Gustie Entrepreneur Cup

Student Entrepreneurship Competition

2021 Gustie Entrepreneur Cup

Saturday, May 1, 2021, 1:00 PM

Held Virtually Via Zoom

The NEW 2021 $21,000 Gustie Entrepreneur Cup student entrepreneurship competition showcases the innovative ideas of Gustavus students. Engaging with faculty, coaches, and mentors, students develop their ideas into feasible, scalable business models. Students then present to a panel of judges for the opportunity to win a share of $21,000 in seed funding:

New! First Place $10,000
New! Second Place $5,000
New! Third Place $3,000
New! People's Choice Award $2,000
New! Sustainability Award $1,000
The winner could walk away with $13,000 in total seed funding!
The first-place winner will automatically advance to the semi-finals of the Minnesota Cup.

Overview

The Gustie Entrepreneur Cup is based on the lean startup method, incorporating the Business Model Canvas and minimum viable products (MVPs) as development tools. This is a more agile, realistic, and fun way to develop a venture idea by seeking answers to important questions from real people. This approach is far more effective than writing traditional business plans, which are static, executable documents, filled with assumptions and projections based on existing business models and historical data. For the Gustie Entrepreneur Cup, students find real answers, use real data, and integrate important research to develop a business model, instead of locking themselves away and crafting an elaborate plan that will likely be obsolete before the first sale.

Important Changes for 2021

Considering the health concerns of the global Covid-19 pandemic, the 2021 Gustie Entrepreneur Cup will be a virtual event via Zoom. Competition rules and expectations have been slightly modified to adapt to the additional challenges faced in developing and testing business models during these difficult times. The entire event, including the awards presentation, will be held virtually. Payment of prize money will take place in the days following the event.

The lean startup method promotes getting out and engaging with real people to test assumptions and ideas. This activity, however, is much more challenging given the current situation. While preparing for the 2021 Gustie Entrepreneur Cup, students are required to take necessary health precautions, including practicing social distancing, wearing approved masks, and utilizing virtual technology whenever possible.

Before You Apply

Read the 2021 Gustie Entrepreneur Cup Competition Rules document.
Watch the videos explaining lean startups and the six short Strategyzer videos on using the Business Model Canvas.
Download the 2021 Gustie Entrepreneur Cup Application Form. Save it to your computer with a unique file name.
Read and understand the Gustavus Core Values.

Application

Students may enter the Gustie Entrepreneur Cup individually or as a team of 2-4 people. Students must complete the event application form and provide the following information by March 15, 2021:

Names and biographical information for each member of the team.
150-word Executive Summary. The summary provides a description of the problem, the opportunity, the idea, and a one-sentence value proposition. Why is this idea important and market-changing? Teams should think of the executive summary as an elevator pitch for the venture idea.
Baseline Business Model Canvas (BMC). Based on what is known today, provide brief hypotheses (guesses) for each of the nine elements of the BMC. These initial guesses will drive the lean startup development process between the application date and the final presentation at the Gustie Entrepreneur Cup event. This is the work that teams will engage in to evolve their idea for final presentation and judging. This is also where teams determine the key hypotheses to test.
Gustavus Core Values. Provide a statement about how the venture idea promotes any or all of the Gustavus Core Values of excellence, community, justice, service, and faith.

Apply Now

Additional Resources for Applicants, Judges, and Mentors

Video Credit: Will Clark '21 Video Updated by: Axel Hallin '21

Questions? Contact professor Tom Clement.