The Turner School of Entrepreneurship and Innovations “Big Idea Competition” is a competition for Bradley University students and alumni. All you need to compete is an idea for an innovation, product, service, or new business. Big Idea gives participants the opportunity to get creative, present their entrepreneurial ideas to a panel of judges and potential investors, and learn about launching new for-profit, not-for-profit, or social ventures.
Competitors should expect to gain knowledge on how to turn ideas into opportunities, obtain feedback on ideas, develop networks, and get exposure to potential investors.
Cash Awards Presented
The top four finalists will be awarded cash prizes, the specific amounts of which are as follows: 1st place - $8,000; 2nd place - $4,000; 3rd place - $2,000, 4th place - $1,000. In addition to the cash prizes, finalists will also receive free legal and accounting services from local experts and free rental to partnering co-working spaces in Peoria to aid them in the launch of their new ventures, totaling up to $5,000 in in-kind prizes.
If you need guidance in preparing your 2-page submission, please download the suggested template below. This is not a requirement, but it can help you to understand what the judges are expecting from the applications.Submission Template
How does the Big Idea Competition Work?
- Screening Round
The Screening Round is the initial review of ideas. Competitors submitted a 2-page written summary of their idea by February 18, 2023. The judges select the top tier of ideas to advance to the next round; the actual number may vary between 10-15. The selected teams will be notified February 25th and are expected to appear at a two-hour Coaching Session on Feb 28th or March 8th. Additional coaching is available in preparation for the Second Round.
- Trade Show/Elevator Pitch Round: Thursday, March 23rd, 2023.
Open to the public for community voting to determine the best of the Big Ideas that will advance to the final round. Judging is open from 11 am to 2 pm in the Peplow Pavilion of the Hayden-Clark Alumni Center at Bradley University. For guests attending the trade show, free parking is available in the parking deck on Main street.
- Written Feasibility Plan
The finalist teams will receive proper coaching in business to write the 10-pages feasibility plan to be sent to the judges. This stage is not eliminatory, but the judges will consider the quality of the plan for the final round. Deadline for plan submissions: April 16th, 2023.
- Final Round Live Presentations: April 24th, 2023, 3-5 p.m., Peplow Pavilion.
Four teams will have a maximum of 10 minutes to give their presentations, followed by a 5-minute question and answer session. Presentations are open to investors, Bradley University faculty, staff, alumni, students, and the general public.
The judges will meet after presentations to make final award decisions. The final score for a team will be a blend of scores received on the feasibility plan, and presentation scores. Winners will be announced that day.
Competition Rules and Eligibility
Teams must comply with the following criteria to be eligible for the competition:
- The Big Idea Competition is limited to teams that include active Bradley University students or alumni as define below:
- Bradley University students enrolled either full-time or part-time in degree programs.
- Bradley University alumni who have graduated within one year of the deadline for the Screening Round.
- Non-students are allowed as team members, as long as at least one qualifying Bradley University student or alum on the team.
- The team’s business idea/plan must be developed during the current school year and the Bradley University student/alumnus must have played a major role in creating it.
- Working with outside entrepreneurs with existing business/business ideas is permissible, but as noted in #3 above, the student/alumnus must write the business plan if selected as a finalist.
- It is acceptable for a competitor to already have earned revenue, however the total company revenues cannot exceed $100k as of the date of the Screening Round.
- During the Trade Show Round, a maximum of four team members, including both students/alumni and nonstudents, may present their business concept to the Trade Show Judges and Community Choice Judges at their booth.
- In the Final Presentation Round of the competition, only Bradley University students or alumni will be allowed to present.
- The Big Idea Competition reserves the right to make the final determination of the appropriateness of submitted business plans. Not all prizes may be awarded depending on the quality of submissions
If you are having problems entering, please contact Dr. Marcos Hashimoto at firstname.lastname@example.org or (309) 677-2310.
The Big Idea Competition considers all submitted business plans as confidential and treats all team matters as such. Due to the nature of the competition, we cannot guarantee complete confidentiality for proprietary matters. Bradley University, the Turner School of Entrepreneurship and Innovation, and the organizers of the competition are not responsible for any proprietary information and/or intellectual property included in a competition idea or submitted business plan. Ultimately, protection of sensitive materials (such as: intellectual property, copyright, or patent confidentiality) is the sole responsibility of the competitors participating. Non-Disclosure Agreements will not be signed by judges, mentors, or any Bradley University staff associated with the competition.
Students can receive financial aid up to a budgeted Cost of Attendance (COA), which is the estimated cost to attend Bradley University, including tuition and fees, books and supplies, living expenses, transportation costs, and miscellaneous expenses. Please be aware that if this award exceeds your COA, it may cause other previously issued aid such as loans to be reduced. If aid is impacted by this award, distribution of the award can be delayed until the conclusion of the semester. All awards are taxable to the individual recipients.