M West Challenge

West Michigan's Student Entrepreneurship Competition

Welcome to the 2023 MWest Challenge, a student venture competition designed to create cross collaboration between students that span across several universities from West Michigan. Through MWest, entrepreneurially minded students are able to develop and grow new ventures based on their own ideas. MWest involves eight West Michigan colleges and universities, representing 75,000 students from: Grand Valley State University, Kendall College of Art and Design, Davenport University, Aquinas College, Calvin College, Cornerstone University, Grand Rapids Community College, Kuyper College, and Hope College.

Business Concept Elements

Students are encouraged to consider the following elements when developing their business concepts. The more thorough you are in defining your idea, the better your chances of being selected to compete and win prize money. The following elements should all be covered in your business pitch:

Problem

  • What problem are you solving?

  • What is the story behind your product/service - the “Why”?

  • How big or severe is the problem?

Solution

  • Describe your idea for solving the customer’s pain point or problem.  

  • How does your solution solve the problem/meet their needs? 

  • Include images, if available.

Competitive Analysis and Value Proposition

  • Who is your competition? 

  • How is your proposed solution unique or different from the competition?

  • How is it better than the competition?

Target Audience & Market Size

  • Who is your ideal customer (create a persona/profile)?

  • Did you talk to customers? How many?

  • What key insights did you get from talking to your customers?

  • How big is the market (how many of these customers exist)?

Revenue Model

  • What are you selling?  Is it a product/service?

  • What will it cost you to make or deliver your product/service?

  • What will you charge customers (or what are they willing to pay)?

Sales and Marketing Strategy

  • How will you promote and sell your product/service?

  • What channels will you use to sell your product/service?

  • How will you build relationships with your customers?

Team

  • Who will do the work?

  • What are the roles of each individual on your team?

  • Does your team have any advisors or mentors?

  • Why are you the right team to execute the idea?

Validation

  • Did you talk to your customers? If so, how many?

  • Do they like your product/service?

  • Would they use it to solve the problem?

  • Would they pay the price you are charging for the product/service?

Financial Viability

  • How many units will you sell in years 1, 2, and 3? (How does it scale)

  • What will your top-line revenue be each year?

  • What will it cost you to earn that revenue each year?

  • What will your gross margin be each year?

  • How will you know if the business can be financially viable?

Go to Market Strategy

  • If you were to start the business, how would you start and ramp up?

  • How would you earn your first sales?

  • What type of sales and marketing activities would you do first?

  • What type of resources would you need to make them happen?

  • What type of partners could you lean on to help you?

  • If you received seed funding, what would you use it for?