What do we mean by side hustle? A side hustle is a business you can start on the side—for example, while you’re still in school, or while you already have a job. Many businesses start out as side hustles and later become full-fledged businesses. Starting a side hustle is a way to test the waters of entrepreneurship. For this challenge, we want you to tell us about YOUR side hustle! It can be a business you’re already working on, or one you want to start.
- Please submit a video (maximum four minutes) explaining your side hustle business idea
- You will also need to provide a brief written description of the information you share in the video. You do not need to create or submit a document. You can share your description in the application form.
- What does your business do? What problem does it address for customers?
- Who are your target customers, and how will you reach them?
- What makes your business different from the competition?
- How will you make money? Explain the key elements of your financial model, at a high level. Key things to consider:
- How much will it cost you to run your business (what are the expenses)?
- How much revenue do you estimate the business will generate?
- Side hustle ideas that are original, creative, or unique will get extra points! Is there something about your business idea that really sets it apart?
- Side hustles that generate positive social and/or environmental impact will also get extra points! Let us know if your business creates a positive impact on the community or the environment.
Am I expected to actually start the business in order to participate?
This contest is about sharing your ideas; you are not expected to actually build the business. However, collecting real data to support your ideas is encouraged, and the more work you put into creating something, the more points you will get for feasibility.
I already have a side hustle business; can I submit this as my entry?
If you started the business this year (from January 2021 onwards), you can use your existing business as your entry. If you launched your business before 2021, please choose a new idea to submit.
Can I submit more than one idea?
Are wireframes acceptable for my video submission?
Can I work in a team?
Yes! Please note that cash prizes will be awarded to teams collectively, so you would split the prize evenly with your team members if your submission wins.
How should we submit a team application?
Only one member of your team needs to complete the application form, but the names and contact details of all team members must be included in the application form. All team members will be notified if you are selected as the winning team.
I graduated before 2019, can I participate?
This competition is only for current BCIT students (full-time and part-time), and alumni who have graduated since January 2019.
How do I submit my video?
Please upload your video to your own Google Drive or Dropbox, and share the download link in the contest application form.
Tip: Please make sure you adjust the permissions settings of the link you share so that it is available for download.
Who will be judging the submissions?
Judges are faculty and staff from BCIT.
Do I have to use the prize money on my idea?
No. If you’re selected as the winner, you can spend your prize on anything you want. It doesn’t have to be invested into your business idea, although we would recommend using the money wisely to support your entrepreneurial growth.
Do you have any tips for how I can strengthen my application?
Yes! Besides following the above instructions, these tips will help you strengthen your application:
- Be creative! Tell us what is unique or original about the idea you came up with. (For example, drop-shipping would not be considered creative or unique.)
- Think about the ways in which your side hustle could generate a positive impact for the environment or for communities. If your business incorporates elements of sustainability or social impact, tell us about it!
- Present a feasible idea. If you explain an idea that seems like it could really work, this will help your application.
How will I be evaluated?
To view the scoring rubric that the judges will use to evaluate submissions, click here.