Students eager to cash in on their ideas can sign up for a contest held by the Warrington College of Business Administration by Dec. 15.
Students have a chance a to win up to $25,000 in the What’s Your Big Idea? 2015 Gator Business Plan Competition, hosted by the Center for Entrepreneurship and Innovation and the College of Business.
The competition is open to UF students of all majors, and students have the option of competing alone or with a team.
“The competition is open to those outside of the college, so in the past, we have seen everything from service-oriented businesses to product-oriented businesses make it to the top,” said Katharine Burks, director of support programs and special events for the Warrington College of Business Administration.
During the competition, students will take part in a series of elimination rounds, with the final round being held April 24.
The preliminary round will require competitors to submit a basic business plan overview. Judges will then select those business overviews with the highest potential, according to Warrington’s website. Remaining competitors will pitch their ideas to investors and present them in front of a live audience for a chance to win the grand prize.
The money awarded from the competition will help winners turn their ideas into reality and will go toward developing the winning business plans.
Students competing will have access to mentors and classes in the Business Plan Lab, which will provide resources on how to build a business plan.
Judges will select the best business plans based on six major categories, including concept strength, market, economics of the business, operations, management team and financing.
Matt O’Sullivan, a UF finance junior, said the competition is a great opportunity.
“It seems like it could be a really good idea. It just depends on how original they are looking for you to be,” the 21-year-old said.
[A version of this story ran on page 3 on 12/5/2014]
“What’s Your Big Idea?”
2015 Gator Business Plan Competition
A total of $40,000 will be awarded to those students with the best ideas turned into business plans.
Third place:
$5,000
Second place:
$10,000
First place:
$25,000
