It's the kind of opportunity any one with a good idea wishes for: Two minutes to pitch that idea to someone who can help finance it.
Members of 29 student teams from 23 universities will get an elevator ride's worth of time to talk up their business ideas as they compete next week in the Babcock Graduate School of Management's 10th Annual Elevator Competition, held near Wake Forest University (N.C.).
During the two-minute elevator rides, teams will pitch original business ideas to judges, many of whom are real-life venture capitalists. A free public discussion event, “Thoughts From a Serial Entrepreneur,” will be held on campus in conjunction with the competition.
Stan Mandel, executive professor and director of the Angell Center for Entrepreneurship at the Babcock Graduate School of Management, as well as the competition’s co-founder and faculty adviser, says that the competition remains as relevant today as it was when launched in 2000. “The Elevator Competition has consistently evolved to meet the interest of students and the demands of society. We now focus on the rising interest in new ventures that address societal social causes – a real hot button of college students. And we continue to offer our traditional track for those interested in pursuing ventures in biosciences, nano technology, social networking and other domains.”
Teams with the best elevator pitches will proceed to make a 20-minute “board room” presentation on their business plans. The Traditional-track winning team will be awarded a cash prize of $10,000, while the Social Entrepreneurship competition winner will receive $5,000. Also, about $65,000 worth of legal and marketing services will be split between the two winners, Morse said.
Besides Wake Forrest, participating universities are: Yale University; University of Illinois at Chicago; Rice University; University of Delaware; Brigham Young University; Illinois Institute of Technology; University of Cincinnati; Cornell University; University of Arkansas; College of Business, University of Louisville; University of Michigan; Carnegie Mellon University); Colorado State University); Johns Hopkins University; University of Virginia, Darden Graduate School of Business; Northwestern University Kellogg School of Management; Texas Christian University; Colorado State University; Baylor University; Kennesaw State University; Georgetown University; George Washington University; and Baruch College.
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