By ADIA REYNOLDS
Tiger Media Network
The 2025 Faulkner Entrepreneurship Challenge offers a total of $10,000 in prizes for the most innovative business model proposal, including $6,000 for first place. FHSU’s official website advertises the contest as an opportunity to “submit your written plan and compete for a place in the Faulkner Challenge Finals where you’ll present your business to a panel of judges.”
The Faulkner Entrepreneurship Challenge is run by the Robbins College of Business and Entrepreneurship as an attempt to inspire entrepreneurship in Western Kansas. This year’s contest will mark a decade of the contest’s existence and its efforts to promote innovation in young entrepreneurs. Henry Schwaller, a senior lecturer at the Department of Management for FHSU, provided insight on the winner selection process as well as the history of the challenge.
“A winning business plan is bold, innovative, and tough to replicate,” Schwaller said. “The best ideas fill a real gap in the market, meet a specific customer need, and make a meaningful impact on both the founder and the community.”
Schwaller states that each year, the Faulkner Challenge attracts 15 to 25 business plans.
“These plans come from individuals and teams eager to bring their entrepreneurial visions to life,” he said.
Lincoln Myers is an FHSU student who has entered the Faulkner Challenge in previous years as well as lived in Hansen Hall—a dormitory building devoted to those with the hopes of becoming future entrepreneurs themselves.
“One of the great things about the Faulkner Challenge is that it is an experience for any major,” Myers said. “It is recommended that students team up with others to make up for their lack of knowledge. Due to my area of expertise, I handle the marketing and presentation aspects.”
Myers has had experiences with similar competitions.
“My first entrepreneurship competition was in the 8th grade, and since then, I have been very passionate about competing in these competitions,” he said. “I also own a business and value what I can learn through these competitions to become a more effective and knowledgeable entrepreneur.”
Not only do participants have to submit a comprehensive proposal, but finalists will provide an oral presentation on April 5th. Entrants are accepted until Saturday and can be submitted to faulknerchallenge@fhsu.edu.
The official challenge announcement includes the rubric by which proposals will be judged. The Challenge analyzes nine major components of the proposal:
- Concept
- Is the proposal compelling?
- Alignment
- Is there potential for positive social impact?
- Purposeful
- Are objectives clearly identified?
- Business Model / Commercialization and Economic Sustainability
- Is there a clear revenue/cost model?
- Market Characteristics / Approach
- Is there a specific consumer or market for the proposal?
- Intellectual Property
- Is there a patentable element?
- Founding Individual / Team
- Does the team have the necessary knowledge/skills?
- Has a Convincing Case been Made?
- Can this idea move forward beyond the challenge?
- Is it Differentiated from Competition?