Annual Student Business Plan Competition Begins

MORGANTOWN — The West Virginia University Entrepreneurship Center in the College of Business and Economics is preparing for the eighth annual Student Business Plan Competition.

The competition gives students the opportunity to submit a business idea to be evaluated by a panel of professors, venture capitalists, experienced entrepreneurs, high-tech industry leaders, certified public accountants and business lawyers.

For the fourth consecutive year, the competition is reaching out statewide to allow students from any West Virginia college or university to participate.

Participants can enter as individuals or as a team, but all participants must be enrolled as a full-time student at a college or university in West Virginia. Additionally, all entrants must plan to locate their business in West Virginia.

“It truly doesn’t matter what age, what major or where you go to school,” said Mindy Walls, director of the WVUEntrepreneurship Center. “All that really matters is that you have an idea and that it’s viable.”

Entries are divided into two categories: Innovative and Lifestyle, with a $10,000 grand prize awarded to the winning team in each category. Each grand prize also includes professional services to assist in starting the business.

The competition includes three rounds. The first round consists of submitting a three to five page summary of a business idea. Deadline for this round is at 12 p.m. on Sept. 29.

The top 10 semi-finalists teams from each category will be announced Oct. 16. A feasibility plan is due less than a month later on Nov. 13.

The second round will take place Nov. 18 at the West Virginia Entrepreneurship Initiative conference in Bridgeport, W.Va. Round two has three components: written, presentation and interview. Teams will present two-minute “elevator pitches” on their feasibility plans then participate in one-on-one interviews with the judges.

“All the judges are from the business community, not professors. This gives students the opportunity to interact with real professionals and get valuable feedback,” Walls said.

Round two will end with the selection of five finalist teams in each category. Finalists will then take part in a comprehensive entrepreneurship education program, which includes working with a business coach who will help mentor them. At this stage, each team will receive a $1,000 stipend to help develop its plan.

The final round of the competition is set for April 10. Each team will be judged on its submitted final business plan and oral presentation.

“It’s interesting to see the evolution of the competition from the beginning business plan proposals to the final round,” said Walls. “By this round, we’re looking at committed individuals who will actually use the $10,000 to start their business.”

Almost 100 business leaders throughout West Virginia are expected to assist in this year’s competition. This gives participants a unique opportunity to network with contacts that can help get their business started.

Over the past three years, 13 of the 30 finalist teams have started real businesses.

Competition registration and entry are due Sept. 29. For more details on the Student Business Plan Competition, along with guidelines and rules for entering, visit the Student Business Plan Competition Web site at http://www.be.wvu.edu/bpc.