The Pacific Asian Center for Entrepreneurship (PACE):
Imagine, Discover, Realize Grants
The IDR grants program allows students the opportunity to explore the process of business creation through commercialization. The program assists students through three phases of business development: Imagine (creation), Discover (feasibility) and Realize (commercialization).
Educational opportunities will be offered to grant winners through seminars, startup boot camps, professional mentoring and financial incentives. Those students applying for the Discover and Realize grants will be incorporated into the University of Hawaii’s annual business plan competition.
Imagine Grants
These $100 grants are awarded to students who have a new idea for a product or service which satisfies a market need, but are unsure whether a business can be created around the idea. The Imagine grant is open to all students within the UH system regardless of their major. A maximum of fifty (50) Imagine grants will be awarded each year to promising business ideas. Applicants may submit multiple entries, however, individuals may not be awarded more than one Imagine Grant per year. Teams must decide how to divide the award.
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Imagine Grant Process
Applicants will complete an application which includes a team roster and one-page business proposal outlining the novel idea and market need. Grant applications are submitted to the PACE office, reviewed by a judging committee, and finalists notified in a timely manner. Finalists who complete a Business Plan 101 seminar will receive $100 as an incentive to further pursue their business idea.
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Finalists who were not able to attend the BP 101 Seminar on October 2, are required to watch this video and answer a few questions.
Business Plan 101 Seminar video
Discover Grants
This grant is geared toward students with a specific business idea in mind. The business must provide a unique product or service to a clearly articulated market. The $500 Discover grant is provided in exchange for a satisfactory Executive Summary of the proposed business. A maximum of fifty (50) Discover grants will be awarded each Spring.
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Discover Grant Process
In January, applicants will register for the UH Business Plan Competition (BPC) using information similar to that submitted for the Imagine grant. Students must meet with a PACE professional-in-residence and attend a business plan boot camp in February or March. In mid February, the applicants must submit an Executive Summary of the proposed business. The Summary must meet all the criteria set by the BPC committee. Summaries that satisfactorily meet all criteria receive $500 to further their business plans.
Realize Grants
Realize grants of $1000 are awarded to the top 5 finalists in the UH Business Plan Competition upon providing documentation of incorporation. Applicants for the Realize grant must go through the process for the Discover grant before entering the Realize phase. A maximum of five (5) Realize grants will be awarded each Spring.
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Realize Grant Process
In April, applicants must submit, via the UH Business Plan Competition, a business plan and make a presentation to a panel of semi-final judges. These judges will select the top five teams to advance to the UH BPC finals in late April. In order for the team to receive the Realize grant, it must provide the PACE office with official documentation of incorporation. It will then be awarded $1,000.
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