With prize money driving Business Plan competition prestige, recent funding pledges have propelled the prize money for CU-Boulder's entrepreneurship Business Plan competition to $45,000 聴 among the highest prize totals in the nation.
The Business Plan competition culminates students聮 semester-long team project of creating a comprehensive plan for a new enterprise. Teams include undergraduate and graduate business and engineering students.
The only school in the nation with a higher prize total than CU's College of Business is MIT at $50,000. CU-Boulder聮s $45,000 total is higher than Stanford聮s $25,000 and Harvard聮s $20,000.
The $45,000 prize will be available to future fall semester Business Plan competition students with a smaller prize awarded for the spring semester competition. The competition culminates the Business Plan Preparation Course each semester.
"These prizes, coupled with the outstanding learning experience afforded by writing a business plan, working with mentors, and being judged by venture capitalists, makes us competitive with the nation聮s best entrepreneurship programs," said Associate Professor Stephen Lawrence, who teaches CU-Boulder聮s Business Plan Preparation course.
Bank One, the event sponsor, donates $15,000 to the competition聮s top teams. The Integer Group, Colorado聮s largest marketing firm, recently pledged $10,000 to the marketing-oriented plan judged to have the most promise to become a successful venture.
Cornerstone Equities created the Cornerstone Seed Capital Award, which dedicates $20,000 to the plan with the greatest promise as a viable, growth-oriented enterprise.
In addition to the prize money, Cornerstone has committed to invest a minimum of $25,000 and up to $250,000 as start-up capital in the winning team聮s new venture.
The high potential of the spring 1999 competition聮s winning plan drove Cornerstone to invest $750,000 to launch the company upon the students聮 graduation from CU-Boulder in May. Cornerstone Equities is a privately owned Colorado venture fund.
"This investment and enhanced prizes will help students move their dreams to fruition," said Denis Nock, director of CU-Boulder聮s Robert H. and Beverly A. Deming Center for Entrepreneurship. "With one-third of the nation聮s M.B.A. graduates pursuing jobs within emerging ventures, this level of competition will help students excel in today聮s dynamic marketplace."
Peter Burridge, managing director of The Integer Group, emphasized his firm聮s dedication to fuel students聮 creativity. "We聮re excited about supporting students聮 marketing innovation through this award," he said.
Neville Vere Nicoll, president of Cornerstone Equities, noted Cornerstone聮s commitment to assisting tomorrow聮s business leaders. "We聮re proud to partner with CU-Boulder聮s dynamic entrepreneurship program," he said. "Tapping the imagination of students provides a win-win situation for our firm and the university."