Formerly known as the G. Steven Burrill Business Plan Competition, the New York Times lists the event among top campus competitions. The competition began in 1998 as the UW TEC Prize, and from its inception, it helped to hundreds of student teams to de-risk venture ideas. Several Madison area companies have ties to the contest.

Beginning in 2019, the Wisconsin School of Business and Initiative for Studies in Transformational Entrepreneurship have suspended the competition in order to further develop and expand their support of innovation and business competitions available across the university.