Business plan competitionReading Time: 2 minutes
The Utah Valley State College "Business Plan Competition" is a competition that is available to all UVSC students. Teams will present a business plan to a panel of judges.
The judges determine the winner by a list of criteria: company, product and service, marketing strategy, management team and financial strategy.
Winners will receive a cash reward and the opportunity to implement their business ideas.
The registration deadline is Nov. 10 and the final proposals are due Jan. 28. Once judging is completed, five finalists will be presented Feb. 4. These finalists automatically qualify for the Utah entrepreneur challenge in 2008.
"I encourage everyone to apply," Silvia Lobendahn assisant to the Entrepreneur Institute said, "even business majors that just had to write a plan for a class […] They gain experience and see what other people are doing, or they might have a wow idea and come out with money."
The UVSC business plan competition has been organized by the Entrepreneurship Institute, as well as multiple student volunteers-with a day-to-day student director to assist, and a team of directors who receive advice from a board of cooperate professionals and faculty members.
"The competition fosters and promotes business growth at the college and university level," read the UVSC entrepreneur’s club Web site, "by giving students a chance to organize, direct and present a business idea to a panel of judges." The entrepreneur’s club also has workshops, forums and mentors to help teams prepare. "We connect the people to where they can find the resources and educate them," Lobendahn said.
The first place winner of the competition will receive $3,000; the second and third place winners both receive $1,000 each; fourth through tenth, $100 each. Some prizes include office space in the UVSC "Student Incubator," which provides telephone lines, Internet, copy machines and fax.
A team can be made up of students, professionals, family members or faculty, but must have at least one UVSC student who is enrolled with at least nine credit hours. It is important that a team be knowledgeable in accounting, finances, marketing and technical skills. The company a team is presenting cannot be more then two years old, have revenues in excess of $100,000 or have external equity funding.
For more information about UVSC business plan competition or the entrepreneur’s club, check out www.uvsc.edu/eclub