Abrams Sustainable Business Challenge

Any full-time enrolled student at Loyola University Chicago is invited to participate in the Abrams Challenge. Students must be full time for at least one semester or quarter during the course of the competition (fall or spring). Loyola students who are enrolled full-time in the fall semester and graduating in December are eligible to participate.

All students taking any of these 5 classes are also eligible to participate, even though they are part-time students: ENTR 201, ENVS 333/433, ENVS 363, and MGMT 480.

Students will form teams of 2 - 4 members and develop their pitches through a series of extracurricular workshops and classes led by faculty members from the Quinlan School of Business and the School for Environmental Sustainability. Note: The competition is intended for teams because collaboration is a critical component to successful entrepreneurship. There may be special circumstances that would allow individuals to compete – for example, if your business is already in the early stage of development. Please contact us at abramschallenge@luc.edu to discuss your specific request.

Students may only be part of one team.

Are you interested in joining but not part of a team yet? Don't worry, we’ve got you covered! Kindly fill out our Team Finder form and we’d be more than happy to help you meet other interested students who express the same area of expertise. Link to Team Finder

Students must register to participate. The pitch competition takes place over two rounds. Finalist teams from Round 1 will be selected to participate in Round 2 of the Abrams Challenge.

REGISTRATION

Deadline February 5, 2024

Teams must complete the form below to register to participate in the Challenge. Teams are encouraged to register as soon as possible to gain access to resources, mentors, and reminders. Registration is required no later than February 5, 2024.

REGISTER NOW TO PARTICIPATE

ROUND 1: SUBMISSION REQUIREMENTS

Deadline February 26, 2024

Registered teams will receive a link to upload their Round 1 submission. The business concept submitted must be the original work of the team. Each team submits:

• A written executive summary (no more than two pages, single-spaced) with a clear explanation of the business concept and value proposition. Download Executive Summary Template.
• A 3-minute video pitch of the business concept and value proposition.  Submission Deadline: February 26, 2024 at midnight.

ROUND 2: PITCH COMPETITION REQUIREMENTS

Finalists are invited to:

• Present a 10-minute pitch in front of an esteemed panel of judges on April 21, 2023.
• Participate in a 10-minute Q&A session with the judging panel.

The pitch competition will take place on April 19, 2024. The competition will be held from 1:00 – 4:00 p.m., with a reception to follow. Three winning teams will be awarded prize money to develop and launch their ventures.

A panel of judges will review Round 1 submissions and select finalists to participate in Round 2 of the Abrams Challenge. A separate panel of judges will judge the final pitch competition and determine the three winning teams.

Pitches are judged on the following criteria.

• Value Creation
• Environmental Impact
• Innovation
• Venture Viability
• Financial Ask and Forecast
• Download a PDF to learn more about judging criteria

Three winning teams from the pitch competition on April 19, 2024 will receive prize money to develop, scale, and launch their sustainable business ventures or products. Teams may opt to develop an LLC or other business entity to receive the funds or have prize money split evenly amongst individual team members. The team will be considered final upon submission of the video pitch and executive summary. Prize money is subject to taxes as required by the IRS.

1st Place: $20,000

2nd Place: $15,000

3rd Place: $10,000

While not required, students who are planning to participate in the Abrams Challenge are encouraged to consult with their academic advisor about enrolling in any of the following classes in the 2023-2024 academic year that will be taught by Abrams Challenge faculty:

• ENTR 201 Introduction to Entrepreneurship with April Lane Schuster
• ENTR 201 Introduction to Entrepreneurship with Ugur Uygur
• ENVS 333/433 Introduction to the Circular Economy with Sarah Ku
• ENVS 363 Sustainable Business Management with Sarah Ku
• MGMT 480 Recognizing Entrepreneurial Opportunities with Ugur Uygur

Students who wish to expand their skills in entrepreneurship may pursue a minor in this field. The Entrepreneurship Minor provides excellent foundational knowledge of strategic aspects of the entrepreneurial process.

Additionally, students interested in learning more about sustainability in business and industry can pursue the Sustainability Management Minor, which provides foundational knowledge of the applications of sustainability in management, marketing, and economics.

Participating students will be encouraged to attend online, asynchronous extracurricular workshops designed by Loyola faculty to help prepare teams for each stage of the Abrams Challenge.

Teams who register by the deadline will be paired with mentors who have deep experience in new venture creation and in developing and launching new environmentally sustainable products, concepts, or ideas. Teams are encouraged to register as early as they can to have the benefit of mentorship for as much of the Challenge as possible.

The three winning teams of the Abrams Challenge will receive ongoing support and counsel from Ignite Lab, Loyola’s flagship incubator. Winning teams will also receive a summer membership to a Chicago entrepreneurship center applicable to their business venture such as 1871 or mHUB where they can network, access resources, and receive support.

Teams are strongly encouraged to register as soon as possible and are required to register by February 6, 2023. If there are any changes to the team after registration, please email AbramsChallenge@luc.edu. The team will be considered final upon submission of the video pitch and executive summary. 

A panel of judges will review Round 1 submissions and select finalists to participate in Round 2 of the Abrams Challenge. A separate panel of judges will judge the final pitch competition and determine the three winning teams.

Pitches are judged on the following criteria.

• Value Creation
• Environmental Impact
• Innovation
• Venture Viability
• Financial Ask and Forecast

While not required, students who are planning to participate in the Abrams Challenge are encouraged to consult with their academic advisor about enrolling in any of the following classes in the 2022-2023 academic year that will be taught by Abrams Challenge faculty:

• ENTR 201 Introduction to Entrepreneurship with April Lane Schuster
• ENTR 201 Introduction to Entrepreneurship with Ugur Uygur
• ENVS 333/433 Introduction to the Circular Economy with Sarah Ku
• ENVS 363 Sustainable Business Management with Sarah Ku
• MGMT 480 Recognizing Entrepreneurial Opportunities with Ugur Uygur

No. Students from across all majors, programs, and levels of study who are enrolled full-time are encouraged to participate in the Abrams Challenge.

However, students who wish to learn more about entrepreneurship or sustainability may pursue a minor in either of these two fields.

Yes. At least one member of the team will have to participate in each one of the workshops provided.

Teams can be formed across the university and can include both graduate and undergraduate students.

For questions or more information, please email AbramsChallenge@luc.edu.