College of Business site of entrepreneurial contests this fall

September 12, 2012 | Events, UToday



The UT College of Business and Innovation will be the site of three business competitions this fall that could provide aspiring entrepreneurs — including UT faculty, staff, students and alumni — up to $10,000 to help launch their great business ideas.

The Savage & Associates Complex for Business Learning and Engagement will be the location for the first Startup Weekend Toledo, which will take place Friday through Sunday, Sept. 14-16.

This event, which already has been held in several major cities across North America, provides an opportunity for entrepreneurs to acquire both inspiration and the resources required for building and launching a viable company.

Concept pitching and team building will take place Friday; teams will be formed around concepts and various skills that are brought to the table, leaving the remainder of the weekend for strategizing and building a real business. Sunday night, the new business ideas will be pitched to a panel of judges.

“Although this is an independent event, the College of Business and Innovation is pleased to host the weekendlong activities in the Savage & Associates Complex for Business Learning and Engagement,” said Dr. Sonny Ariss, professor and chair of the Management Department. “The college is committed to outreach and engagement with the regional business community on many levels, so we found it a natural extension to open our doors to this next collection of emerging entrepreneurs.”

For more information, visit Toledo.startupweekend.org.

UT students, faculty, staff and alumni interested in entering the third annual Innovation Enterprises Challenge Business Plan Competition may do so online at utoledo.edu/business.

If you have a great business idea, this may be your chance to win up to $10,000 to help establish your business.

“The first two years of the business plan competition were a remarkable success through which we received more than 70 applications from across the UT campuses,” Ariss said. “We want to see these ideas and business plans effectively implemented, creating jobs and enhancing the economic growth of the region. The College of Business and Innovation stands ready to offer guidance to help these teams emerge beyond the University into the community.”

The college is conducting the business plan competition. Winners must prove that they have formed an LLC or S Corp in order to receive the financial award.

“The diverse and technologically oriented business plans we received in the first two competitions clearly demonstrate innovative thinking within the UT campus,” said Richard Stansley Jr. of UT Innovation Enterprises. “We are expecting another tremendous array of entries this year and trust the contest will continue to advance a creative culture of growth in all areas of the University.”

Innovation Enterprises at The University of Toledo is providing the following prize money:

• First place: $10,000;

• Second place: $5,000;

• PNC Bank Award: $2,000 (provided by PNC Bank); and

• Honorable mention: $500.

Applications may be submitted online at utoledo.edu/business.

The timeline for the 2012 competition is:

• Application workshop for those planning to enter the competition Friday, Sept. 28, from noon to 1:30 p.m. in the Savage & Associates Complex for Business Learning and Engagement PNC Entrepreneurship Lab, Room 3100.

• Entries must be submitted by Monday, Oct. 15.

• Semifinalists will be announced Thursday, Nov. 8, at the annual Entrepreneurial & Business Excellence Hall of Fame ceremony.

• Semifinalists will make oral presentations about their business concepts Tuesday, Nov. 27, between noon and 5:30 p.m. in the Savage & Associates Business Complex PNC Entrepreneurship Lab, Room 3100.

• Winners will be announced Tuesday, Dec. 4, at noon in the Savage & Associates Business Complex PNC Entrepreneurship Lab, Room 3100.

In conjunction with the UT College of Business, and simultaneously with the third annual Innovation Enterprises Challenge for the UT community, the Northwest Ohio Innovation Challenge will be held for the first time. It is sponsored by INCENU, Rocket Ventures and Ohio’s IT Alliance Inc., and offers prizes of $5,000, $3,000 and $2,000.

It is open to individuals and businesses in northwest Ohio and will be judged on the same dates and by the same judges as the third annual Innovation Enterprises Challenge.

Information and online entry forms also can be found at utoledo.edu/business.