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Feb. 16, 2017
By Lexi Ryan, media relations assistant
College students, high school students and members of the community interested in presenting their business ideas in a competitive setting are invited to register for the sixth annual New Venture Pitch Competition at Northwest Missouri State University-Kansas City.
The deadline to enter is Friday, March 3. The competition will take place Friday, April 7, at Northwest-Kansas City, located at the Northland Innovation Campus in Gladstone. The competition day begins with registration at 8 a.m. and an opening session at 8:30 a.m., featuring keynote speaker and Northwest alumnus Kevin Fullerton. The competition concludes with the announcement of the winning teams at 2:30 p.m.
There is no entry fee and a lunch is provided.
New Venture Pitch provides students and entrepreneurs with the opportunity to present ideas to professionals, small business owners and others with experience working with new businesses. It also gives students the chance to network with business professionals and gain presentation experience.
“During the competition, students gain real-world experience presenting to a variety of individuals with backgrounds similar to those who may someday be their colleagues, supervisors or customers,” Larry Lee, entrepreneurship instructor and organizer of the competition, said. “The event provides students and entrepreneurs the opportunity to present ideas to professionals, small business owners and potential investors. It also gives students the chance to network with business professionals and gain presentation experience.”
A team may enter by completing the online registration form at www.nwmissouri.edu/business/nvpc/. Entries will be accepted until Friday, March 3, and space is limited.
The business venture presented during the pitch must be developed by the team. The venture is eligible to enter the competition only once.
|A panel of judges will listen to business pitches from participating teams and select the winning product based on how likely they would be to invest in it.|
The competition format consists of three rounds of competition. During the first round, teams give a one-minute elevator pitch about their idea to a panel of judges. In the second round, teams set up a display to present their business ideas and judges visit the display by teams that most impressed them during the first round. Four teams are selected by the judging panel to advance to the final round.
Teams selected for the final round will pitch their business ideas, and judges select an overall winner for each track. During the final round, teams have 10 minutes to present their business ideas, followed by a 10-minute question-answer session.
Judges will use a scorecard to evaluate each presentation and rank teams on the effectiveness and persuasiveness of their presentations, the innovativeness and quality of their ideas, the competitive advantage of their proposed businesses, effective discussion of financials, and proposed management teams. Ultimately, judges will base their final decisions on how likely they would be to invest their own money in one of the proposals.
Prizes for the competition total a potential value of $80,000. The winning team receives $6,000 toward startup costs for their business, legal intellectual property work from Spencer, Fane, Britt and Brown LLP, an INTech program formation and tech or business development mapping and evaluation, and consultation with OMNI Employment Management Services LLC. The winning team also receives a six-month lease at the Ennovation Center in Independence, Missouri.
The top finisher among finalists that meet the seven criteria outlined at http://www.willitlaunch.com/contact-us will receive a national TV market viability test, offered by Will It Launch, As Seen On TV. Will it Launch will cover all expenses, valued at $50,000 if the test is successful.
The second-place finisher receives $4,000 toward qualified start-up expenses, a three-month lease at the Ennovation Center and an INTech business launce coach and formation. The third-place team receives $2,000, and the fourth-place team receives $1,000.
Sponsors for the event are the Melvin D. and Valorie G. Booth Endowment Fund; Will It Launch; Spencer, Fane, Britt and Brown; OMNI Employment Management Services; the Ennovation Center; and the Northwest Foundation.
Kevin Fullerton, founder of Springboard Creative in Mission, Kansas, will be the day’s keynote speaker. He is a 1988 Northwest alumnus, having earned a degree in journalism with a minor in graphic communications.
In addition to his role as creative director at Springboard, Fullerton is a part-time faculty member at the Kansas City Art Institute. As an entrepreneur, he transformed a small production shop into a full-service, 11-person creative department, and he established a graphics department for a national telecommunications company.
Fullerton is an active supporter of Northwest’s School of Communication and Mass Media, serving on its Mass Communication Professional Advisory Council and as a professional advisor for advertising courses. He also serves on the Graphic Design Advisory Board at Johnson County Community College and on the Professional Advisory Council at the University of Missouri-Kansas City.
Mark Hornickel, Communication Manager
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Northwest Missouri State University
215 Administration Building | 800 University Drive | Maryville, MO 64468