The UBusiness Plan Competition is an opportunity for young entrepreneurs to develop their business concepts with direction and guidance from University Professors and successful local entrepreneurs. Students will gain practical insights about starting a business.
The competition is designed to provide real-world experience about the business plan process, elevator pitches, funding, product commercialization, and exit. Judges will evaluate each team’s business plan and presentation based on its feasibility and strategy.
The competition is open to all UB students. Winners will receive:
- Best overall Business Plan: $500
- Best overall Business Plan: Second Place: $250
- Best overall Business Plan: Third Place: $150
- Best overall Business Plan: Fourth Place: $100
Questions for Online Submission
Business Planning Questions
- Problem and Your Solution: Product or Service brief description (10 words or less)
- Unique Value Proposition: Product or service full description, including how it is better than alternatives
- Upload image of product as JPEG, PNG or TIF file (Optional)
- Development Stage of Product
- Size of Target Market in Dollars and Number of Prospective Customers (Include evidence to support claims)
- Market Validation: How you know enough people will buy your product (with its features and price) to earn a profit?
- Marketing and Distribution Channels: Marketing, Sales and Distribution Plan
- Competition: names of important competitors and their strength and weaknesses
- Unfair Advantage: Barriers to Entry (what prevents others using your idea)
- Revenue Streams and Cost Structure: Who pays you and what it costs to produce.
- Management Team and Relevant Experiences
- Key Resources: Amount of Capital required to launch business
Judging Criteria for 3-Minute PowerPoint Presentation at Finals
- Problem:Strong customer pain or desire?
- Solution: Technically feasible? Scalable? Barriers to entry? Compelling value proposition (superior, cheaper, or serves a new market niche)?
- Market: Adequate size and sales plan to meet goals? Demand VALIDATED? Competition manageable? Clear how customers will be made aware of product?
- Finance: Can you tell how the company will make money? Safe margins? Realistic sales price? Capital needs and use clear? Realistic for stage?
- Management Team: Knowledgeable? Communicated clearly and convincingly? Are you confident team can and WILL meet goals?