September launches the fourth annual WV Statewide Collegiate Business Plan Competition hosted by the West Virginia University Entrepreneurship Center. The competition allows students, working as individuals or teams, the opportunity to submit a business idea to be evaluated by a panel of professors, venture capitalists, experienced entrepreneurs, high-tech industry leaders, CPA's, and business lawyers.
Full time students attending a West Virginia college or university are eligible regardless of rank or major. Two winning teams will win $10,000 and services to start the business in West Virginia.
Entries are divided into two categories:
· Innovation - The introduction of something new and useful, for example, introducing new methods, techniques, or practices, or new or altered products and services. This usually involves some type of new intellectual property.
· Lifestyle - These products or services are already a part of daily life. Each team must select the category in which they will compete.
The process extends through the entire academic year, consisting of three elimination rounds, and culminating in April. Feedback and instruction are given for each round so it is not necessary for students to have any business background to enter.
Round 1:
Requires a 3-5 page summary of a business idea. These will be scored by a panel of judges using a scoring rubric and up to ten teams in each category will be selected to advance.
Requires a 3-5 page summary of a business idea. These will be scored by a panel of judges using a scoring rubric and up to ten teams in each category will be selected to advance.
Round 2:
Consists of three levels. First each team will submit a written feasibility study. Next. each team must will travel to the West Virginia Entrepreneurship Initiative Conference where they will present a two minute elevator pitch of their business idea to the conference attendees who will score the ideas. Then each team will participate in a series of interviews with business professionals to discuss their ideas. The top five teams in each category will advance to the final round.
Consists of three levels. First each team will submit a written feasibility study. Next. each team must will travel to the West Virginia Entrepreneurship Initiative Conference where they will present a two minute elevator pitch of their business idea to the conference attendees who will score the ideas. Then each team will participate in a series of interviews with business professionals to discuss their ideas. The top five teams in each category will advance to the final round.
Final Round:
Finalist teams are provided with comprehensive instruction and support in developing a complete business plan for their idea. They are provided al business coach to mentor their team and receive a stipend of $1,000.00 to work on their business. Each finalist team submits a 20 page business plan to a panel of judges and then makes an oral presentation to the panel.
Finalist teams are provided with comprehensive instruction and support in developing a complete business plan for their idea. They are provided al business coach to mentor their team and receive a stipend of $1,000.00 to work on their business. Each finalist team submits a 20 page business plan to a panel of judges and then makes an oral presentation to the panel.
Last year 90 teams from 10 different West Virginia Schools participated. In addition almost 100 members of the business community volunteered or sponsored this event. Support of the business community is the single biggest ingredient to our student’s success. If you would like to find out more visit www.be.wvu.edu or become a fan of the WV Statewide Business Plan Competition on Facebook. To volunteer contact Mindy Walls at mfwalls@mail.wvu.edu
Post new comment