Event Details & FAQ
Overview:
The "Concept to Company" competition is an ongoing innovation contest held in the various regions across the state of Utah. The main objective of the contest is to encourage and support Utah's entrepreneurial innovators with the intent of helping them turn their concepts into a company. The contest is organized and sponsored by Grow Utah Ventures, USTAR, and Zions Bank. Competitions are held in all regions of the state with each competition focusing on the unique entrepreneurial strengths of that region. This site provides information on the current Concept to Company contest as well as information on winners of past contests .
To enter, first read through the FAQ's and contest rules to make sure you're eligible. Then download, complete, and submit your entry form by December 8, 2008 (7 a.m.). A group of finalists will be chosen and invited to present their innovations to a panel of judges. This panel consists of senior executives and experts from businesses located in the Five and Six County regions of Utah (WASHINGTON, KANE, IRON, GARFIELD, BEAVER, MILLARD, SANPETE, SEVIER, WAYNE, PIUTE, JUAB). The judges will choose the winners and the prizes will be awarded onstage at the Washington County Economic Summit in St. George, Utah.
Timeline:
Entry Submission: October 6th, 2008 - December 10th, 2008
Initial Screening: The initial screening will take place from December 10th - 23rd, 2008. During that time, participants may be asked to send additional information to the judging committee.
Finalists Chosen: By December 23rd, 2008 a group of finalists will be chosen to present their innovations to a panel of judges. The finalists will be notified and given details regarding their final presentation. Those who are not chosen as finalists will also be sent an e-mail indicating such.
Finalists Presentations: On Jan. 8th, the finalists and judges will meet in the Udvar Hazy School of Business conference room for the presentations. Presentations will be given throughout the day and the judges will ask questions and rank the innovations. After the last presentation, the judges will meet and decide the top three finalists
Award Presentation: On January 14th at 2 p.m., the top three finalists will present a 10 minute summary of their business plan at the Business Ignitor Event which is part of the Washington County Economic Summit. Following the presentations, the grand prize winner will be announced along with the runners up. and the prizes will be awarded.
Location:
All activities will take place in St. George, Utah. The finalist presentations will take place in the Udvar Hazy School of Business at Dixie State College. The location is:
300 South 1000 East
St. George, UT 84770
The award presentations and ceremony will take place at the Dixie Center, The location is:
1835 Convention Center Drive
St. George, UT 84790
Frequently Asked Questions
What is the Concept to Company Competition?
The "Concept to Company" competition is an ongoing innovation contest held in the various regions across the state of Utah. The main objective of the contest is 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.
Who can participate?
This competition is open to both Utah and out-of-state entrepreneurs. Entries must describe an idea for a legitimate invention or business that may be lawfully operated in the United States and that utilizes technology in the invention or business itself or in the production of the invention or core processes of the business. The general eligibility is as follows:
Utah Entries
Open to all legal residents of Utah 18 years of age and over who are located in the State at the time of entry. This includes any existing small business with a primary business location in Utah having annual revenues of less than $5 million (for a product not yet taken to market). Because the focus of this event is Southern Utah, a 30 percent point preference will be given to individuals and businesses located in the following Utah counties: Washington, Kane, Iron, Garfield, Beaver, Millard, Sanpete, Sevier, Wayne, Paiute, or Juab.
Out of State Entries
Open to out-of-state entrepreneurs and small businesses that commit to locate their primary business in one of the following Utah counties within twelve months of being selected as the winner: Washington, Kane, Iron, Garfield, Beaver, Millard, Sanpete, Sevier, Wayne, Piute, or Juab. Payment of the cash award and delivery of the consulting service will commence at the time of business relocation. Existing small businesses must have annual revenues of less than $5 million (for a product not yet taken to market).
It doesn't matter your profession - just your idea. Small business owners, entrepreneurs, students, stay-at-home moms and dads- you're all invited to join. (For all eligibility requirements, please see the "contest rules" under the "Entry Form & Rules" section of this website)
What does the winner receive?
The winning entry will receive a $20,000 award, comprised of cash and the equivalent value in consulting or prototype services to help bring the idea to fruition. Additionally, two in-state runners-up will receive $10,000 awards each, comprised of cash and services.
Why should people submit their ideas and inventions?
We believe in the creativity of Utah's entrepreneurs and inventors. And yet we also know that sometimes people just need to be encouraged to step forward. This contest is all about giving you a good reason to share your best ideas. Not only will we recognize the winners, but we will celebrate all those that come forward.
How do you submit an idea or invention to the contest?
Submitting your invention and innovation is simple. First, go to the "Entry Form & Rules" section of this website click the link to open the form. After opening the form, please save it to your computer first by clicking the "File" menu and choosing "Save As". Saving it your computer allows you to come back and finish your form later if needed. It also lets you keep a copy of your submitted form. After saving, begin typing in the entry boxes and save as you go. After you've completed and saved the entire form, simply send an email to launchutah@growutahventures.com and attach the entry form to it. NOTE: You will get a response back from us stating that we have received your entry. If you do not hear back, then we did not receive it. If you have any problems, email us at the above address or call 801.593.2269 and we'll help you out.
How do I know you received my entry?
After emailing us your form you will get a response back from us stating that we have received it. If you do not hear back, then we did not receive it.
Can I submit more than one idea?
Yes. You may enter the Contest as many times as you would like, provided each Entry submitted is unique and separate. However, there is a limit of one (1) prize per person, household and/or email address.
Who can help me prepare my idea?
Each region in Utah has a Small Business Development Center (SBDC) where trained counselors can assist you in preparing your best application, as well as counseling you on your business planning. Go to www.utahsbdc.com to find your closest location. The SBDCs at Snow College, Dixie State College and Southern Utah University will be holding training classes on how to evaluate ideas and write your application. In addition, USTAR teams from throughout the state can advise you. Learn more about USTAR at www.innovationutah.com.
What prevents someone from stealing my idea?
We believe that all involved are trustworthy and are volunteering their time just to help you move your idea and invention along. However, this event is a public event being sponsored by state and regional entities. Because of this, many media outlets will be involved and will likely cover the final competition including the winners and their ideas. Anytime anyone makes their idea public without a patent, there is a risk associated with that. We can try to minimize that risk, but there is no way to eliminate it for a public contest like this. The burden always lies with the individual to protect their idea and keep it safe. Obviously, the best way to protect your idea is to work with a lawyer and obtain a patent before you start telling people about it. However, we encourage, and know that there will be, people who apply to our contest without patents for their work. For those entries, we have established the same rules that the hundreds of innovation contests throughout the nation follow. They are as follows:
Anyone who enters the contest grants the Contest Sponsors (contest organizers and judges) is the right to use the entry information through our various sponsors web sites and public communications channels. This is done as a courtesy and benefit to the entrants to help promote their products and innovations. However, the entrant does not grant the Contest Sponsors any rights to their invention and technology. This is stated in the rules as "The Sponsors do not claim any ownership rights in the information presented in any Entries." Therefore, the sponsors (organizers and judges) may publicize your idea with the media etc, but will in no way have any implied rights to the idea.
As you can see, we are trying to eliminate as much risk as possible for your idea. However, there is always a risk in telling people about an unpatented idea and we cannot fully eliminate that. Therefore, if you are concerned, we advise you to seek advice from a qualified professional lawyer before entering. For further questions or concerns, refer to the "contest rules" under the "Entry Form & Rules" section of this site.
When will I hear back?
The submission deadline is December 8th, 2008 (7 a.m.). After that, the judging committee will review all entries and decide on the finalists. Generally, you should hear back around late December as to whether or not you are a finalist.
What does it mean to be a finalist?
If you are chosen as finalist, it means that the judging committee feels your innovation has the real potential to generate business. It also means that the judges want to hear more about your idea in person. All finalists will be required to present their innovation and business plan in person to the judging panel on Thursday, January 8th, 2009. The top three Finalists will also be required to attend the award presentation on Wednesday, January 14th, 2009 to present their idea summary and learn if they are the grand prize winner or a runner-up. If you are a chosen finalist, we will contact you with more details regarding your presentation.
Who can attend the finalist presentations?
Friends and family may attend the final judging event on January 8th and the award ceremony on January 14th, 2009. The Washington County Economic Summit (on the morning of January 14th) is a paid event, but the afternoon Business Ignitor event (when the winners will be announced) is free to the public.
If I'm a finalist who pays for my travel expenses to come to St. George?
As a finalist, you will be responsible for all your travel expenses to and from the event. This includes all lodging and meals.
How is the winner decided?
All entries will be reviewed by contest staff. The finalists will be reviewed by a panel of senior executives and experts from businesses in the Five and Six county regions. Because the judges are experienced business owners and know how to take products to market, they will be looking for plans that adequately address the needs of the customer. Certain eligibility requirements and other contest rules will also apply. See the "Contest Rules" under the "Entry Form & Rules" page for details.
When will the winner be decided?
All entries must be submitted by 7 a.m. on December 10th, 2008. After that, each entry will be reviewed by the contest staff and the panel of judges. The finalists will be invited to make a personal presentation to the judge's panel January 8th, 2009. The winners will be announced January 14th, 2009 at the Business Ignitor Event which is part of the Washington County Economic Summit.
Who are the judges?
The judges' panel consists of very influential leaders from successful businesses in the Five and Six County regions of Utah. These are the executives, senior marketers and innovators. They share your passion for fun, excitement and creativity in running a small business and you'll enjoy just meeting them.
Who are the main sponsors and why are they hosting this contest?
The main sponsors are Zions Bank, Grow Utah Ventures, USTAR, SEED Dixie, and the Five and Six County regions of Utah. They will be assisted by the Utah Small Business Development Centers at Dixie State College, Snow College and Southern Utah University. What we all have in common is a passion for supporting Utah's entrepreneurs and inventors. These sponsors will be covering the costs of the contest as well as offering up the prize money. In the long run we know what kinds of business innovations are on the horizon and what resources we'll need to provide to encourage expansion.
