Wednesday, Feb. 20, is the deadline for UT students and employees to enter the ninth annual business plan competition sponsored by the UT College of Business and Innovation.
The top prize: $10,000 to help make that business idea a reality.
“We are looking forward to seeing the creative array of entries from all campuses,” said Dr. Sonny Ariss, professor and chair of management. “This business plan competition has been growing for eight years, and we expect that success to continue.”
“This annual competition is a marquee event for the University and the College of Business and Innovation,” Dr. Anne L. Balazs, dean of the UT College of Business and Innovation, said. “I am excited to be part of this competition that supports innovation, rewards creative thinking, and encourages entrepreneurs.”
Competition entries must be submitted using Lean Launch Pad concepts, which enable people to develop their business model upon nine basic building blocks: customer segments, value propositions, channels, customer relationships, revenue streams, key resources, key activities, key partnerships and cost structure.
“The College of Business and Innovation is again ready to offer guidance to help teams effectively implement their plans, emerge beyond the University, create jobs, and enhance area economic growth,” Ariss said.
There is no cost to enter the competition. Registration must be completed online. Winners must prove that they have formed an LLC or S Corp in order to receive a financial award.
The UT College of Business and Innovation is providing the following prize money:
• First place: $10,000 (sponsored by Owens-Illinois Inc.);
• Second place: $5,000 (sponsored by the William and Paula Fall Business Plan Award Fund); and
• Third place: $2,000 (sponsored by PNC Bank).
The timeline for the 2019 competition is:
• Those planning to enter the competition are invited to attend a question-and-answer session Wednesday, Feb. 6, from noon to 1 p.m. in the PNC Entrepreneurship Lab, located in Savage & Associates Business Complex Room 3100.
• Entries must be submitted by Wednesday, Feb. 20.
• Finalists will be announced Wednesday, March 20.
• Finalists will make an oral presentation about their business using the business model canvas Friday, April 12, between noon and 5:30 p.m. in the PNC Entrepreneurship Lab in Savage & Associates Business Complex Room 3100.
• Winners will be announced Friday, April 19.
The competition is open to all UT students, faculty and staff, while alumni can participate as a member of a team involving current students, faculty or staff.
To register or for more information, go to UT College of Business Administration website.