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New Venture Online Competition THE FIRST EVER NEW VENTURE ONLINE COMPETITION CENTRAL MICHIGAN UNIVERSITY New Venture COMPETITION ONLINE Table of Contents Judging Approach ..................................................................................................................... 2 Different Entrepreneurial Pathways ...................................................................................... 3 NVC Entrepreneur & Innovators Award ................................................................................ 3 Mentors and Advisors ............................................................................................................... 4 Judges .......................................................................................................................................... 6 Competition Teams .................................................................................................................17 Recognition ..............................................................................................................................68 Entrepreneurship at CMU ......................................................................................................69 Welcome Welcome to CMU’s first-ever New Venture Online Competition (NVOC). Unfortunately, our tenth annual New Venture Competition (NVC) was cancelled this year as a result of COVID-19. Making the decision to cancel the NVC was both easy and painful. While we knew it was the right thing to do, we felt terrible for the students who looked forward to the NVC and had worked so hard WELCOME to pursue their dreams. In fact, many of the student teams that are competing in this NVOC participated in NVC workshops over the past several months and spent countless hours formulating and refining their ideas, value propositions, and ventures. Also, a supporting group of CMU alumni, faculty, Chris Moberg, Dean, and other members of our entrepreneurial and business community, served as mentors and College of Business Administration advisors to provide coaching and support throughout this journey. Central Michigan University Instead of letting all of this great work go to waste, we decided to do two things for the students who intended to compete in the NVC. First, we invited them to compete in next year’s NVC, even if they graduate before it takes place. Second, we developed the NVOC so these students could still have a meaningful experience this spring. Admittedly, the NVOC is not a perfect substitute for the NVC, which has become a marquee event at CMU. However, the NVOC still gives students an opportunity to share their executive summaries and financials. In addition, each venture was given the choice to create either a 10-minute video presentation or a 2-minute video pitch. The NVOC also welcomes student teams from Michigan Technological University (MTU) that planned to compete in the NVC. We thank MTU for their continued participation and support. Jeff Thomas, Chair, Entrepreneurship Department When they compete in 2021, this year’s participants will have at least two separate award College of Business Administration Central Michigan University categories. In fact, we are thrilled to announce that David and Janice Underwood have already indicated they will support two “Best Overall Venture” awards of $25,000 for next year. Similarly, Dave and Susan Roberts have committed to funding two "Best Social Venture" awards of $10,000 in 2021. Thus, a Best Overall Venture award and Best Social Venture award will go to 2020 participants who compete in next year's NVC. We are so grateful to the Underwoods and Roberts! More details about the 2021 NVC will follow. In the meantime, this year’s NVOC will award $25,000 to student ventures this spring! Specifically, the 10-minute video presentation track will award $15,000 and the 2-minute video pitch track will award $10,000. We want to thank the many stakeholders who help make the NVC and NVOC possible. First, we Bruce Marble, Former thank our NVC sponsors who are instrumental. We also thank our mentors, advisors, and judges. Executive Director, Like our faculty and staff, these individuals were willing to make quick adjustments in order Isabella Bank Institute for to serve our students in a virtual-only world. This empowered us to offer the NVOC while still Entrepreneurship College of Business Administration respecting all of the appropriate social distancing guidelines. Finally, we want to recognize and Central Michigan University thank Bruce Marble for his leadership over all things NVC. Bruce retired this spring, after serving nearly four years as the Executive Director of the Isabella Bank Institute for Entrepreneurship. We already miss Bruce and appreciate all of the opportunities he has created for our students. Indeed, we appreciate all of our supporters’ commitment to the success of our next generation of Michigan entrepreneurs and to Central Michigan University! Chris Moberg, Dean Jeff Thomas, Chair 1 Judging Approach for the New Venture Online Competition We are very fortunate to have so many experienced entrepreneurs, business leaders, and service providers who are willing to serve as online judges for the NVOC. JUDGING APPROACH JUDGING These judges will use their discretion when evaluating the ventures. However, we have provided examples of questions judges can ask to help make their decisions: • Is the business concept convincing? • Is this a business you want to know more about? • Is this a team with the passion and capability of taking the business forward to the next milestone? • Did the team conduct testing of their concept with potential customers? • Is the video pitch/presentation believable and understandable? • Is their implementation plan reasonable? • Did the team define their product/service and the problem it solves? • Do they have a minimum viable product (MVP)? • Does the team explain how they will make money and/or fund their venture? • Does the team know their points of differentiation? • Is there established validation of the team's competitive advantage? • Is the financing model viable and sustainable? • What would they do with the earned capital? We have two separate judging panels. One judging panel will evaluate teams competing in the 2-minute video pitch track while the other judging panel will evaluate teams competing in the 10-minute video presentation track. Each judge will be asked to review the executive summaries, financial summaries, and videos, for each team competing in the track that they are judging. Ultimately, each judge will select and rank the top five teams competing in the applicable track. Those results will then be aggregated in order to determine the award winners for each track. Awards for the New Venture Online Competition Each NVOC track has its own awards. These awards are as follows: 2-Minute Video Pitch Track 10-Minute Video Presentation Track • 1st Prize – $5,000 • 1st Prize – $7,500 • 2nd Prize – $2,500 • 2nd Prize – $3,000 • 3rd Prize – $1,000 • 3rd Prize – $2,500 • Honorable Mention (2 awards) – $750 each • Honorable Mention (2 awards) – $1,000 each 2 Different Entrepreneurial Pathways at CMU The NVOC provides a real-world experience in developing an executive summary, putting together financials, and creating either a two-minute video pitch or a ten-minute video presentation. Students from a variety of academic disciplines benefit from this transformational experience. Some of these students and teams are ready to start their own companies. Founding a start-up is exciting! However, becoming an entrepreneur is not just about going out and starting your own company. Many of our CMU graduates explore other entrepreneurial pathways – these paths include: • Being change agents at established firms • Building franchises • Managing small businesses • Becoming independent inventors • Working as employees at new ventures • Finding self-employment niches • Serving social enterprises • Acquiring existing companies • Leading family businesses We built our entrepreneurship courses and programs with these different pathways in mind. To learn more about these offerings, please call 989-774-3270 or visit cba.cmich.edu. NVC Entrepreneur and Innovators Award The U.S. Mint began a series of $1 coins in 2019 in recognition of American innovation and pioneering accomplishments in the 50 states, D.C. and U.S. Territories. In congratulations and recognition for participation in the NVOC, each student founder will receive this American Innovators coin in a display case they can proudly display to recognize their entrepreneurial spirit. NEW VENTURE ONLINE COMPETITION 2020 3 NVC Mentors & Advisors Honorary Mentor in Residence Curt White CMU, Mentor in Residence, Honorary, PhD Dow Corning Corp. (Retired) Team Mentors and Advisors Joe Affholter CMU Faculty, Entrepreneurship Department Akindele Akinyemi President and CEO, Global African Business Association Pad Alce CMU Faculty, Entrepreneurship Department Jim Baker MTU, School of Business and Economics Andrew Banard MTU, Mechanical Engineering & Director of Great Lakes Research Center Rick Barz CEO, Isabella Bank (Retired) John Bedz Program Manager of Entrepreneurship and Defense, Automation Alley Kimberly Brown Recreational Program Director, Farmington Gymnastics Center NVC MENTORS & ADVISORS & MENTORS NVC John Bunch CMU Faculty, Entrepreneurship and Management Departments Kevin Campbell CMU Faculty, Broadcasting and Cinematic Arts; President, Triple C Consulting, LLC Lisa Casper MTU, Innovation Center for Entrepreneurship Program Manager
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