Northern Michigan University students, regardless of academic major, are invited to participate in the second annual New Business Venture Competition. Individual students or teams are eligible to compete for $10,000 in cash prizes.
The first step in the competition—an “intent to compete” form that summarizes the idea—must be completed by Thursday, Oct. 30. 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.
On April 16, finalists will present their business plans via three activities. 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, which is composed of 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.
The competition is sponsored by the College of Business to encourage entrepreneurial activism. Students must propose business ventures that will be financially profitable and create new jobs by drawing on their own ideas and inventions or those of others.
For more information and the intent to compete form, visit www.nmu.edu/business and click on the new business venture competition link under “news and information.”