Business Venture Competition Announced
The College of Business is inviting all NMU students, regardless of academic major, to participate in the New Business Venture Competition during the 2007-08 academic year. Individual students or teams will be eligible to compete for $10,000 in cash prizes.
The goal is to encourage entrepreneurial activism. Participants will draw on their own ideas to create new business enterprises. Students must propose business ventures that will be financially profitable and create new jobs. There are two phases of the competition.
Individual students or student teams will submit an “intent to compete” form by Thursday, Nov. 1. This form includes a summary of the new business venture idea. A faculty and staff committee will screen all submissions and select which entries will advance to the second part of the competition, which involves creating a detailed business plan.
In April, the finalists will present their business plans in three activities in the Peter White Lounge. They will showcase their products or services at a trade fair, deliver a 60-second "elevator pitch to win financial backing" from the judges and finish with a 15-minute presentation to the judging panel, comprised of five business representatives. The winners of the New Business Venture Competition will be announced that evening at a gala reception.
The following cash prizes will be awarded: $4,000 for first place; $2,500 for second; $1,500 for third; $500 for best trade fair presentation; and $500 for best elevator pitch.
For a compete list of rules, or the "intent to compete" form, visit New Business Venture.