Wayne State University

AIM HIGHER

E2 Challenge

Application

Program Description
E2 Challenge is a competitively awarded summer entrepreneurial program which will support one team of up to four WSU students in their efforts to explore the potential of their own start-up company and prepare it for outside investment. End of summer deliverables will include a presentation to an internal and external review panel, potentially including interested investors, and a formal business plan for the business opportunity moving forward. More

Submission Guidelines
Student teams must submit applications no later than 11:59 PM on March 18, 2009. Applications are to be sent via email to the WSU Director of Venture Development: eric.stief@wayne.edu

Submit one application per team. If deemed necessary, the selection committee may request an in-person interview with student teams as part of the selection process. Such meetings will be held the week of March 30, 2009.

Decisions
Awards will be announced no later than April 17, 2009.

Application Questions (Please submit only one application per team and provide non-confidential information only. If you submit an application in a format other than that specified below your application will not be considered. Students may not sign up with multiple teams.)

TEAM INFORMATION

  1. Provide a name for your team
  2. List team members. For each team member include:
    1. Resumes, including at least two personal references and their contact information
    2. Details for any planned summer class schedule at WSU (note: all team members must be WSU students but no more than half can be taking summer classes)
    3. Details of any other time consuming summer plans or obligations (jobs, projects, extended travel, etc.) which could impact any team member ability to work full time for 12 weeks at Wayne State University / TechTown, on this project during the summer.
    4. Details of any non-compete, intellectual property or other ownership agreements that overlap and/or conflict with your business idea.
    5. Details of any WSU faculty advice or assistance you received related to this application.
    6. Details of any invention ownership issues that you are aware of that you think are important to assess your application.
    7. Details of visa status for summer if applicable.
  3. Provide up to three letters of recommendation that the applicant group feels are of interest for this application

COMPANY IDEA INFORMATION (Answer to the extent possible and within the word count limitations):

  1. Describe the basic idea for your company. (100 words or less)
  2. What need does your company address? (100 words or less)
  3. Describe the product or service and how you will make money. (100 words or less)
  4. What is your competitive advantage? (100 words or less)
  5. What has changed in this market to create the opportunity? (100 words or less)
  6. How big is the market opportunity for your product/service? (100 words or less) Please provide references for supporting data (reference information will not be counted towards word limits).
  7. What one or two companies represent your biggest competition? Why? (100 words or less)
  8. How do you anticipate you will manufacture, sell and distribute your company’s product? (100 words or less)
  9. What milestones do you expect to achieve during the summer program? (200 words or less)
  10. What progress have you made to date with this company? (100 words or less)
  11. What are your plans to stay with this initiative after this summer? (100 words or less)
  12. Is there anything else you think we should know? (150 words or less)
  13. If available, provide a link to any on line YouTube video pitches of the business and team. (up to a three minute “elevator pitch” will be reviewed)

Selection Criteria
Selection will be based on the merits and viability of the business idea, the current stage of any validation of the business concept, its potential for significant advancement during the 12 week program, relevant team background experience and the likelihood of the business having high growth potential and scalability that could attract investor interest.