Entrepreneurship Challenge Theme Announced:
“The $100 Business”
You’ve been challenged.
Can you start a business for $100? What would it be?
$5,000 to the winning team.
$2,000 for runner-up.
Not bad for a $100 idea.
Why “The $100 Business?”
We spend all sorts of time learning about big brands, global ideas, innovations that changed life as we know it! But the simple fact is this: If you want to start a business, you need to offer something people want to buy.
That shouldn’t even take $100.
Why should a start-up have to be backed by a flawless 50-page plan put together by hordes of (expensive) experts in an (expensive) office? Why should a business need to get outside investors on board before it can start selling? Why should you be limited by other people’s conventions?
Give it a try. If the MUEC judges like your pitch, you might even earn $5000 cash for it!
How does MUEC work?
First you:
- Register your $100 idea at MUEC2011@gmail.com
(250 words or less… we need our beauty sleep)
Then you:
- Attend the Design Spa event to work on your idea… and on everybody else’s as well. Think of it as group therapy.
And after that:
- Show up to the Elevator Pitch, and pitch your ideas in 90 seconds or less. Tell us what your business is and how you spent the $100. The judges and audience will vote on the finalists!
If you’re not voted off the island, you:
- Do a slightly longer pitch to the judges.
(Yes, Powerpoint is allowed this time.)
That’s it! No huge business plan required. In fact, no business plan at all. Too easy.
Register here: MUEC2011@gmail.com
Love a good FAQ…
Q: I have no free time. Can I still compete?
A: Welcome to MBS. Have you got 90 seconds? That’s all it takes to get you through the semifinals (Elevator Pitch).
Q: How do I register my MUEC team?
A: Email your team members’ names to MUEC2011@gmail.com, along with a short summary of your idea. (250 words or less, please.)
Q: Do I have to be able to make money off my business?
A: Yes… your idea doesn’t have to be for-profit, but let’s face it, even a social venture needs cashflow. The judges will want to know how you plan to spend your $100, and how you will get paid for the result.
Q: Does my time count toward the $100?
A: Not this time. You’re entrepreneurs, remember? Assume that for this project, you’ve commited some hours to work for free in order to create value later.
Q: What if the dude across the hall designs my website for free — does that count toward my $100?
A: No, but keep it within reason. You can maybe score a free website, but getting free consulting, legal advice, investment, employees, trade memberships? …that’s probably not the right business to be starting with only $100.
Q: Did you just say ‘investment?’
A: Ack! No! Didn’t mean to say that word! For MUEC purposes, please assume that you must create something valuable enough for someone to want to buy it *without* outside investment into your product/service/widget/thingy.
Guidelines for MUEC teams
2 – 6 people per team
At least 50% of each team must be current MBS students
At least 50% of each team must attend each MUEC event.
Yes, you can be on multiple teams.
Team registration closes on Friday, 25 Feb, at 10pm.
How to Register
Contact MUEC2011@gmail.com with your team members’ names and emails.
Include a brief summary (250 words max) of the idea you’ll be working on.
DEADLINE:
25 Feb. 10pm
Summary Calendar
Design Spa: 10 Mar
Elevator Pitch: 24 Mar
Grand Finals: 31 Mar
Awards Dinner: 8 Apr
Upcoming MUEC Events
Design Spa
Date: 10 Mar
Time: 4:30pm – 6:30pm
Place: MBS
Come find out what other teams are working on, and test-pitch your idea to see what they think.
We’ll take you through all the elements of a successful pitch and let you know exactly what the judges are looking for.
Elevator Pitch
Date: 24 Mar
Time: 4:30pm – 6:30pm
Place: MBS
Each team will pitch their idea in 90 seconds or less. Remember to bring some friends to cheer for you — the audience votes will help determine the finalists.
(And yes, there are prizes for the winners.)
Grand Finals
Date: 31 Mar
Time: 5:30pm – 7:00pm
Place: MBS
The finalists from Elevator Pitch will make a longer, more structured pitch to the judges, using a slide template that we will provide.
Slide template and questions will be available at Elevator Pitch.
Awards Dinner
Date: 8 Apr
Time: Evening
Place: MBS
Join us for a scrumptious dinner… and of course a drink or two as well. Pitcher Partners, our title sponsor, will present the winning teams with their prize!