What is TheOther40?
U.S. Census data indicates that 60 percent of all businesses fail within the first 5 years. By entering this competition, you are greatly improving your chances of becoming one of “TheOther40” that succeed. Exclusive to active SIUE students (a minimum of one per team), this competition is an opportunity to showcase the very best and brightest that our great university has to offer. Participants in TheOther40 will take their business ideas through the preparations necessary to become successful entrepreneurs.
Step 1, The Prep:
We host a variety of workshops and/or informational sessions to help build the skills needed to succeed in SIUE's annual business idea competition. These workshops will help to prepare you for each critical step of the competition in an open and innovative environment
To get a leg up on the competition, visit one of our free workshops:
A Business Plan Workshop will be held on Thursday, March 2, 2017 in the Cougar Business Resource Center (CBRC), Founders Hall, Room 3117.
Dates, times and locations of all TheOther40 workshops will be posted on the Entrepreneurs’ Club of SIUE Facebook page and on the bulletin board located to the right of the entrance into the Cougar Business Resource Center (3rd Floor of Founders Hall, Room 3126).
Step 2, The Proposal (Executive Summary):
This is where you begin to capture your business proposal, fine tune the details, and briefly describe for us what you want to do, build, and/or create. Summaries are limited to a maximum of 2 pages and due by 11:59pm on Thursday, February 9, 2017. If selected as one of the most promising entries, you will be asked to submit a condensed business plan.
Step 3, The Plan:
At this stage in TheOther40, you will fully expand your business idea into real and obtainable steps. We are cognizant that, as students, your time is extremely limited. For this reason, Round Two business plan submissions should be around 12 pages in length (not including financials and supplementary information). More information regarding the business plan guidelines and judging criteria are listed below. Additionally, you may visit the Illinois Metro East Small Business Development Center (SBDC) in SIUE Alumni Hall, Room 2126 for business plan advice and startup resources. Submissions are due by 11:59pm on Friday, March 17th. If selected as a 2017 TheOther40 finalist, you will move forward to the most exciting part of the competition -- the elevator pitch.
Step 4, The Pitch:
On April 7th, TheOther40 finalists will be invited to give an “elevator pitch”. This event will be the culmination of this entrepreneurial endeavor as contestants pitch their ideas in less than 3 minutes to a panel of judges for a chance to win over $10,000 in cash and support. An additional 5-minute Q&A session with the judges will commence immediately following each contestants pitch. Visual aids (PowerPoint, poster boards, product samples, etc.) are allowed.
Step 5, The Payout:
Finalists in the Other40 business plan competition will pitch and cash prize winners announced during the Final Round Pitch Competition on Monday, April 7th. Full details will be provided by invitation to Other40 finalists.