The Center for Entrepreneurship has announced that the deadline to submit business plans for the 2006 BYU Business Plan Competition will be 10 a.m. on Feb. 21. The center will give away more than $100,000 cash and in-kind services during the 14th annual event.
The competition is an opportunity for teams to present new ideas or start-up companies to investors and venture capitalists.
“The BPC really does two things: helps validate and complete your business idea, and it’s a chance to raise money,” said Joe Atkin, Business Plan Competition director. “Our winner last year raised $2 million in less than a week. When you win or place well in BYU's BPC, investors know your plan is legit.”
Participation across campus is encouraged. The semifinalists from last year’s competition included students from mechanical engineering, nutrition, computer science, humanities, chemical engineering, business, accounting, entrepreneurship and MBA programs.
“The Business Plan Competition is not just for business students, it is for everyone,” Atkin said. “Any student with any background may have a great idea and we encourage them to enter the Business Plan Competition and make it a reality.”
The judging for the competition will be based on how well the business plan understands the market, provides detailed evidence of potential success and is backed by a motivated team.
The BYU Business Plan Competition has helped jumpstart a number of successful companies, including 1-800-Contacts, uSight and Property Solutions, LLC.
The Center for Entrepreneurship and the BPC have helped BYU create one of the best programs in the nation for entrepreneurs. In 2003, Entrepreneur magazine listed BYU as one of the top regional programs in the nation. The 2003 BPC winner went on to win Fortune Small Business magazine’s first nationwide business plan competition, beating out entrants from 49 of the top 50 business schools in the nation. Success in national competitions has continued with teams from BYU making the finals at events in Texas, North Carolina and Idaho last year.
For more information, log on to http://bpc.byu.edu or visit the Center for Entrepreneurship in 470 Tanner Building.
Writer: Elizabeth Kasper