![\"business-competition-poster-2017\"](\"http:\/\/news.utoledo.edu\/wp-content\/uploads\/2017\/01\/business-competition-poster-2017.jpg\")
<\/a>\u201cEvidence of the extensive appeal of this annual competition is found in the fact that the first-place winner of last year\u2019s competition was a UT music major, Mackenzie Miller, who claimed the $10,000 prize for her custom trumpet business, Miller Handcraft,\u201d Ariss noted. <\/p>\nDr. Gary Insch, dean of the College of Business and Innovation, said, \u201cThis annual business plan competition truly reflects our emphasis on supporting innovation, fostering creative thinking, and nurturing the entrepreneurial environment that is so essential for the economic growth of this region.\u201d<\/p>\n
\u201cEntrepreneurship is not only for people who want to start a business,\u201d Ariss said. \u201cCorporate America also looks for innovative thinking from their employees, so intrapreneurship within the corporate business structure remains important. This is demonstrated by the fact that the college continues to have corporate partners \u2014 Owens-Illinois, PNC Bank and Chuck and Ann Hodge \u2014 who contribute prize money for the winners of this competition.\u201d<\/p>\n
Ariss said competition entries must be submitted using Lean Launch Pad concepts, which enables 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.<\/p>\n
\u201cAs we have every year, the College of Business and Innovation is again ready to offer guidance to help these teams effectively implement their plans, emerge beyond the University, create jobs, and enhance area economic growth,\u201d Ariss added. <\/p>\n
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. <\/p>\n
The College of Business and Innovation is providing the following prize money:<\/p>\n
\u2022\u00a0First place: $10,000 (sponsored by Owens-Illinois Inc.);<\/p>\n
\u2022\u00a0Second place: $5,000 (sponsored by Chuck and Ann Hodge Business Plan Competition Fund);<\/p>\n
\u2022\u00a0Third place: $2,000 (sponsored by PNC Bank); and<\/p>\n
\u2022\u00a0Honorable mention: $500 (sponsored by PNC Bank).<\/p>\n
The timeline for the 2017 competition is:<\/p>\n
\u2022\u00a0Those planning to enter the competition are invited to attend a workshop session Monday, Feb. 6, from noon to 1 p.m. in the Savage & Associates Business Complex PNC Entrepreneurship Lab Room 3100.<\/p>\n
\u2022\u00a0Entries must be submitted by Monday, Feb. 27.<\/p>\n
\u2022\u00a0Finalists will be announced Friday, March 24.<\/p>\n
\u2022\u00a0Finalists will make an oral presentation about their business using the business model canvas Thursday, April 13, between noon and 5:30 p.m. in the Savage & Associates Business Complex PNC Entrepreneurship Lab Room 3100.<\/p>\n
\u2022\u00a0Winners will be announced Thursday, April 20.<\/p>\n
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. <\/p>\n