The Philadelphia Regional Entrepreneurship Education Consortium and its partners are excited to announce College Pitch Philly – a regional business plan competition for currently enrolled undergraduate students. Not only are students competing for a chance to win $15,000 in startup money, but they will receive valuable feedback regarding their business proposals from veteran entrepreneurs with the opportunity to connect with other students in the Philadelphia region. The deadline for students to submit their business proposal is December 15th, 2015. Additional details, criteria, and College Pitch Philly application can be found at: http://campusphilly.org/collegepitchphilly/.
On December 2, Ben Stucker met with students in the IEI Lab for a special presentation on how he won the 2015 BYOBB. With the winnings from the BYOBB, Ben further developed his company. RatesForUs, Inc. is a financial marketplace that helps consumers find the best deals on their mortgages. In order to best help students learn from his experience, Ben took them through his BYOBB presentation slide by slide and gave his best advice and tips: At the end, he emphasized these three points:
- Play by the rules to win the game. Ben shared that the BYOBB rules are very specific. If you want a real shot at winning, take the guidelines seriously and deliver exactly what is asked of you.
- You are allowed to not have all the answers. As long as you have the “meat and potatoes” of your business plan, it is okay to not have all the “sides.” Included in this should be validation that your idea is legitimate. This is a key component for undergrad competitors!
- Practice makes perfect. Come the day of, it is very obvious to judges and audience members who rehearsed their presentation and who didn’t. Preparing and practicing your presentation will only help you in the long run!
For more information on how you can compete in the BYOBB 2016, please click here.
Get started on your Be Your Own Boss Bowl business plan by signing up for your BYOBB mentor! The sooner you sign up, the more time you will have to work with your mentor to create a winning business plan. This year, the BYOBB will have cash prizes worth more than $160,000. Learn more about the business plan competition and how to sign up for your mentor here!
“Start early and use mentors, that’s my best advice” – Ellen Weber on the BYOBB competition
On November 18, Ellen Weber hosted the second BYOBB information session in the IEI Lab. Students filled the room to learn more about the exciting competition coming up in the spring. Many students were concerned that their ideas were not developed enough to enter into the BYOBB, but Ellen reassured them that this shouldn’t hold them back. As long as entries have a great business plan along with proof of concept, they have a chance of winning. As Ellen led the informational presentation, she took more questions from attendees and gave them some expert tips. At the conclusion of the workshop, ESA Executive Board members shared information about some cool events coming up in the next few weeks.
Be sure to check out the great coverage of the 18th Annual Innovative Idea Competition in The Temple News. Learn more about our finalists presentations and see some exclusive video footage from the event!
On November 11, Temple students and faculty swarmed to the Undergraduate Commons to watch the finalists present their ideas, Shark Tank style. Our panel of judges, Bethany Edwards, Glen Gaddy, Fred Berg and Zachary Thomson, came ready to fire the tough questions at our finalists. It was an exciting atmosphere to be a part of.
Our grand prize winner, Stephen Peduto of the College of Engineering, presented his idea of Quick Stabilizing Carbon. He wants to create a carbon fiber sleeve that can be used on broken bones rather than a traditional stint. His target customers included the armed forces and athletic associations, as they would benefit from the immediacy of this product in an emergency injury situation. One of the judges’ biggest questions was whether or not this product was a one size fits all solution.
Ka Bom Designs by Olawunmi Thomas-Quarcoo of Fox took home the 1st Place Graduate, Faculty, Staff or Alumni prize. Through her idea, Olawunmi wants to create a global centralized marketplace for women artisans from Ghana to sell African fashions to women in different countries. This would also serve as a platform for all female users to connect with one another. The judges were very curious about Olawumni’s choice to incorporate women from Ghana in the idea, along with how these goods would be created and sold.
Séverine Bandou of Fox presented her idea, Myjé- Premium scented mist for curly hair at the Awards Presentation. As a women with curly hair, she had always struggled to find a hair product that made her hair fragrant without drying it out. Her product would fix both of these problems quite easily. She also discussed plans to create a “make your own” formula that allows women to use their favorite fragrances. The judges were concerned with the competitors in this highly saturated market, along with the potential issues patenting the product. At the end of the night, Séverine won the 2nd Place Graduate, Faculty, Staff or Alumni Prize for Myjé.
Tyler Stoltzfus of the Fox School of Business won the 1st Place Undergraduate Prize for his company, Seed Dyes. Seed Dyes is a local and sustainable fabric company run out of Lancaster, PA. Tyler and his partner source eco-friendly fabrics, dye them in a handmade greenhouse with eco-friendly materials, and ship off the final fabrics to their clients. After his presentation, the judges questioned the location and cost of his business, as he is quite far away from textile manufacturers and more expensive than traditionally dyed fabrics.
Winning the 2nd Place Undergraduate Prize was Sabrina Zouaghi of the College of Science and Technology for her Self-Stabilizing Gloves idea. In her presentation, she shared that her motivation to create these gloves was her mother. Her mother suffers from terrible tremors and she wanted to create these to help her do simple everyday tasks with ease. The judges asked her a series of questions that ranged from the comfort and fit of the gloves to the types of competitors she found in her research.
Camille Bell (SMC ’15), won the Global Innovation Award for her idea, Pound Cake. At the Awards presentation, Camille opted to describe her idea in a video. She would like to create a website and store that sells matte lipsticks for every woman of every skin tone. After a standing ovation from a few audience members, judges were quick to question the choice of matte lipstick as opposed to other types of lipstick. One judge also jokingly asked, “why would you ever want to open your own store!?”
At the culmination of the event, attendees were encouraged to vote for their favorite idea for two People’s Choice Awards. Ka Bom Designs by Olawunmi Thomas-Quarcoo took home the 1st Place People’s Choice Award and Self Stabilizing Gloves by Sabrina Zouaghi took home the 2nd.
After the judges deliberated, the winners were announced and many photos were captured! Everyone celebrated a bit longer and enjoyed some more food. Overall, the 18th Annual Innovative Idea Competition was a success!
To check out a full list of our winners, please click here.
Want to learn how to be the 2016 Winner of the Be Your Own Boss Bowl? You’re in luck! Come out for our information session on Wednesday November 18 from 12:00 to 1:00 P.M. in the IEI Lab. Food and drinks will be provided.
The Innovation and Entrepreneurship Institute would like to thank everyone who participated in and contributed to the 18th Annual Innovative Idea competition. We received an unprecedented amount of applications this year representing a large variety of majors and schools throughout Temple.
We would like to extend our congratulations to the 2015 winners:
Anne Nelson Grand Prize, $2500, Stephen Peduto, Quick Stabilizing Carbon, College of Engineering
1st Place Graduate, Faculty, Staff or Alumni, $500, Olawunmi Thomas-Quarcoo, Ka Bom Designs, Fox School of Business
2nd Place Graduate, Faculty, Staff or Alumni, $500, Séverine Bandou, Myjé, Fox School of Business
1st Place Undergraduate, $1000, Tyler Stoltzfus, Seed Dyes, Fox School of Business
2nd Place Undergraduate, $500, Sabrina Zouaghi, Self-Stabilizing Gloves, College of Science and Technology
1st Place People’s Choice, $1000, Olawunmi Thomas-Quarcoo, Ka Bom Designs, Fox School of Business
2nd Place People’s Choice, $500, Sabrina Zouaghi, Self-Stabilizing Gloves, College of Science and Technology
Global Innovation Prize, $500, Camille Bell, Poundcake, School of Media and Communication ’15
Applications are now being accepted for the 2016 Cupid’s Cup Entrepreneurship Competition, presented by Under Armour Founder and CEO Kevin Plank. Cupid’s Cup aims to reach the top entrepreneurial minds in the country, and more importantly, to inspire and foster the community of college students and recent graduates who have already followed Plank’s lead and are running their own companies.
All Temple undergraduate and graduate students are encouraged to compete. Alumni who are 30 years old and younger are also encouraged to enter. The Cupid’s Cup participants will be competing for $100,000 in total cash prizes, access to Kevin Plank’s professional network and the prestigious Cupid’s Cup title.
The application deadline is January 5, 2016. For more information, please visit: http://www.cupidscup.com/
Like the show Shark Tank? Come watch our Idea Competition finalists pitch their ideas live, Shark Tank style at the Idea Competition Presentation & Awards Reception. The event will be hosted on Wednesday, November 11 at 4:00 P.M. in the Undergraduate Commons. Food and drinks will be provided.
We hope to see you there!
We are pleased to announce the finalists for our 18th Annual Innovative Idea Competition. With more than 350 submissions, our finalists include:
Seed Dyes (Tyler Stoltzfus, Fox)
Pound Cake Incorporated (Camille Bell, SMC ‘15)
Self-Stabilizing Gloves (Sabrina Zouaghi, CST)
Quick Stabilizing Carbon (Stephen Peduto, Engineering)
Fumi Convertor (Meckell Strickland-Dulaney, Fox)
My Menu Genie (Shahd Azab, CST)
Blue Fin The Dating App (Asante Lewis, CST)
RateMyLocale (Andrew Kondelin, Fox)
Jacket In a Hat (Robert Nufrio, Engineering)
Ka Bom Designs (Olawunmi Thomas-Quarcoo, Fox)
Myjé – Premium scented mist for curly hair (Séverine Bandou, Fox)
AtmosFi (Ryan Oliveira, Fox ’13)
Join us on November 11th at 4pm in the UG Commons to hear live pitches from all of the finalists, Shark Tank style. Thank you to those who participated in the 18th annual Innovative Idea Competition.
“Most companies stop creating their business plans because of the financials… Professor Carey makes them incredibly simple to understand” –Ellen Weber
On November 5, a packed room full of students gathered in the IEI Lab to listen to Professor Carey’s business plan workshop on financials. Specifically, his presentation focused on the past, present and future of financial tools used in business. He addressed the fear of the financials head on by saying, “The only reason they are scary is because there are so many variations, and not every textbook comes to the same conclusion.”
Prof. Carey discussed, in detail, past methods of financial planning, such as balance sheets and how businesses have progressed into using newer methods like the cash flow proforma. To maximize the learning opportunities for students in the session, he created a hypothetical scenario and worked with students step by step to fill out a cash flow proforma. This activity helped students better grasp this key concept all while enjoying a few laughs and some pizza.
At the end of the workshop, he engaged in a Q&A session with students.
Strategic Management Professor Dwight Carey’s business plan workshop, ‘Financials Made Simple’ is tomorrow in the IEI Lab from 4:00 to 5:15 P.M. Food and drinks will be provided.
Be sure to stop by, you won’t want to miss this one!
On October 27, Max Perelman of Biomeme, Inc. joined us for a Fireside Chat. Biomeme, a Philadelphia biotech startup, offers a device that attaches to your iPhone and enables you to perform gold-standard DNA analysis. During his presentation, Max explained how he co-founded Biomeme and discussed some of the successes and challenges his innovation faces. Afterwards, he engaged in a Q&A session with students.
Stay up to date on all IEI workshops and events by checking out our Twitter handle: @IEIfox
Don’t forget to submit your idea into the Innovative Idea Competition by Wednesday, October 28 at 11:59 P.M. Take the risk- you could win $2,500 to help you better develop your business idea!
Click here for access to the application.