While the plentiful supply of delectable hors d'oeuvres, open bar, and breathtaking rooftop view of the city may have caught my eye at first, it was truly the speakers, students, and faculty that blew me away at George Washington University's 2013 Business Plan Competition kickoff and 5th birthday celebration on Tuesday. Their passion and appreciation for the Business Plan Competition's existence was clearly evident, engraved on their faces as they spoke one-by-one about their ventures and the roller coaster of a ride they had been on ever since applying to the contest that is to thank for jump starting their careers.
As attendees took their seats, Jim Chung, director of the GW Office of Entrepreneurship, was more than welcoming while introducing the impressive line-up of speakers consisting of past participants, sponsors, mentors, judges, and even the founding father of the program himself, John Rollins.
Respected director of the program and highly invested serial entrepreneur, Rollins began the GW Business Competition back in 2009 in accordance with his mission to create and foster the growth of student entrepreneurs. Though he may have had to surpass a couple of hurdles along the way, charged with raising money from outside sponsors; recruiting mentors; and acquiring knowledgeable judges that could provide meaningful feedback and pick the ultimate winners at the end of the day, Rollins was anything but dissuaded from tackling his goal. Tuesday was proof of his success.
In describing GW's Business Plan Competition, Rollins referred to it as a way to increase the current presence of entrepreneurship on GW's campus by allowing all interested students, alumni, faculty, and others to experience first-hand what it's like to develop their dreams. With no-strings-attached, non-equity (for the university) based grants and in-kind prizes, potential entrepreneurs can rest assured that their project, their baby venture, will remain theirs. It's a win-win situation for all involved with mentors learning invaluable lessons from their mentees and vice versa.
Three past participants stood up to lend their own words of advice for those thinking about applying for the 2013 year, all in agreement that the competition had transformed their idea into something they never imagined it to be able to develop into.
Jon Halpern of Athlete Trax, "a web-based client management platform for collegiate athletic administrations and their student athletes to increase productivity," shared his own experience that led to his startup acquiring a list of accolades that included second place winner overall, Capital One Bank's best undergraduate team, audience choice award, and $21,000 just last year. He thanked the Business Plan Competition for forcing his team to assess where they were at the start and where they would be in five years, thinking ahead to the future rather than dwelling in the present. He and his company are now testing with three athletic teams at GW and have six developers on hand.
Dylan Fox of Crowdvance, originally Fundzy, "an online fundraising platform that enables small organizations to offer their supporters great incentives that are typically only offered by large organizations," was called up to the front of the room to speak to his time in the Business Plan Competition where his business was awarded $4,000 and third place overall last year. Fox explained that the competition gave him validation for his idea at an early stage prior to putting in all the time and money. The mark of approval from judges, mentors, and the general public in attendance helped for him to commit full time and meet individuals with advice that has helped him to grow his platform. Plus, he admitted, "It's cool to say you're an award-winning company." He had nothing but good things to say of the Business Plan Competition for those thinking of participating in the year to come.
Andreas Schneider of Capital Kombucha, "D.C.'s first kombucha microbrewery," was the last of the past startups to speak, but his words of advice were not lost on the overly attentive audience. While back in January the Kombucha microbrewery idea was "just a glimmer in our eye," he said while reminiscing about when he used to make it in his closet on the side, the dream came to life through GW's business competition. There were "two big takeaways," he exclaimed. "It got us away from the innovator's dilemma of tinkering with our product," and, "we learned how to manage our finances tightly since we didn't receive any money." The lack of finances, however, ended up just being a bump in the road. They broke even last month.
A representative from Capital One Bank, AARP, and a mentor each presented their own advice to the audience as well, hinting towards the need for creativity and workforce development, but the one speaker who stood out among the rest was judge Ed Martinez whose wise words and motivational speech captivated the audience. His advice was, in my opinion, the most valuable, explaining what is necessary for a company to succeed. No fluff, a clear and concise narrative, innovation that is different, exciting, and passionate - those are all musts. "Give me a flavor in your business plan of where you are and where you want to go," Martinez asserted. And make sure you "get some people with gray hairs," he added. "You are an ingredient to making GW a better place."
An all inclusive startup-stirring battle to the finish between passionate aspiring entrepreneurs with experienced mentors helping them out along the way, GW's 2013 Business Plan Competition is developing the future Mark Zuckerberg's equipped with relentless attitudes and fervor for innovation. Get involved and apply here.
