Challenge Overview

As Illinois’ first scholarship competition of its kind, the Illinois Retail Challenge Scholarship Competition strives to ignite the spirit of entrepreneurship and innovation among the state’s high school students. This exciting initiative offers a unique pathway to mentorship and deep exposure to the vibrant retail economy, empowering students to collaborate with local merchants, tackle real-world business challenges, and compete for valuable scholarships.

The goal of this business competition is to connect students with Illinois retailers to inspire and support high school seniors who are passionate about business, entrepreneurship, retail, and making a positive impact. We are looking for students who can present a creative, viable, and impactful business idea.

Illinois high school seniors will form teams of 2-4 students and collaborate on a pitch presentation and video in response to the retail prompt. A handful of teams will earn the chance to present their pitch to leaders from the participating retailers in an award ceremony/selection event with the top teams earning up to $60,000 in scholarship funds.

Scholarship Award Levels

• First Place Team Award: $60,000 divided equally among team members.
• Second Place Team Award: $40,000 divided equally among team members.
• Third Place Team Award: $20,000 divided equally among team members.
• Honorable Mention Awards: $1,000 per student

Eligibility

Students must be current high school seniors attending an Illinois high school and planning to attend a postsecondary institution.

Application Requirements

Each team of students who meets the eligibility requirements will apply by submitting an application package which includes an essay, presentation slide deck and video. Students will also be asked to submit a headshot.

The Business Challenge (Essay/Proposal)

Outline a written business idea that addresses one of the two challenge prompts. Your idea and narrative should include the following:

1. The Problem: Clearly identify the problem your business solves.
2. The Solution (Product/Service): Describe your proposed business, product, or service.
3. Target Market: Who are your customers?
4. Impact: How will your business make a positive impact on your community or the world?
5. Next Steps: What are the three most critical actions you would take to launch this business?

Click the buttons below to view the two challenge prompts – one from Kroger and the other from Walgreens – and choose which your team would like to address.

Pitch Presentation Deck Requirements:

1. Your pitch presentation deck should be submitted as a PowerPoint or PDF.
2. Limited to 20 slides that include the 5 topics above addressing one of the two challenge prompts presented.
3. Title page should include: IRMA Retail Challenge Scholarship Competition with team member names and high school name.

Scholarship Terms & Conditions

By submitting this application, the applicant and their parent/legal guardian (if the applicant is a minor) agree to the following terms:

• Award Amount: The scholarship award for each winning team will be divided equally among the team members.
• Use of Funds: The scholarship funds must be used within the first year (12 months) immediately following the applicant’s high school graduation date.
• Qualified Expenses: The funds may be used for any educational expenses at an approved postsecondary institution, which includes, but is not limited to, tuition, fees, books, supplies, and on-campus room and board.
• Postsecondary Institution: An “approved postsecondary institution” is defined as any accredited college, university, or trade/vocational school that grants degrees, certificates, or other recognized educational credentials.
• Disbursement: Funds will be paid directly to the approved postsecondary institution upon presentation of proof of enrollment by the award recipient. If the funds are not claimed (i.e., the student does not enroll) within the first-year post-graduation, the scholarship award will be forfeited.
• Taxes: The award recipient is responsible for any applicable federal, state, and local taxes associated with the scholarship award.

Video/Photograph Release

I hereby grant the Illinois Retail Merchants Association (IRMA), as well as all IRMA member companies, the irrevocable right and permission to use photographs and/or video recordings of me on other websites and in publications, promotional flyers, educational materials, derivative works, or for any other similar purpose without compensation to me.

I understand and agree that such photographs and/or video recordings of me may be placed on the Internet. I also understand and agree that I may be identified by name and/or title in printed, Internet or broadcast information that might accompany the photographs and/or video recordings of me. I waive the right to approve the final product. I agree that all such portraits, pictures, photographs, video and audio recordings, and any reproductions thereof, and all plates, negatives, recording tape and digital files are and shall remain the property of IRMA.

I hereby release, acquit and forever discharge IRMA, and IRMA member companies, from all claims, demands, rights, promises, damages and liabilities arising out of or in connection with the use or distribution of said photographs and/or video recordings, including but not limited to any claims for invasion of privacy, appropriation of likeness or defamation.

I hereby warrant that I am eighteen (18) years old or more and competent to contract in my own name or, if I am less than eighteen years old, I have provided the email address of my parent or legal guardian below to sign the release form below.

This release is binding on me and my heirs, assigns and personal representatives.