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5 Minute Pick Me Up – Testing A New Idea Part 1

This week we decided to try a new concept and take you along on a journey to see how it works out. With this episode, we’re hoping to motivate you to try that new idea that you’ve been thinking about for a long time, but not acting on.

The idea is a virtual competition that we’re calling a “Validation Challenge.” This will be a competition with prize money where anyone can apply to try and validate a business idea during nights and weekends over a period of just two weeks.

Here are our goals with this idea that we’ll be reporting back on to you over the next few weeks as we try it out:

  • Reach out to 70 college and university entrepreneurship centers to get them to promote this competition to their entrepreneurial students
  • Secure $1,000 – $2,000 in prizes for winners of this competition
  • Secure any additional amount on top of this as sponsorship money if we’re able to attract enough participants. (This goal is vague on purpose because we’ll be happy with any amount in sponsorship that’s above the prize dollar amount we’re able to raise)
  • Start to build relationships with more universities that can ultimately result in speaking gigs or other mutually beneficial initiatives

This week we’re starting by launching an application process and reaching out to universities. Stay tuned for part 2 of this series to see how the experiment goes!

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