Students, alums invited to enter best
business plan contest
MURFREESBORO — MTSU students, alumni and others looking to
get that great business idea off the ground have an opportunity to do so
through a university-sponsored business plan competition.
The competition, which includes
seed money to the top two winners, is offered through the Wright Travel Chair
in Entrepreneurship in MTSU’s Jennings A. Jones College of
Business. Although the deadline to submit online entries isn’t until late
February, organizers are encouraging anyone interested in participating to get
started on their submission now.
“The competition is really a
mechanism to try to get people to start writing things down, to think through
the process,” said MTSU professor Bill McDowell, chair holder of the Wright
Travel Chair in Entrepreneurship.
Any enrolled MTSU students or MTSU
alumni can participate. A team can consist of one or more contestants and can
include nonstudents, but there must be at least one MTSU student or alumnus on
each team. That person will be responsible for making key presentations during
the course of the competition and should be included in top management for the
proposed business.
“The student or alum must be
extremely involved in the plan,” McDowell said.
An added incentive to enter the
contest is the seed money awarded to the top plans. The first place prize is
$7,500, while the runner-up will receive $5,000. The multi-stage competition
also includes training on writing business plans and mentoring, with top
winners selected in spring 2015.
Applications and submissions are
due by noon Feb. 26, 2015, but McDowell encourages contestants to get started
now on the online application process, which begins with submitting a “new
venture profile” that summarizes the business idea.
Students and alumni can get more
information by visiting www.mtsubusinessplan2015.istart.org
or by visiting mtsu.edu/entre/wright_travel.php.
“This is an attempt to stir innovation
and creativity in students and alumni to start thinking about what they might
have in the backs of their minds,” McDowell said. “To try to get those from an
idea that’s stuck inside to an opportunity that they may try to act upon.”
The competition was started in
2013 to encourage entrepreneurship in the region. It is designed to help
students and alumni in launching new business ventures, including for-profits,
not-for-profits, corporate entrepreneurship and social enterprise.
“The Jones College provides
opportunities like this so that our students get the kind of hands-on
experiences and soft skills needed to have successful careers,” said Dr. David
Urban, dean of the Jones College.
McDowell, who taught
entrepreneurship at East Carolina University for eight years before coming to
MTSU a year ago, said potential participants should think about a need in the
marketplace that they think they can fill and turn into a sustainable business.
The Midstate is a perfect area to
do this, McDowell added, because of the overall positive economic climate as
well as the strong support from local chambers of commerce and the availability
of resources such as the Tennessee Small Business Development Center at MTSU.
“I like the progressive and
entrepreneurial attitude that seems to pervade this entire Middle Tennessee
area,” he said. “We live in an area here in Middle Tennessee where there’s
really a lot of growth and a lot of opportunity for new startups, whether
they’re in retail or manufacturing or service.”
McDowell emphasized that the
competition isn’t limited to business students, and organizers expect to get
multiple entries from students and alumni whose expertise and background are in
other disciplines.
“I expect a huge number of
submissions to come from all across campus,” he said. “There’s a lot of
creative departments, majors and colleges … where there are going to be some
unique ideas.”
After an initial screening round,
participants will go through a sort of entrepreneurial boot camp, McDowell
said, where more specifics will be shared about what’s needed in the business
plan and how to put together presentations for potential stakeholders and
investors.
Later, there will be a tradeshow
round where judges will narrow down the field to the top three or four entries.
Mentors will then be assigned to the teams to help them polish their
presentations and business plans for final evaluation by judges.
Organizers say the process will
allow students to enhance their learning experience, gain feedback on ideas,
develop networks and expose their ideas to potential investors. Early-stage
company investors, entrepreneurs and business leaders from the Midstate will
judge presentations by the finalist teams.
“We’re seeing so many new ideas
popping up. It comes down to the creativity and innovation, but also your
willingness to put in the hard work,” McDowell said. “Being an entrepreneur can
be very rewarding because you get to reap the rewards of your success, but at
the same time you’re the one taking the risks.”
Other prizes and awards will be
given during the competition. For more information, visit http://mtsu.edu/entre/wright_travel.php.
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