Get Started: Business Idea Challenge

Get Started: Business Idea Challenge is sponsored by Utah Startup State Initiative. A milestone grant program designed to help Utah residents validate and develop early-stage business ideas.

Pitch Competition Participation Guide | Startup State Initiative | Utah Pitch competition participation guide Get Started: Business Idea Challenge The Get Started: Business Idea Challenge , created by the Governor’s Office of Economic Opportunity (GOEO) , invites all Utahns to participate in a business idea challenge to help validate an early-stage business idea.

This idea challenge is a milestone grant program allowing Utahns to present their business idea in a supportive environment of peers, entrepreneurs, and community members without the high pressure of a traditional pitch competition.

Participants ask for a small, specific amount of funding to accomplish achievable, short-term milestones—such as idea validation, prototyping, or marketing —to be completed within 30-90 days after receiving funding. The Get Started: Business Idea Challenge is part of the broader Startup StateTM Initiative effort to make Utah a leader in entrepreneurship and innovation.

The Startup StateTM Initiative highlights what already exists in Utah and elevates it to new heights. It isn’t just about Utah; it’s about setting a new global standard for innovation and entrepreneurship. Please review the guide below for more information on eligibility and application evaluation criteria.

Get Started Milestone-based Microgrant Application Stages Step 1: Complete the microgrant application online All Utah residents with a business idea are encouraged to apply. Applications are due by the first Wednesday of the month. Only one application will be accepted per email address in the current month.

A participant can apply multiple times throughout the year. Previous winners must complete their previous milestones before applying. Stage 2: Application Review Applications will be reviewed for completeness, and the top 15 applications will be selected by the Program Managers based on the reward criteria and notified by the second Wednesday of the month.

Stage 3: Top 15 Participants The top 15 participants will be sent the formal pitch deck that will be used in the final pitch presentation, and the Program Managers will conduct a confirmation of the W9 submissions. Participants will have one week to complete all required documentation leading up to the Live Pitch Event. Stage 4: Live Pitch Event Live pitches will occur virtually on the third Wednesday of every month.

The format will be a three (3) minute presentation with an optional one (1) minute Question and Answer period from the Program Managers. Voting will be conducted simultaneously and immediately after the Pitches. Participants who join the virtual event, including the presenters, can vote for and rank the presenters based on the rubric.

While the rubric is the primary means to access the winners, it is ultimately up to the Program Managers to decide who the winners are. Awards will be administered after the voting and winners are announced. The winner is responsible for coordinating with the Program Managers to complete all required paperwork and the award payment procedures.

The award winners have up to thirty (30) days to complete all the necessary documentation and schedule payment. Stage 7: Marketing and follow-up After being announced the winner of the Get Started program, the awardees must schedule an appointment with GOEO and their partners to do an official write-up on the startup. utah.

gov website and get photos taken for any marketing materials. Awardees may be contacted up to twenty-four (24) months after the award for follow-up stories, marketing collateral, and progress reports. Please view the Startup StateTM Events Page for upcoming grant application deadlines for the Get Started program and details about final pitch events.

Event details may change without notice, so please check the Startup StateTM Events Page regularly for updates. Participants are eligible for up to $500 in funding to reach the milestone they present. To receive the funding, they must be selected to present at the Live Pitch Event and be chosen as a winner.

They must also meet all other requirements outlined in this document. Get Started is open to all residents of Utah as long as they meet the following criteria: A participant must be able to prove they are a resident of Utah and a United States Citizen or a lawful permanent resident of the United States. A participant must be able to prove that they are over 18 years of age at the time of the application.

A participant is not required to have a registered business to apply (LLC, corporation, etc.). However, if the applicant has a registered business, then the applicant must provide proof of current registration status. The participant cannot have earned more than $100,000 for the lifetime of the business.

Selection criteria - Application review *NOTE: Rules and exceptions are at the discretion of GOEO, partners at Lassonde Entrepreneur Institute, and its representatives. Submission content must be appropriate for the government, judges, sponsors, and volunteer audience. Inappropriate content will result in disqualification.

It is up to the discretion of the Program Manager to decide which companies will present at the Live Pitch Event. They will choose up to 15 participants based on whichever companies they feel are most appropriate to the direction of the Get Started program guidelines and align with the Location-specific goals outlined below. Get Started is a state-wide virtual program.

Each pitch event will have up to 15 participants.

The participants will be made up of the following: Up to 5: Participants will be selected based on a fixed targeted region Up to 5: Participants will be selected from a rotational target region that is not part of the fixed targeted region Up to 5: Participants will be selected from the remaining applications If there are not enough applications to fill the targeted region's current month's open slots, any of the remaining applicants or previous applications may fill them.

The following are common cases where an idea has been disqualified from Get Started. This list is not meant to be all-inclusive but to highlight common areas where many ideas have been disqualified. Examples: The participant is asking for $500, but in reality needs $2,000 to buy the complete or entire item they need.

The participant asked for $500 in funding but did not have an itemized list of needs totaling exactly $500. The participant asks for funding to accomplish a milestone that a reasonable person could accomplish using publicly available resources for free. The application is not complete or appropriate.

Standard business supplies, cameras, computers, phones, etc. Please note the Program Manager will not notify applicants if their submission has been disqualified from the competition. Does the participant clearly describe the business idea, the problem being addressed, and the solution to the proposed problem? Does this milestone help develop the idea into a viable business?

Is this the right amount of funding for the student to complete the milestone? Examples of things we would like to fund Build a 3D printed prototype of a new water bottle An MVP version of an app using no code technologies Voting Rubric - Live Pitch Event Rating 1 - 5: Does the participant clearly describe the business idea, the problem being addressed, and the solution to the proposed problem?

Rating 1 - 5: Does this milestone help develop the idea into a viable business? Rating 1 - 5: Is this the right amount of funding for the student to complete the milestone? Rating 1 - 5: How likely do you think it is for this business to succeed?

Open Answer (not part of the rating): Do you have any feedback for the presenter on the idea, milestone or overall business? Feel free to leave a contact email if you would like the presenter to contact you. We give the presenters all the feedback they receive unedited.

*Note: The rubric may be updated and changed without notice. WHAT IS A MILESTONE? Each milestone at this stage of the business should help answer the question, “Will customers buy my product?

” Think of a milestone as a specific step in developing a business. You will have many major and minor milestones. We want you to use the funding to test your next major milestone.

Ideally, the milestone will help you get closer to getting your product to market and knowing if your ideal customer will buy it. We expect the funding will help you accomplish this milestone in 30 - 60 days after receiving the funds. Some examples of milestones may include but are not limited to creating a test version of your product, running a small ad to see if people will buy, or building a simple version of an app.

Presenters (full ability to screen share, etc): Get Started Participants Attendees (view-only participants who can be unmuted if the host chooses.) : Audience The Live Pitch Event Winners The Live Pitch Event winners are selected using a combination of an online voting system and the judgment of the Program Manager. The event hosts and the audience will use the following guidelines to determine which participant will be chosen.

The Program Managers can award up to $8,000 in prize money per event; the allocation is subject to change without notice. Each presenting participant may receive feedback on their presentation from the Program Manager after the event.

General Contact Information For questions about the program or media about the Get Started program, please reach out to the Governor’s Office of Economic Opportunity c/o Director of Entrepreneurship 60 E South Temple, Suite 300 TAX & FINANCIAL AID IMPLICATIONS Participants who are offered an award should seek independent legal and tax advice regarding the effect of receiving and accepting an award, which may be a taxable event or affect student financial aid eligibility.

Lassonde Entrepreneur Institute at the University of Utah and GOEO do not provide legal or tax advice to participants. Tax Implications for Students Payment for winning a competition or being a top performer is not a scholarship or fellowship; instead, it is a prize or award and is given without stipulation as to how it must be used.

Prizes of this nature may be taxable to the recipient but are not considered wages even if the university employs the student. If certain dollar thresholds are satisfied, the university will report the prize or award to the IRS and the student on IRS Form 1099-Misc, Miscellaneous Income, or on IRS Form 1042-S, Foreign Person’s US Source Income Subject to Withholding.

Tax Services will work with the student to make appropriate tax withholdings and may require the student to complete a W-9 Form. International students are advised to meet with Tax Services to determine their tax status for income and or scholarship awards: fbs. admin.

utah. edu/tax-services/appointment-with-tax-specialist/. A tax specialist can help you fill out the applicable form(s) so you are taxed appropriately, if at all.

The base requirements to be eligible for any tax treaties are: F-1 visa holders (international students attending an academic program or English language program at a US college or university) and have a social security number or taxpayer identification number.

If a tax treaty is in place, Tax Services will have the student complete U.S. Form 8233, Exemption from Withholding on Compensation for Independent Personal Services of a nonresident alien individual. The tax implications are different for J-1 visa holders (exchange visitor program); otherwise, you may need to complete the IRS Form 1042-S: irs. gov/uac/About-Form-1042S.

Once again, please meet with a tax specialist and they will help you determine which form applies to your visa status. In addition, payments made by the university to students must also be considered for financial aid implications, as they comprise financial assistance given by the university to the student (NASFAA Monograph 24, Appendix D).

For University of Utah students, the Lassonde Institute will report your prize as a miscellaneous award in the central scholarship system. The miscellaneous award is a placeholder for financial aid purposes only, not a means for disbursement. You should also contact the Financial Aid Office, and speak with a financial aid counsel or to understand the implications that accepting this award may have on your financial aid.

The University of Utah may award a prize to a student not currently attending the University of Utah. In this case, it is the student’s responsibility to report the receipt of the prize to their institution, as the Department of Education considers this to be an outside resource, and must be counted as financial assistance.

We encourage students to speak with a Financial Aid counselor at their institution if they have any questions or concerns regarding the acceptance of this prize or award. Each participant must indicate that they have read and understand this information on the Award Distribution Form. PART II CERTIFICATION OF CITIZENSHIP FOUND ON W9 This MUST be reviewed prior to signing.

If you are unable to certify after review, please contact [email protected] . Your award will be distributed differently if you cannot certify.

Under penalties of perjury, I certify that: The number shown on this form is my correct taxpayer identification number (or I am waiting for a number to be issued to me); and I am not subject to backup withholding because (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and I am a U.S. citizen or other U.S. person (defined below); and The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct.

As a participant, you are responsible for protecting any information concerning your business that you share with GOEO and partners, advisors, team members, and fellow competition participants. All documents submitted to GOEO may be considered public records, subject to public disclosure under the Government Records Access Management Act (GRAMA). GOEO and partners take no responsibility for unwanted disclosure in these instances.

Contestants should be careful about disclosing information concerning proprietary concepts. Competitors concerned about protecting intellectual property may contact the United States Patent and Trademark Office (USPTO). Participants may mark or designate documents, such as with a stamp “Protected - Confidential,” to identify trade secrets or proprietary information.

However, marking or identifying information as such is no guarantee that the information will be protected from public disclosure. Participants are advised not to disclose confidential, proprietary information in the competition. Create Your Business Plan