DELAWARE, Ohio – Ohio Wesleyan University launched a new American Entrepreneurship Competition on Monday.
The competition is open to entrepreneurs of all ages and from all regions, with a total prize pool of approximately $500,000.
The competition has both a Student and a Professional division. The Student division is for current college students and those due to graduate in 2024. The Professional division is for everyone else.
The first-, second- and third-place winners in each category will receive a cash investment and be incubated at OWU’s Delaware Entrepreneurial Center, where they will have access to intellectual capital and services to develop their business ideas.
“Ohio Wesleyan University was founded almost 200 years ago with an entrepreneurial spirit,” said Phil Smith, director of OWU’s Delaware Entrepreneurship Center. “This competition is an opportunity for us to build on this natural strength and help others build their own business legacies. Winners will receive the expert advice and support they need to forge their own path and launch a successful company.”
Up to 10 teams, both student and professional, will be selected to compete in the live competition on Sept. 26. Semifinalists must be able to travel to the OWU campus to compete, Smith said.
Judges will announce the top three winners from each track on the day, with final rankings announced at the Ohio Wesleyan University Homecoming & Family Weekend celebration on October 5. The winners will receive cash prizes worth $100,000, $75,000 and $50,000, respectively. Judges will also award $5,000 to the fourth and fifth place winners in each category, as well as special awards such as Best “Elevator” Pitch and Most Sustainable Business.
Contest entrants must be able to submit the following:
- A business plan may include an executive summary, industry overview, market analysis, sales and marketing plan, management plan, operational plan, financial plan, etc.
- Media materials such as company logo, social media links and a 100-word company description.
Applicants must be able to answer a series of questions, such as:
- What primary and secondary markets are you trying to serve?
- Has your startup generated any sales revenue? How much?
- Has your startup been funded? How much and what type of funding did you receive?
During the live competition, semi-finalists will give a 60-second elevator presentation and a five-minute full presentation to the judges, who will then hold a three-minute Q&A session to determine the feasibility and potential of each plan.
“The American Entrepreneurship Competition at Ohio Wesleyan University provides all participants with valuable experience in preparing, presenting and answering questions about their business plans,” said Smith. “We can’t wait to welcome the USEC winners to OWU’s Delaware Entrepreneurship Center and help them tackle the challenges, build their businesses and get closer to achieving their goals.”
Contest entries close at midnight on August 15th. Enter here.
Above: Delaware Entrepreneurship Center at Ohio Wesleyan University. (Photo by Paul Vernon)
Published by The Business Journal, Youngstown, Ohio.
