Students who feel they have a great idea for a business will have the opportunity to make that idea a reality with the NMU College of Business’s ‘New Business Venture Competition.’ The competition will encourage students to create a business plan and eventually propose it to businessmen and bankers from the Marquette community to win prizes. “People successful in earning the prize money felt . satisfied that they had been able to take their business from an idea to an actual implementation, and that’s been a very positive situation for them,” said Ray Amtmann, a professor of business and director of this competition.
Students must come up with a proposal and submit it to the College of Business before Friday, Nov. 13. Finalists will then be selected at the end of November to be among those who present their ideas in April in the form of both an elevator pitch and a pseudo-trade fair, displaying their merchandise on a table to appeal to audiences. “They call it an elevator pitch because it’s like you got an elevator going up with an investor, and you’ve got till the floor they’re getting off on to sell your idea to them and convince them that they want to hear more,” Amtmann said.
The prizes include $4,000 for first prize, $2,500 for second and $1,500 for third place, as well as extra money if the person wins the elevator pitch or trade fair portions. Proposals, which are due in two weeks, are expected to be a thousand words or less in length and can be submitted online at www.nmu.edu/bizplancompetition. All students are welcome to compete, no matter their major. Questions can e-mailed to [email protected]