The Delaware Entrepreneurship Center at Ohio Wesleyan University will launch its national business plan competition on July 1. Entries for the competition, the largest in Ohio, will be accepted through August 15.
Photo by Paul Vernon
Ohio Wesleyan University launched its new American Entrepreneurship Competition on July 1. Open to entrepreneurs of any age or location, the competition is the largest business plan competition in Ohio, with a total prize pool of nearly $500,000.
The United States Entrepreneurship Competition (USEC) at Ohio Wesleyan University has both student and professional tracks. The student tracks are for students currently attending college and those graduating in 2024. The professional tracks are for everyone else. First, second and third place winners in each category will receive a cash investment and be incubated at OWU’s Delaware Entrepreneurship Center, where they will have access to intellectual capital and services to develop their business ideas.
“Ohio Wesleyan University was founded with an entrepreneurial spirit nearly 200 years ago,” said Phil Smith, director of the OWU Delaware Entrepreneurship Center, a first-of-its-kind collaboration between the university, Delaware City and Delaware County. “This competition is an opportunity to build on this innate strength and help other companies build their own business legacies. Winners will receive the expert advice and support they need to move forward and launch successful companies.”
Those interested in competing in the USA Entrepreneurship Competition at Ohio Wesleyan University should apply by midnight Aug. 15 at www.owu.edu/USEC. Up to 10 teams — students and professionals — will be selected to compete in the live competition on Sept. 26. Semifinalists will need to be able to travel to the OWU campus in Delaware, Ohio, to participate in the competition, 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 other special awards such as Best “Elevator” Pitch and Most Sustainable Business.
Applicants for the American Entrepreneurship Competition at Ohio Wesleyan University must be able to submit the following:
• A business plan, which may include an executive summary, industry overview, market analysis, sales and marketing plan, management plan, operational plan, and financial plan.
• 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 looking to serve?
• Has your startup generated sales revenue (how much?)
• Has your startup received funding (how much and what type)?
During the live competition, semi-finalists will give a 60-second elevator presentation and a five-minute full presentation to a panel of expert 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.”
Additional information about the contest, including access to the entry form, is available online at www.owu.edu/USEC .
The Delaware Entrepreneurship Center at Ohio Wesleyan University (70 S. Sandusky St., Delaware), which opened in 2018, is the first liberal arts business accelerator and a first for a city, county and education partnership. Benefits include connecting members with Ohio Wesleyan student interns who can help with accounting, data analysis, event planning, graphic design, market research, volunteer coordination, website creation and more. As they work, students also gain hands-on experience to realize their personal entrepreneurial ambitions.
To learn more about OWU’s Delaware Entrepreneurship Center and all the opportunities for aspiring entrepreneurs, visit www.owu.edu/DEC.
Submitted by Ohio Wesleyan University.
