Introduction: Created by the University of Delaware Horn Entrepreneurship center in 2012, the Diamond Challenge provides a unique opportunity for 10,000+ teens to learn about entrepreneurship while putting their ideas into action. This is a high school entrepreneurship competition, and high school students participate in a year-long program. They will be developing ideas to address pressing challenges they’ve identified.
Competition Sections: There are two competitions within the Diamond Challenge: Business Innovation and Social Innovation. Before choosing, students develop a problem they want to solve and a business idea/business plan for that problem. If the concept emphasizes solving a customer problem, students should choose Business Concept. If the idea focuses on solving a societal or environmental problem, students should choose Social Innovation.
Team Requirement: 2-4 high school students between 14-18 years of age at the submission deadline, and be enrolled in an official high school/secondary education institution or program for the duration of the competition. Businesses must not have generated more than $100,000 in total revenue before the submission deadline.
- Business Innovation: Feasibility (the degree to which the concept can actually work as well as the team’s ability to execute the concept and establish a defensible position in the targeted market), Growth potential (the likely ease with which the business can be scaled and the ultimate size (in terms of revenue and profitability) that the business may attain), and Wow Factor(Awarded for creativity, ingenuity, persistence, passion, storytelling and any other intangibles that are deemed likely to influence the feasibility and growth potential of the business)
- Social Innovation: Feasibility & Sustainability, Social Impact, and Wow Factor
Beginner’s Guide to Diamond Challenge