State Bank of Southern Utah, SUU support local entrepreneurs with startup competition offering $25K in prizes

CONTRIBUTED CONTENT — State Bank of Southern Utah, the community’s partner in financial success, invites local entrepreneurs with startup companies to take part in the fourth annual State Bank Business Challenge.

Scene from the 2021 State Bank Business Challenge, Cedar City, Utah, date not specified | Photo courtesy of State Bank of Southern Utah, St. George News / Cedar City News

The State Bank Business Challenge is intended to help identify and support high-potential, early-stage businesses based in Utah. With upwards of $25,000 in cash prizes plus additional awards, all entrepreneurs who meet the criteria are encouraged to enter to have their idea heard and evaluated. Entries must be submitted for consideration by Oct. 2.

“A lot of them have never started a business before, so they’re not quite sure of the next step,” said Tyler Brown, senior vice president of community relations for State Bank of Southern Utah. “They come into this competition and have the opportunity to network with all these other businesses and see what works – and what doesn’t work.”

The State Bank Business Challenge is part of this year’s One Utah Summit, which will be held Oct. 11-13 at Southern Utah University. The competition is sponsored by State Bank of Southern Utah and the Larry H. & Gail Miller Center for Entrepreneurship.

The competition is open to all Utah residents, including high school students, as well as students attending SUU, Utah Tech University, Southwest Technical College, Utah State University and Snow College.

Applicants must complete an online entry form, which includes a link to a 90-second YouTube video giving an overview of the startup’s products and services, revenue model, sales strategy and competitive advantages in the market. Entries must also include a link to a Google Slides presentation.

Startups selected to compete will be notified on Oct. 6. The first round of competition will be held at the Dixie L. Leavitt School of Business on Oct. 11. Competitors will each have 90 seconds to pitch their business followed by a 60-second Q&A session.

The finalists will move forward to another round of competition on Oct. 12 at the Randall L. Jones Theatre. They will again have 90 seconds to pitch followed by 3 minutes of Q&A.

Scenes from the 2021 State Bank Business Challenge, Cedar City, Utah, date not specified | Photo courtesy of State Bank of Southern Utah, St. George News / Cedar City News

Brown emphasized that the State Bank Business Challenge is an early-stage business competition, not a business idea competition. Competing startups must have generated some revenue by the time of entry, but their prior year’s total revenue cannot exceed $200,000.

Along with cash prizes, the winning startups will receive invaluable mentorship from successful Utah business professionals as well as services such as legal consulting and tax advising. Tech leader Carine Clark and entrepreneur Rich Christiansen served as the mentors in 2021.

“It’s just a way of giving back to the community and helping grow some of these startup businesses,” Brown said.

Last year’s competition received 42 entries, and Brown hopes to get at least 50 this time around. After all, there’s no shortage of industrious entrepreneurs and exciting new companies in the Beehive State.

“The bank’s mission statement is to improve the lives of the communities we live in, and the competition fits in perfectly with that mission,” he said. “As our communities and businesses succeed and thrive, so does the bank. It’s a win-win partnership.”

Serving the community since 1957, State Bank of Southern Utah is the only financial institution owned, operated and headquartered in Southern Utah. It holds over $2.2 billion in assets and operates 16 branches across 14 cities and towns: Cedar City, Circleville, Delta, Escalante, Fillmore, Gunnison, Hurricane, Kanab, Orderville, Parowan, Richfield, Santa Clara, St. George and Tropic.

For more information about State Bank of Southern Utah, visit their website. The bank is an equal housing lender and member of the FDIC.

Written by ALEXA MORGAN for St. George News.

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Copyright St. George News, SaintGeorgeUtah.com LLC, 2022, all rights reserved.

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