Michigan business competitions
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Michigan Business Competitions. Brought to you by The Zell Lurie Institute for Entrepreneurial Studies The Entrepreneur Venture Capital Club and The Center for Venture Capital & Private Equity. Agenda. Opening/introductions Overview of the Business Plan Competition process

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Michigan business competitions

Michigan Business Competitions

Brought to you by

The Zell Lurie Institute for Entrepreneurial Studies

The Entrepreneur Venture Capital Club

and

The Center for Venture Capital & Private Equity


Agenda

Agenda

  • Opening/introductions

  • Overview of the Business Plan Competition process

    • Review of the opportunities

    • how to register

    • role of Zell Lurie

  • Putting together a team, a plan, and a pitch

  • Break/Food

  • Pixel Velocity Team Presentation

  • Critique and questions      

  • Conclusions and Reminders:


Overview of the process

Overview of the Process

Paul Kirsch

Zell Lurie Institute


Key dates

Key Dates

  • December 15 – Intent to compete forms

    • Submit to ZLI/EVC

    • For all competitions

  • January 17th

    • FuturTech “Quick Pitch” Competition

    • Pryor-Hale Biz Plans due

    • later that week, finalists selected by ZLI for Pryor Hale

  • January 24th - Practice for Pryor-Hale finalists

  • February 3rd - Biz plans due for NSVC

  • February 7th - Pryor Hale Competition


A team a plan a pitch

A team, a plan, a pitch…

George Weinmann

Entrepreneur Venture Capital Club

Center for Venture Capital & Private Equity


The team

The Team

  • Michigan Students!

    • UMBS Students

    • Engineering

    • Etc.

  • Professors


The business plan

The Business Plan

  • Plan the business

  • Write an outline

    • Review / discuss

  • Write plan

    • Review / discuss

  • Test and test and test


Many resources on line

Many Resources On-line

  • Check Zell Lurie and EVC websites

    • www.zli.bus.umich.edu

    • www.evc-club.com/

  • Check Great Lakes Venture Quest

    • www.gleq.org

    • www.gleq.org/train_events_calendar


The executive summary

The Executive Summary

  • Overview / Brief company description

  • Market / Industry Analysis

    • Problem statement

    • Potential market segment

  • Product/Service Description

    • Solution company provides

  • Revenue/business model

  • Competitive Advantage/Competitors

    • Technical Innovations

  • Management team

  • Finance

    • Projected costs

    • Financing needs

    • Exit strategy (if appropriate)


Business concept paper

Business Concept Paper

  • Name!

  • Overview

    • One paragraph

    • Elevator speech!

  • Market

    • Keep as independent of product idea as possible

    • Only a few paragraphs

  • Product or Service Concept

  • Competitive Advantage

    • What advantage your concept offers

    • What the competitors or substitutes offer

    • Why your idea is still better

  • Team

    • You

    • Who else will you need (describe)


The elevator pitch

The Elevator Pitch

  • Prepared for that planned or unplanned moment

    • Finding yourself on an elevator with your CEO…

    • … Or that introduction to a top VC!

  • An Elevator Pitch:

    • Conveys essential information clearly and concisely

    • Communicates passion and credibility

    • Designed to get attention

      • Does not take the place of a business plan

      • Gets you an invitation to present your business idea on a more in-depth basis.

    • Lasts not more than 30-120 seconds

    • Is well memorized (and can be said several ways)


Or put another way

Or… put another way

  • What is your business idea?

  • Why does anyone want it?

  • Why do they want it from you?

  • Why do they want it now?

  • How will you make money?

  • Taken from Great Lakes Entrepreneurs Quest presentation by IdeaWorks, LLC


A pitch in 60 seconds

A Pitch in 60 Seconds!

An example provided by Dr. Lawlor:

ConstructionBoots.com, is an e-commerce website that sells construction boots, on a b2c and a b2b basis.

Our primary market consists of construction workers, with secondary markets including other individuals and companies in the construction trade.

ConstructionBoots.com offers the highest quality products and drives traffic to the site by linking to other websites related to the construction industry.

We believe that the customer would find purchasing and direct delivery of construction boots easier through our website, rather than purchasing via traditional retail outlets.


Continued

…Continued

We will require $5 million in two rounds of funding to reach break-even and the point where the company can support itself on our own revenues.

We seek to raise $2 million in the first round of funding, with a first round valuation of $5 million.

We have an industry insider CEO and will hire a CFO and Director of Marketing with our first investment round.

We believe we will be the only pure e-commerce construction site and will face indirect competition from traditional brick and mortar B2B retailers who target the trade as well as traditional mass merchandisers.

If all goes as planned, we would look to sell ConstructionBoots.com to an industry retailer who sells construction gear.


How to get started

How to Get Started

  • Talk up your interest – your idea

  • Find professors and colleagues who are willing to listen, help, or team up with you

  • Find examples

    • See EVC and GLEQ websites

  • Build a business concept paper

  • Be ready to change/adapt

  • Talk up your idea


Key dates1

Key Dates

  • December 15 – Intent to compete forms

    • Submit to ZLI/EVC

    • For all competitions

  • January 17th

    • FuturTech “Quick Pitch” Competition

    • Pryor-Hale Biz Plans due

    • later that week, finalists selected by ZLI for Pryor Hale

  • January 24th - Practice for Pryor-Hale finalists

  • February 3rd - Biz plans due for NSVC

  • February 7th - Pryor Hale Competition


Competitions

Competitions

  • January 17 - University of Michigan - FuturTech Quick Pitch

  • January 31 - Harvard Business School - AASU 4th Annual

  • February 7 - University of Michigan - Pryor Hale Business Plan Competition

  • February 14 - Wake Forest University - KACE Competition

  • February 21 - Indiana University - Spirit of Enterprise

  • February 28 - University of Nebraska, Lincoln - infoUSA Business Plan Comp.

  • March 21 - Wake Forest University - The Elevator Competition

  • March 21 - Ball State & Syracuse Universities - Enterprise Creation Comp.

  • March 27 - San Diego State University - Venture Challenge


More competitions

More Competitions

  • April 3 - Rice University - Southwest Business Plan Competition

  • April 10 - University of Oregon - New Venture Championship

  • April 10 - University of North Carolina - Venture Capital Investment Competition

  • April 11 - University of California, Berkeley & Columbia University

  • National Social Venture Competition

  • April 18 - Colorado State University - Venture Adventure

  • April 2003 - Business Plan Challenge - MBA Jungle

  • April 30 - University of Texas, Austin - MOOT CORP. Global Competition

  • July 2003 - Stanford University - Global Entrepreneurs Challenge


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