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Judges to announce top 20
teams in business contest
By Matt Poston
Staff
Writer
The culmination of a competition
is quickly approaching for participants of the Burton D. Morgan Entrepreneurial
Competition.
On Wednesday, competitors
will find out who will move on to the next level of judging.
"The 42 teams who have
submitted plans to internal judges are anxiously awaiting the outcome
of the judges' evaluations. The top 20 teams will be invited to hone
their business plans for the next level of judging," said Pat Fletcher,
secretary to the director of the Krannert Entrepreneurship Initiative.
Participants in the competition
submitted a three to five page "mini business plan" outlining
the students’ plans for a start-up company, said Juan De La Torre,
a graduate student assisting the director. The idea of the competition
is to expose student ideas to professors and outside professionals who
judge the business plans based on the likelihood of success.
A lot is at stake for participants,
with nearly $50,000 in total prize money awarded to the finalists and
$20,000 going to the winners. The money is to be used to help start
the winning business idea.
"This competition is
tied with MIT (Massachusetts Institute of Technology) for prize money
awarded by this type of competition," De La Torre said.
De La Torre and Fletcher
both agreed that there is a wide array of ideas in this year’s
competition.
"Many seek to take advantage
of the Internet to promote their business, while others offer their
consulting services or new products," Fletcher said.
The next step for qualifying
teams is judging by outside judges, most of whom are venture capitalists
and experienced entrepreneurs, to select the five teams who will participate
in the final competition.
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