The Rice Business Plan Competition is designed to give collegiate entrepreneurs a real-world experience to fine tune their business plans and elevator pitches to generate funding to successfully commercialize their product. Judges evaluate the teams as real-world entrepreneurs soliciting startup funds from early stage investors and venture capital firms. The judges are asked to rank the presentations based on which company they would most likely invest.
For the 2020 competition 520+ teams from around the world submitted applications for 42 slots. During the first virtual competition, more than $1.3 Million in prize money was pledged with seven teams each winning $100,000 or more.