may submit your concept to only ONE themed Track. Students are encouraged to form interdisciplinary teams and collaborate across schools. Each concept, however, may only be submitted to one Track. Submitting the same concept to multiple Tracks will result in disqualification. Students are able to submit multiple ideas to distinct track(s).

Previous Participation

Projects that have received an award in any of the stages of the UVA E-Cup Competition, or have participated in the Darden incubator program, are not eligible to participate in the Concept Competition.

Funding

Business projects that have generated greater than $75,000 in revenue, are or were part of another project, or raised funding for equity other than from the team members are not eligible to participate. Funding in the form of non-equity grants and awards is allowed.

Concepts based entirely on externally funded research may not compete, but new applications of UVA funded research may compete. In order to compete, participants must have legal access to, ownership of or written permission from the owners of the technology they are presenting.

Prize Distribution

i.    Teams invited to present in a track competition will be required to submit documentation describing how any prize monies are to be divided among team members.  Each team member must sign off on these distribution details prior to the Final presentations.  Only currently enrolled UVA students may receive prize monies.  Finalists completing the payments sign-off form must list 0 for the percentage breakdown for those team members that are not currently enrolled students. See the Awards section for the payment form and information for those that have financial aid.

Deadlines

• Submissions Due: Friday, October 25, 2024, at 12PM ET (High Noon)
• Online Reviewers Scores Due: Friday, November 1, 2024 (9AM ET)
• Finalists Announced: Friday, November 1, 2024 (by 5PM)
• Finalists Videos Due: Sunday, November 10, 2024 (may vary by track)
• Competition Date: Week of November 11, 2024

October 25 Submission Requirement

Teams and individuals wishing to compete in the Concept Competition must submit an Executive Summary, as outlined below, describing the business concept and team. Your Executive Summary should address the concerns described in the Judging Guidelines for the Concept Stage of the E-Cup.

The Executive Summary has the following guidelines:

• No greater than three pages in length;
• Using a font no smaller than 10-points;
• With no smaller than one-inch margins; and
• No greater than three additional pages of appendix materials

On a separate page, please list the following Contact information:

• Fist and Last Name (i.e., Family and Given names), School, if applicable (e.g., SEAS, Curry), and intended graduation year, if applicable, for a point of contact;
• Email and telephone number for point of contact;
• Name(s), School(s), and intended Graduation Year of all team members

Once both the executive summary and contact information page are ready, please Upload your submissions to the appropriate track of the concept competition using the following format for labeling your document: VentureName_LastName_Concept.doc.

Final Competition Requirements

If you are selected as a finalist for the Concept Competition, you will be notified via email on Friday, November 1, 2024 by 5PM ET. All finalists will be required to submit a video pitch by 11:59PM ET on Sunday, November 10, 2024. Judges will watch the video pitches prior to the virtual competition during the week of November 11, 2024. 

Video Expectations

• No greater than 5 minutes in length, answering the judging criteria found here: https://entrepreneurship.virginia.edu/ecup/concept/judging;
• You are welcome to use slides (e.g., Powerpoint, Keynote, etc.) and voiceover that presentation;
• We understand your team may not be together in person when recording, so you can piece together different teammates presenting into one 5 minute video or record a virtual meeting (e.g. over Zoom, Meet, Teams, etc.);
• Not everyone on your team is required to be a part of the video presentation;
• Only current UVA students are able to participate in the video;
• An email will be sent to all finalists requesting they send their video as a URL link;
• Your video will be posted publicly on the UVA Entrepreneurship Cup webpage prior to the competition but will be removed after the competition. The link will be shared with people who sign up to “attend” the competition virtually.

Creating Presentation Videos

• Recording narration and slide timings in Powerpoint
• Converting a Powerpoint to Video
• Recording a narration and slide timings in Keynote
• Converting a Keynote presentation to Video (and other formats)
• Recording a Zoom meeting

Final Competition Format

• Each student listed on your submission must complete the UVA E-Cup Finalists Payments Form and return to your track lead prior to the start of your Final event;
• 1 minute elevator pitch followed by Q&A. 8 minutes of Q&A in total per team;
• Elevator pitch requirements: 1 minute with no screen sharing or slides;
• Time slots will be at random. If you have class and need a specific time, please email your track lead;
• An announcement of winners will follow the Q&A.

The purpose of the Concept Competition is to surface ideas from all parts of the university at every stage of development. Students are encouraged to come up with out-of-the-box ideas that could be translated into compelling projects. Submissions are not expected to be a full business plan, and will not be penalized for not having a working prototype, fully developed team, forecast, revenues, etc.

In their decision-making, the judges will be considering the following questions of the concept proposals and presentations:

WHAT IS THE PROBLEM? WHO CARES MOST ABOUT THIS PROBLEM? WHY?

Does the submission identify and describe an addressable need, want, problem, and/or opportunity in society?

Does the submission identify and somehow quantify the people or entities that experience this need, want, problem, or opportunity? These people/entities might purchase the product or service (i.e., as customers) or might lack the means to purchase the product/service yet would benefit from the product/service if made available (i.e., as beneficiaries).

WHAT IS YOUR BIG IDEA?

Does the submission present a novel, original and compelling solution, whether product or service, for addressing some need, want, problem, and/or opportunity in the world? This solution might be based upon a new technology, design, production or process through which the product/service is delivered?

WHAT MAKES YOUR BIG IDEA SO BIG?

Does the submission not only describe the alternative solutions, but also outline how the Big Idea is an improvement over these alternatives?

Does the submission somehow value this innovation from the perspective of a customer, beneficiary, or society? This valuation might be in terms of what price people/entities might pay for the solution, or what benefits might accrue to these people/entities or society were the solution available (i.e., social impact).

OH YEAH? PROVE IT!

Does the submission make sufficient use throughout of evidence and analysis to justify the claims being made?

*Please note that in each stage of the competition, the online reviewers who select the finalists are a different panel of volunteers than the finals judges who select the winners.

$25,000 IN TOTAL AWARDS!

From the pool of submissions for the Concept Competition, ten venture teams will be selected to present for the Finals in each of the Five Tracks. That means a total of fifty student ventures will be presenting their venture ideas to the experienced executives, founders, and investors who will be judging the event.

The top 5 teams from each of the five Tracks will win $1000.

• Engineering and Healthcare Technologies
• Social Entrepreneurship
• Consumer
• Business-to-Business
• UVA-Wise

Finalists MUST complete the Payment Form

Only currently enrolled UVA students may receive award winnings. Finalists completing the payments sign-off form must list 0 for the percentage breakdown for those team members that are not currently enrolled students.

• If you would like the funds individually and NOT as a business, complete the Individual Payment Form.
  Please note that funds will be dispersed to your student account! Any outstanding balances will change the amount of award money received
• If you would like the funds to go to your company, complete the Competition Company Payment Form.

Note: If you have any outstanding bills in your student account (i.e. tuition, books, etc.), your award winnings will go against those charges.

Advice for Students Who Receive Financial Aid from the University of Virginia

Please note that if you are a UVA student who receives financial aid, any award you win could impact your financial aid package (unless you are incorporated and plan to receive the award through that entity). If you plan to compete in one or more of these competitions, and you receive financial aid, please speak to your school’s financial aid adviser, prior to the competition.