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Mid Hudson Regional Business Plan Competition hosted by Marist College April 10, 2015 MHRBPC

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Presentation on theme: "Mid Hudson Regional Business Plan Competition hosted by Marist College April 10, 2015 MHRBPC"— Presentation transcript:

1 Mid Hudson Regional Business Plan Competition hosted by Marist College April 10, 2015 MHRBPC


3 Thank you for your hard work and support! Planning Committee David Gavin, Marist College Anthony DiMarco, Marist College Regional Champions Kathleen Boyle, School of Communication & the Arts, Marist College James Regan, School of Social and Behavioral Sciences, Marist College Kevin Callaghan, School of Computer Science & Mathematics, Marist College Maureen Cross, Mercy College Scott Willmen, Dutchess Community College Lissa Young, West Point Military Academy Kristin Backhaus and Lori Nutting, SUNY New Paltz Moira Tolan, Mount Saint Mary College Mary Sudol, SUNY Sullivan Susan Smith, Vassar College Mindy Kole, SUNY Ulster Don Urmston, SUNY Orange Michael Araujo, Dutchess Community College Annette Graham, Culinary Institute of America Cameron Rabe, Culinary Institute of America Eridania Quinn, Westchester Community College REGIONAL CHAMPIONS

4 Eligibility Requirements Open to all undergraduate and graduate students from accredited colleges in the Mid-Hudson region – Must have been enrolled during the 2014-2015 academic year Teams of 1-6 students Must have a faculty or staff advisor; offering guidance, support and technical expertise Ventures should fall into one of the following categories: – Biotechnology/Healthcare – Information technology/Software Development – Nanotechnology/Advanced Technology – Clean Energy/Sustainability – Products/Services – Social/Non-Profit Planning committee reserves the right to assign your idea into a different category based on the definition for the particular categories Students may not participate on more than 1 team each year of the competition Cumulative public and private capital raised may not exceed $100,000 Student ownership of the venture must be 100%

5 Categories o Biotechnology/Healthcare Any idea, technology, product, and/or service that relates to healthcare, biomedical, pharmaceutical, and/or life science applications. Examples: New method for testing pharmaceuticals, all-natural mosquito repellent, CPR training services, physical therapy massager. o Energy/Sustainability Any idea, technology, product, and/or service that relates to energy, clean energy, renewable energy, energy efficiency, environmental, and/or sustainability applications. Examples: Composting subscription service, LED manufacturing technology, lithium ion batteries, clean energy crowd funding service. o Information Technology/Software Any idea, technology, product, and/or service that relates to apps, informational technology, software, and/or internet applications. All teams using apps, regardless of the application and/or service that it offers, fall into the Information Technology/Software category, with the exception of apps supporting a social/non-profit enterprise. ***If the value that your company provides lies in the creation of or is delivered through an app, then you belong in this category. Examples: An app that helps pair potential roommates, a website/app that uses social media to collect payments from friends, a web service designed to tailor resumes for specific jobs, file sharing service. o Nanotechnology/Advanced Technology Any idea, technology, product, and/or service that relates to materials science, advanced hardware, semiconductors, optics, and/or electronics applications that are not applicable to Biotechnology/Healthcare and Energy/Sustainability. These products and processes have been likely developed after years of laboratory research and have patent protection. Examples: High-performance skis coated with nanomaterial, data transmission device, vibration detector. o Social Entrepreneurship/Non-Profit Any idea, product, and/or service that addresses a social need, for which profit is not the primary motivation, or provides a product/service for non-profits. If formed, the venture would be either a Benefit corporation or be eligible for 501(c) status. Apps and websites with non-profit missions should compete in this category. Examples: Selling a good or service that raises awareness and donates a significant portion of the revenues to a cause, organization that provides financial literacy training, cooperative non-profit coffee shop, bike trail, a website to connect community members with volunteer opportunities. o Products/Services Any idea, product, and/or service that does not fit any of the other categories falls into the Products/Services category. Examples: Workout equipment, bakery, brewery, dessert delivery service.

6 Prizes A maximum of two teams from each of the 6 categories will be invited to the statewide final competition held in Albany on Friday, April 24, 2015 Depending upon sponsorships, these teams will receive funding to attend the NYS competition What’s up for grabs at the state level? – Over $500,000 in cash and in kind prizes – Last year’s grand prize winning team took home $100K in cash and in-kind services 2014 Winners

7 New York State Competition info ncompetition.aspx

8 NYS Competition History

9 Since 2010, over 570 student teams have pitched their ideas and ventures at this competition. By the end of 2013, more than $800,000 in cash and in-kind prizes have been awarded to student entrepreneurs in New York. Participating Institutions Investor JudgesTotal Prizes 2010515$25,000 20111220$116,000 20122534$166,000 201357160$500,000

10 Additional Benefits Ventures are able to showcase their business/technology to an audience of seasoned business professionals and investors Network with potential investors, service providers, strategic partners, and seasoned executives Network with other like-minded entrepreneurs from cross NYS Gain valuable experience

11 2015 timeline Currently Applications accepted for regional competition- teams should begin fine tuning their ideas March 13, 2015 Application deadline March 13, 2015 – March 27, 2015 Committee externally evaluate applications March 20, 2015 Notify regional teams selected to present Teams work with mentors to refine pitch April 6, 2015 Final presentations due April 10, 2015 Regional Business Plan Competition April 24 2015 New York State Business Plan Competition

12 Judging Judges at the business plan competition rate participating teams based on the following criteria: Compelling Idea/Venture Founders & Team Pitch Quality Judging rubric categories: WHY YOU? Does the individual or team have the ability, skills, and passion to implement this business, non-profit, or produce the product or service? If this requires technology or production of a prototype, does someone on the team have the skill to do it? WHO CARES? Is there a market locally, nationally, or internationally for this product or service? If this is a social/nonprofit venture, is there a significant need begin met? Have the students spoken with prospective customers? SO WHAT? Does this team already have a venture in place and already operating? If this is a product or service do they have a prototype or have they already started offering the service? PRESENTATION and Q&A clear, concise and effective overview of the venture, product, or service. Ability to succinctly respond to judges' inquiries and give substantive answers.

13 Sample Format Company Name at the top of each slide 1.Mission and purpose 2.Business model 1.How will your business generate sustainable profits? 1.Value Proposition 2.Key strategies 2.Company history 1.When and why was the company formed? 2.What is the ownership structure; principal stakeholders 3.Product 1.Describe the product or service 1.Customer benefits 2.Differentiation from competitors 2.How to keep others out, barriers to entry (e.g. patents, proprietary process, competitive advantages, etc.) 3.Keep technical description to a minimum 4.Markets 1.Who are the key customers (Names, demographic profile, etc.) 2.Size of markets and growth rate 3.How to reach these markets 4.Other trends likely to influence market 5.People 1.Management team and relevant experience especially that which is related to start-ups 2.Industry experience 3.Other key people and advisors 4.Number, mix and capabilities of employees 6.Financial 1.Current sales/sales anticipated in 3 years (pricing and volume) 2.Margins 3.Relative to financing needs 1.How much is needed, and when 2.How will it be used 3.How it will be repaid to investors and/or debtors (if applicable) 7.Achievements to date 1.Important milestones 2.Next Steps

14 Case in Point: 2013 Grand Prize Team WordsEye

15 2014 1 st Place Products & Services KettleShell

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