Rules

Kellogg Real Estate Venture Competition – Rules 2025

1. ELIGIBILITY TO APPLY

   The Kellogg Real Estate Venture Competition invites applications from student teams by invitation only. Each team must have no more than six members. All members of the team must be students, with at least one member being a graduate student. All team members for a particular school must currently attend that school, although team members may be pursuing different degrees.

2. APPLICATION PROCEDURE

   Teams shall create a three-page executive summary of the real estate venture, highlighting the qualifications of team members, the idea, the investment sought, and the associated risk and reward. No venture should require less than $1 million in equity or more than $10 million in equity. The preference is that the equity shall be used for the purchase of physical real estate. Teams should email their executive summary (in PDF format), the names and contact information of team members, along with a resume and high-resolution photo of each team member to KREVC@kellogg.northwestern.edu. The deadline to apply will be 5:00 p.m. CT on March 7, 2025.
   

3. VIRTUAL PRELIMINARY ROUND

   Teams with the most compelling ideas will be invited to present virtually in a preliminary round, taking place on the morning of Wednesday, March 12. Each selected team will be allocated 15 minutes to present its venture idea to a panel of judges. The judging panel will have 10 minutes for questions. Teams will be notified of their spot in the preliminary round by 5:00 p.m. CT on Monday, March 10.
   

4. SELECTION OF FINALISTS

   Finalists will be selected from the virtual preliminary round and invited to present in person following the Kellogg Real Estate Conference at Northwestern University on April 30, 2025. A judging panel will evaluate proposed ventures on their originality, feasibility, and attractiveness for investment. Teams selected to compete in the final round will be notified by 5:00 p.m. CT on March 14, 2025.
   

5. REQUIREMENTS FOR COMPETITION FINALISTS

   Teams selected to compete in the final round at Northwestern University must submit the following to KREVC@kellogg.northwestern.edu by 5:00 p.m. CT on April 25, 2025:

   1. A final three-page executive summary in PDF format.
   2. A presentation file outlining the venture plan in PowerPoint format (not a PDF), which must include the desired terms of the proposed venture (i.e., fees, economic splits, and, if appropriate, company valuation and ownership being offered to investors). It must include the following slide (download and edit) with the relevant data added: "Financial Terms Slide".
   3. A two-page financial summary in PDF format.
   4. An Excel-based financial model that is formatted to print and has no more than ten pages.
   5. a one-paragraph summary of your venture.

   No changes to a team’s materials will be allowed after the due date.
   

6. JUDGING CRITERIA

   The competition is intended to function as, or simulate, the real-world process of real estate entrepreneurs soliciting equity funds from private equity investors and angels. The judges function as investors, deciding on which venture they will, or would most likely, fund. The CREATIVITY and FEASIBILITY of the idea, risk and return characteristics, scalability, strength of the management team, and clarity and persuasiveness of the oral presentation and written plan are the key criteria being judged. The teams will initially present in the virtual preliminary round. If this committee selects a team venture as a finalist, these final teams will present to the judging panel.
   

7. FINAL PRESENTATIONS

   The final round of the competition will be held in person on the morning of April 30, immediately following the Annual Kellogg Real Estate Conference. The presentation order of competing teams will be determined randomly. Each team at the competition will be allocated 15 minutes to present its venture idea. The judging panel will have 10 minutes for questions. Time limits will be strictly enforced.
   

8. AWARDS

   A panel of judges will determine the team that is the winner of the Kellogg Real Estate Venture Competition. The winning team will receive significant cash and in-kind prizes. The decision of the judges is final. Cash awards to each member of the winning team will be distributed via USPS after the competition. Tax information, including ID and Social Security Number and/or foreign citizenship information, will be required from each individual prior to cash distribution. Cash awards are considered taxable income by federal law.

   Cash awards are distributed as follows:

   • First place team: $15,000

   • Second place team: $7,500

   • Third place team: $2,500
   

9. FUNDING OF PROJECTS

   The Kellogg Real Estate Venture Competition judges and their firms collectively have more than $10 billion of equity capital to invest in real estate projects and ventures. Judges may, at their own discretion, decide to fund none, any, or all of the ventures presented at the competition. Winning the Kellogg Real Estate Venture Competition does not guarantee funding, and ventures that do not win the competition may receive offers of funding.
   

10. DRESS CODE

    Business dress is required on the day of the competition.
    

11. TRAVEL STIPEND FOR FINALISTS

The Guthrie Center for Real Estate Research will reimburse out-of-town student team members competing in the final round up to $500 per person. Qualifying expenses include airfare, hotel, food, and ground transportation. Detailed rules on reimbursement will be distributed after final teams are chosen.

DEADLINES & IMPORTANT DATES:

Friday, March 7, 2025– 5:00 p.m. (CT)

• Team venture idea submissions due.

Monday, March 10, 2025 – 5:00 p.m. (CT)

• Teams will be notified of submission results for a spot in the virtual preliminary round. Teams selected will be assigned a 25-minute time slot for the morning of Wednesday, March 12.

Wednesday, March 12, 2025 – 9:00 a.m. – 12:00 p.m. (CT)

• Teams will present their venture idea to a panel of judges on Zoom. Details to follow.

Friday, March 14, 2025 – 5:00 p.m. (CT)

• Teams will be notified of the preliminary round results. Teams chosen to compete in the final round at Kellogg will be sent registration and event details.

Friday, April 25, 2025 – 5:00 p.m. (CT)

• Final presentations due. Please submit the requested venture files electronically to krevc@kellogg.northwestern.edu. No changes to a team’s materials will be allowed after the due date.

 

Please contact KREVC@kellogg.northwestern.edu with any questions