Gumball Challenge Teams
<< Money Matters | Contents | Gumball Challenge Team Finances >>Intro
The Gumball Challenge is ultimately about empowering the next generation of entrepreneurs across college campuses around the country. Aside from just learning about the power of microfinance, the Challenge is designed to both inspire and reveal the ingenuity within each college student, or as we at Gumball Capital like to say--Gumballers. Leading up to, and driving right through the competition, the Gumballers will form Competitor Teams (CT), and engage in the entrepreneurial endeavors that will change the world.
Competitor Team (CT) Formation
Any and all interested Gumballers will be initially asked to register with the Organizing Committee (OC) on their campus. The registration window for CTs is up to the discretion of each respective OC, but the final number of CTs must be tallied and submitted to Gumball Capital by Oct 28th at both Semester and Quarter Schools (see the Calendar for more information).
During this period of time, the OC should provide information and be available for participants to ask questions. CT formation should be monitored by the OC, which will facilitate the formation of groups able and eager to participate in the Challenge. Each CT will receive a $27 micro loan with which they are expected to use CREATIVELY to engage in entrepreneurial activities, and generate funds for microfinance. The number of Competitor Teams able to participate in your division of the Challenge is virtually unrestricted so long as the teams are highly accountable and committed.
Gumballers may attempt to form Competitor Teams on their own and aid should be given to partially filled teams by the OC. Aid can come in the form of matching them with other incomplete CTs or by suggesting ways to obtain additional team members (contacting friends and using social networks). If desired, the OC may hold a networking reception shortly before the registration deadline to allow interested individuals to come together and form a team, or join a partial team to compete in the Challenge. CTs should be evenly balanced and ready to compete against each other in the Challenge.
Competitor Team Positions
We at Gumball Capital believe that Competitor Teams are completely free to organize themselves and their activities as they feel appropriate and necessary. Though we require that a minimum of 4 persons serve on one Competitor Team, the following is a list of SUGGESTED positions that may help to organize team ideas and ventures.
Team Leader
This person is responsible for guiding the CT's direction and vision. He or she will direct the operations of their team, while making sure that all members are involved, and that their input is being heard. The Team Leader is essentially the backbone of the group, facilitating the entrepreneurial model that his or her group drives and develops. He or she will be the primary person of contact when meeting or reporting to the CT's respective Organizing Committee.
Finance Officer
This person is involved in maintaining and documenting all money-related activities of the CT. From maintaining a budget of the team's expenses, to collecting receipts of activities performed, the Finance Officer will keep accurate records of all ventures the CT commits to. He or she will be in close contact with the Organizing Committee Treasurer, reporting on the CTs budget and fiscal expenditures in the weeks leading up to, and throughout, The Gumball Challenge.
Gumballers
These are the people who actually drive the Competitor Team's endeavors. They run the actual activities of the CT, brainstorm modes of action to take, collect donations, sell a product, pitch ideas, or drive any other mission the CT may be involved in. Overall, whatever venture the CT takes, the Gumballers will be the ones driving it.
Competitor Team Activities
What do the Competitor Teams do exactly' Well, that depends on the team. The general idea is to develop an entrepreneurial business model within a short amount of time, with an even smaller amount of cash. Now, what kind of business activities are the CTs supposed to run? That's entirely up to you!
Each CT is at complete liberty to brainstorm, design, and implement its own entrepreneurial endeavors. Aside from receiving an initial $27 micro-loan to fund the CT's activities (for the significance of the $27 loan, please see Background of Muhammad Yunus), Gumball Capital provides no rules or regulations for how you may receive or generate your revenue (well, you must still abide by the legal laws of your city or State, of course).
Even so, there are some notes you should keep in mind. The Gumball Challenge is designed to spread the importance and power of microfinance and entrepreneurship. Those teams that somehow work in microfinance ideals or education into their entrepreneurial models (though there is no requirement to do so) will likely be favored by the Challenge Judges. Also note, that the more creative or enterprising your idea, the greater chance your CT will have at winning a prize. Who knows, you may even develop your own company coming out of this Challenge, much in the same way Gumball Capital was founded (see Gumball Capital's history)
Financial Documentation
Due to the necessity of invoice and transparency, the Competitor Team, by way of the Finance Officer, will keep track of all donors and gross receipts; while reporting donors, amounts, and updates in real-time to the Organizing Committee, who will in turn provide Gumball Capital with legitimate financial documentation of all CT activities. Remember, all information will be viewable on our website. Financial documentation will also help secure incoming profits. Individuals will be able to track their donations and contributions, and Challenge Judges will have a record whereby prizes will be awarded based on a number of criteria. For more information on financial documentation, please see the Competitor Team Finances section on Gumball Challenge Team Finances.
Entrepreneurial Models
Again, all Competitor Teams are at complete liberty to design and drive their own entrepreneurial endeavors. However, the following examples of past success stories should serve as a guide for what the Challenge Judges are looking for in true entrepreneurial models.
One Red Paperclip
Kyle MacDonald, a Canadian blogger, designed a bartering model where he literally went from nothing, to everything. Starting out by simply trading a single red paperclip for a fish-shaped pen, MacDonald soon made it his hobby to keep trading items. From the pen, he made a series of 13 barters until he got the rights to a movie role in Hollywood, and eventually to a house in Canada. MacDonald has made numerous TV appearances, and has detailed his success in a tell-all book. For more information, check out his website.
The Million Dollar Homepage
Alex Tew, a 21-year old English student was short on cash, and decided to raise money for his college tuition. His venture: create a website with a 1000x1000 pixel grid, and sell image-based links at a rate of $1/pixel. Spreading simply by word-of-mouth, his website raised over $150,000 within one month of hosting. Soon, his model caught vast media attention, and his revenue sky-rocketed to over $1,000,000 within three more months. For more information, check out his website
Gumball Capital
That's right, we at Gumball Capital also started as nothing more than bored, but ambitious, student entrepreneurs. Participating in Stanford University's annual Entrepreneurship Week Challenge, we were given a pack of post-its and told to generate as much revenue as possible from them. Putting our heads together, we decided on a simple entrepreneurial model: pitch the idea of microfinance to fellow students and community members, and collect pledges on each of the post-its. Within one week, we had collected $4000 in pledges to donate to microfinance. Yep, it's that easy.
<< Money Matters | Contents | Gumball Challenge Team Finances >>Microfinance!
Alleviating poverty
by providing
financial services
to the poor.
Read more...
Micro-donate.
pledge $20.00
to Gumball Capital.
pledge $25.00
to Gumball Capital.
pledge $20.00
to Gumball Capital.