Northern Michigan University students from any academic major are invited to participate in the eighth annual New Business Venture Competition. Individual students or teams of up to five can compete for cash prizes totaling $9,000.
The first step toward participating is submitting an electronic “Intent to Compete” form and business proposal by 5 p.m. Wednesday, Nov. 12. Submissions then are reviewed by a faculty/staff committee and finalists will be chosen by the end of the fall semester to continue on to the second stage. Stage two involves creating a detailed business plan that abides strictly to competition guidelines and is submitted by Feb. 19. A small stipend is available for all participants to offset the costs of plan development.
The competition culminates on April 2 in a three-part event where participants present their business ventures to judges. The first activity is a trade fair where students couple descriptive models with supporting informational material. The second activity is a 60-second elevator pitch where one participant persuasively pitches the venture idea to a panel of judges, hoping to win financial backing. The final activity is a 20-minute oral presentation of the business plan to the judges, where participants can use props and/or electronic media. The winners will be announced following the completion of the activities.
This year, the cash prize amounts and consultation package awards will be given to the winners based on the judge’s evaluation of the viability and presentation of business plans. There will be additional cash prizes for best trade fair presentation and for best elevator pitch.
This competition is sponsored by the College of Business and is accredited by The Association to Advance Collegiate Schools of Business.For more information and the “intent to compete” form, visit www.nmu.edu/business.