The Innovation and Entrepreneurship Institute began another year-long Business Innovation Competition. This collaborative effort with the Fox Business School has four stages.
|“Many people have so many brilliant ideas, but they don’t realize how valuable they are.”
a former innovator and current coordinator
During the first segment of the competition, the Idea Competition, competitors submit summaries on their ideas.
At the next stage, the Feasibility Plan/Proof of Concept stage, participants must present a report stating the practicality of their idea.
In the Business Plan/Prototype phase, contestants offer complete business plans or prototypes with papers specifying business potential. Finalists in this category receive an invitation to present their ideas at the final stage of the competition.
The concluding stage is the Venture Fair where students present their ideas to area venture capitalists. At this phase, capitalists may opt to invest in the business plans.
There are workshops, mentors and staff available to help contestants throughout the competition.
Student innovators Andrea Chen and Amy Chou made an idea a reality last year through the competition. Chen and Chou designed a business called C My Pet. C My Pet was designed to allow traveling business people to see their pets online. The pair won second place in the competition and are still working on their idea.
“We are really looking forward to turning it into a real business,” Chen said. “I really appreciate the resources, help and network introduction by IEI.”
Chen, a second year MBA/MS E-Business student, was so impressed with the activity at the Innovation and Entrepreneurship Institute that she opted to stay on and coordinate the project this year.
Chen said before the invention of the institute there were many ideas, but no resources to support them.
“IEI brings ideas and resources together,” said Chen.
Most importantly, she said this competition serves as guidance for the real development of business plans.
“Many people have so many brilliant ideas, but they don’t realize how valuable they are,” Chen said.
Chen also encourages people to remember, “once an idea is on paper, it can be shaped.”
Senior public relations major and Executive Assistant for the Institute Jhae Thompson said that the whole focus of the Innovation and Entrepreneurship Institute is on this competition.
“We are a contact between the business world and the academic world,” said Thompson. She also said that the institute wants these ideas to become actual businesses.
All students, alumni, faculty and staff can participate in the competition.
To become involved in the Business Innovation Competition, contact IEI Executive Director Geri Perkins or Associate Director TL Hill at 215-204-7260 or 215-204-3079.