Madison Shumway
Staff Writer
A statewide venture competition with over $100,000 in seed fund prizes aims to advance some of Idaho’s brightest ideas, and ISU students are encouraged to participate.
The annual Idaho Entrepreneur Challenge, launched in 2015 by Boise State University, Zions Bank and other sponsors invites college students across the state to submit their innovations and receive feedback from field experts and even win prize money.
“If you have an idea, a concept, or an invention, we want to hear from you,” said Gordon Jones, dean of Boise State University’s College of Innovation and Design, in the challenge’s welcome video.
This year, two ISU students will be the first from their school to compete.
Jonny Henderson, an engineering and marketing student, and Timothy Mohlke, a junior in the nursing program, plan to pitch their project at the challenge.
“I’ve always been looking for opportunities to be an entrepreneur,” Henderson said. “And the idea of forming my own company, heading up a project of my own, then being able to form a team to compete at minimal risk? Count me in!”
Henderson is the face of a new video inviting students to participate in the challenge. He emphasized the opportunity for young entrepreneurs to develop an idea and receive venture funding.
His teammate, Mohlke, who said he is participating to experience the entrepreneurial process, highlighted the chance the challenge gives competitors to develop as a student and a professional.
Proposals are separated into four tracts: Health and Healthy Living, Agriculture/Agriculture Technology, Social Cultural Environmental and Tech/Consumer Product/Service.
“We are looking for innovators from across campus: any major, any college, graduate or undergraduate, to bring us ideas, innovations, and inventions,” said Initiative Head and College of Business Instructor Jeff Street.
Last year’s winners ranged from a business that fashions belts out of discarded bike tires to cattle-tracking technology. Winning teams received prizes of up to $13,000. About half the teams in the 2015 challenge earned funding, Henderson said.
Teams are judged based on their idea’s sustainability, as well as the strength of their proposed implementation. Henderson said these are crucial qualities of strong entrepreneurial ideas.
“Not only does an idea have to be unique, but it has to be coupled with effective business strategy. You’ve got to be able to sell the product or service,” he said.
Henderson compared the competition process to the reality TV show Shark Tank: the challenge involves pitching a venture to three judging panels, which compile an overall score and rank teams. Finalists receive funding based on their ranking.
Participants from ISU will register their project with the university’s new entrepreneurship center, CEED, in September. Students with a venture in mind can email Street at ude.usinull@ffejerts with the subject line “IEC Project.”
With the help of CEED, teams will develop their plans and impact statements in October and November. Then, in December and January, applications will be prepared, with submission to the Boise competition in February.
Students interested in the challenge will have access to a variety of resources through CEED.
What they bring to the table is an innovation or business model, what Street describes as their “best idea.”
“If you have an idea that represents a solution or something unique, there may be a market that is excited for what you are doing,” said Street.
