Frequently Asked Questions
What is the Youth Entrepreneurship Challenge?
Communities have the opportunity to host local-level entrepreneurship competitions and submit their event to be part of the “Youth Entrepreneurship Challenge Series” culminating in an annual state championship. Local entrepreneurship competitions must meet certain guidelines in order to qualify as part of the Series and for E-Communities to be eligible to use grant funds to pay for part or all of the competition.
What are the expected outcomes of this competition?
Exposing youth to entrepreneurship and helping them develop that mindset can have a deep impact on a community’s future. If only one student is inspired enough to open their own business now or in the future, that’s one more independent business in your community. The more local businesses that open, the stronger the local economy and entrepreneurial ecosystem will become.
How does this program apply to students in middle school, high school?
This competition gives Kansas students experience in the process of making a business proposal. Exposing young people to entrepreneurship helps them develop an entrepreneurial mindset and allows them to explore entrepreneurship as a viable career option. Students must research, write and submit an Executive Summary. They may also gain experience pitching their idea and answering questions in front of a panel of judges that consists of entrepreneurs, bankers, and investment experts. Participating in this event provides students experience with business planning and public speaking, developing confidence, poise, organizational skills and valuable knowledge for their future.
What are the requirements to host a competition?
The physical location of the competition must be in Kansas and the students participating in the local competition must reside in Kansas. The competition must include students from at least one of the following grades (or equivalent): 9th, 10th, 11th, or 12th. The competition must include a written Executive Summary following the provided “Executive Summary Guidelines”, that is scored. The competition must include a 4-minute presentation and may include one or more of the following in-person components: tradeshow, oral interview, or elevator pitch.
What are the logistics of hosting a competition?
After the E-Community Leadership team and/or Financial Review Board approve this program for their community, the point person begins to organize the event. This will include picking a time and date, venue, deciding whether or not to cater the event, and recruiting judges and other event staff.
For other organizations outside the E-Community network, after deciding to host a local entrepreneurship competition, fill out the sanction application, wait for approval, and then begin to organize the event. This will include picking a time and date, venue, deciding whether or not to cater the event, and recruiting judges and other event staff.
What does it cost to host a competition?
For the community, it depends on the cost of any educational aides, total prize money, refreshments, marketing, and the facilities that you choose for the event. A typical community commitment may range between $1,000-5,000. Each community should set their own budget.
Who coordinates the competition?
If the event is being coordinated by a NetWork Kansas E-Community, at least one member of the local E-Community Leadership Team and/or Financial Review Board must help organize and/or host the entrepreneurship competition. This person will work with guidance from their region’s assigned NetWork Kansas E-Community Regional Manager to set up the event. Often school representatives or other community members are involved in coordinating the competition, in both E-Communities and non E-Communities.
For non E-Community events, a designated competition host should be identified to lead the competition planning and serve as the liaison with NetWork Kansas. For events that are not part of an E-Community, the competition host must agree to pay a sanction fee of $1,500 to NetWork Kansas if the event is awarded a sanction. If an E-Community organizes the event, the sanction fee of $1,500 is waived for the 2024-2025 YEC Series as a benefit of the E-Community Partnership.
Who would benefit from competing in the YEC Series?
Any student, especially those interested in entrepreneurship or business, would benefit from participation. Going through the steps of creating a business proposal can help develop their entrepreneurial mindset and set them on the path of one day creating their own business. In addition, students will develop creativity, problem solving, business planning, research skills, organization, presentation skills, and confidence.
Can E-Communities use NetWork Kansas funds to pay for hosting a competition?
Grant funds will be available to E-Communities on a limited and first-come, first-served basis (actual expenses only). Another way to fund the course is through other grant funding and business sponsorships. Contact your NetWork Kansas E-Community Regional Manager for assistance and additional information about stipulations for using grant funds to pay for this program.
Are prizes available to participants?
Prizes are not mandatory. Competitions offering prizes typically do not exceed a total of $3,500 in prizes, and prize structures typically do not exceed $1,500 for first place, $1,250 for second place, and $1,000 for third place. Other examples of prizes may be “People’s Choice Award” or “Banker’s Choice Award”, etc.
When can this program be offered in my community?
Typically, a YEC Series event requires 12-16+ weeks of advanced planning. 2024-2025 local YEC events must occur between August 1, 2024 and March 24, 2025. Contact your NetWork Kansas E-Community Regional Manager for assistance. If you are not in an E-Community, email: bhenry@networkkansas.com.
What are my next steps if I am interested in offering this in my community?
E-Communities will need to contact their NetWork Kansas E-Community Regional Manager for more information and guidance. If you are not an E-Community, contact Bailee Henry, Manager, E-Community Programs, at bhenry@networkkansas.com.
If you are not yet an E-Community, and are interested in learning more about how to become one, visit ecommpartnership.com/resources-for-e-communities/.