The Tim Draper Utah Entrepreneur Challenge (UEC) is a statewide business-model competition designed for college students across Utah. The program encourages students from participating colleges and universities to develop innovative business ideas and compete for a total of $75,000 in cash and prizes. The competition is managed by the Lassonde Entrepreneur Institute at the University of Utah and involves multiple phases, including online judging, public voting, and a final in-person event. The challenge aims to foster entrepreneurship and provide students with resources, mentorship, and funding to launch their businesses.

The purpose of the competition is to support student entrepreneurs by offering financial incentives, industry recognition, and valuable feedback from experienced entrepreneurs and business leaders. The challenge seeks to promote innovation, problem-solving, and business development among Utah’s university students, encouraging them to refine their business models and prepare for real-world success. In addition to monetary prizes, students benefit from networking opportunities and expert guidance.

Funding for the competition consists of $75,000 in cash and prizes, which will be distributed among the top 20 finalists. A separate competition, the Tim Draper High School Utah Entrepreneur Challenge, is available for younger students aged 14-18, offering $30,000 in prizes and scholarships. These awards provide early-stage funding for promising startups and business ideas, helping students take their ventures to the next level.

Eligibility for the competition is limited to students currently enrolled in Utah colleges and universities. The competition is open to all disciplines and levels of study. Participants must form teams and submit business proposals to be considered. Industry professionals, experienced entrepreneurs, and community experts will serve as judges, evaluating applications based on criteria such as innovation, feasibility, scalability, and market potential.

The application process includes multiple steps, starting with an online submission that opens on September 10, 2024, and closes on February 20, 2025. The top 20 teams will be announced on March 3, 2025, and required to submit a video presentation by March 5, 2025. Public voting on the videos will take place from March 6 to March 21, 2025. The final event, where winners will be announced, is scheduled for March 22, 2025, at the University of Utah.

The evaluation process consists of online judging followed by a final event where judges will assess the best student business models. Applications will be reviewed based on criteria such as business feasibility, potential impact, innovation, and execution strategy. Selected finalists will have the opportunity to present their ideas in front of a panel of industry leaders and entrepreneurs.