Daily Local News (West Chester, PA)
WCU looks for next great business idea
University, area SCORE chapter holding 5th annual Business Idea Competition to help budding entrepreneurs at the school
West Chester University and SCORE are holding the fifth annual Business Idea Competition.
WEST CHESTER >> Last year’s winner wanted to do something for people suffering from medical conditions that make it hard to swallow. So she started a company that makes pureed foods look like regular food, giving them the chance to dine with friends and family in a more normal setting.
The previous year’s winner grew disenchanted with the way she was treated by male car mechanics. So she started
“The goals of the competition are to foster idea generation and to facilitate commercialization of business ideas.” – from release by event organizers
a business that employs all female mechanics – and has turned her waiting room into a nail salon.
It is that kind of innovation West Chester University will recognize with cash prizes this year for the fifth time as it holds its 2017 Business Idea Competition.
“It’s been a real good program,” said John Lippman, co-chairman of the Chester and Delaware County SCORE chapter, which assists the university in organizing the competition. “The contest is good preparation for bigger competitions” and the chance to gain more funding from angel investors.
Co-hosted by the Dr. Edwin Cottrell Entrepreneurial Leadership Center and the Keiretsu Forum Mid-Atlantic, the 5th Annual WCU Business Idea Competition “promotes creativity and idea generation by recognizing innovative ideas for new products, services, and technology,” organizers note. “The goals of the competition are to foster idea generation and to facilitate commercialization of business ideas.”
Organizers are now looking for entries from four separate categories:
• West Chester University undergraduate students;
• West Chester University graduate students and alumni;
• West Chester Area School District high school
students;
• Professionals: members of Greater West Chester Chamber of Commerce, clients of SCORE Chester & Delaware County, and West Chester University faculty.
Ideas will be reviewed by business angels – investors in startup companies – and business advisors, Lippman explained. The top ideas submitted by March 6 will be selected for the April 19th Business Idea Pitch event at West Chester University. Business experts and Keiretsu Forum Mid-Atlantic Angel Investors will judge the idea pitches. Winners will be announced, and awards will be presented at the conclusion of the Idea Pitch.
Ideas that have not yet been commercialized and that can be used as the foundation for a new business are eligible. The prizes are: • Grand Prize: $3,000 and the opportunity to present at the Keiretsu Forum Angel Capital Expo in October.
• First Place Prize: $1,000 in the undergraduate, graduate, and professional track.
• Second Place Prize: $500 in the undergraduate, graduate, and professional track.
• First Place WCASD Student: $500
• Second Place WCASD Student: $250
Lippman said the real prize for those serious about commercializing their ideas is the opportunity winners have to pitch them to angel investors, where much
higher investment amounts are possible.
Entries are to be submitted at www.wcubizideas.com.
In the entries, participants are expected to explain their ideas for a product, service or technology and how they can be used as the foundation for a new business. Instructions on the website advise competitors to:
• Describe the features and benefits of the product, service or technology. If known, what is the anticipated price per unit?
• List the direct and/or indirect competition for the product, service or technology.
• Identify who and/or what is the target market.
As the years have gone on, participants seem a bit more savvy from having watched the television show “Shark Tank,” where contestants similarly pitch their ideas for a chance to win financial backing in return for giving up some equity in their new endeavors.
“I would say it has” had an influence on the WCU competition, Lippman said of “Shark Tank.” “Mark Cuban is always saying not to give away your equity too soon. They seem to know what is expected.”
Questions can be emailed to Cottrellcenter@wcupa.edu or visit www.wcubizideas.com.