Boeing New Business Challenge
$10,000 Scholarship Awarded in Spring!
Do you have a new business idea you would like to develop?
Do you enjoy working in a team? Competing with other teams?
And, would some scholarship money be of use to you?
If you can answer yes to those questions – then, we want you to be part of the Boeing New Business Challenge! Through the generous support of the Boeing Corporation, the College of Business Administration will award $10,000 in scholarships to the winning teams.
So…what do you need to know…
- First, form your team and start thinking about your business concept. First round presentation: November 22nd at 3:00 p.m. in the Business Administration Building, Atrium.
- Second, register your team here so we can communicate with you.
- Third, be ready to give your “concept presentation” on November 22nd, 2013 at 3:00 pm in the Business Administration Building, Atrium. If your new business concept gets a good review, we will ask you to develop a more complete plan and present it at the finals in the spring. Participants in Stage One receive a point advantage in Stage Two.
This competition is open to undergraduate students only – although scholarship winnings may be applied to both undergraduate and graduate coursework at UAH.
Dr. Whitman will be running free Business Plan Competition Coaching sessions to help you polish your business pitch presentation every Saturday from 10-noon.
Poster Presentation: November 22nd at 3:00 p.m. in the
Business Administration Building, Atrium
Stage One: CONCEPT Feasibility (Screening) Criteria
Students from across campus are invited to prepare a two-page (poster) executive summary of their business concept that provides the basic reasoning about their new business opportunity.
Is there a market opportunity?
- An unmet or poorly served need?
- A customer group that is willing to pay?
- Of sufficient size to warrant entry?
- With limited or weak competition?
- And reasonable profit prospects?
Is the invention, design, product or business concept able to serve this need and market?
- Is it unique or different from competition?
- Is it technologically feasible (e.g., not purely imaginative)?
- Is it economically feasible? (e.g., no prohibitive start-up costs)?
- Is entry feasible (e.g., not blocked by regulation or need for unique credentials)?
Those proposals that meet the screening thresholds will be invited to make a full business plan submission in the spring. Students are encouraged but not required to register for the New Business Challenge class.
Business Plan Presentation: April 18th, 2014 from 2:00 - 5:00 in the Business Administration Building Room 205
Stage Two: New Business Challenge Award (Selection) Criteria
Student will be encouraged to get assistance with the preparation of these new business plan documents – through a class or any other mechanism. In using these categories as selection criteria, we will focus on the quality and completeness of the analysis and conclusions.
- Value Proposition:
- Product or Service:
- Growth and Profit Potential:
II. Strategy and Advantage
- Mission/Vision: What will your company do, how, for whom, and why will they buy? What do you want your company to be in five years?
- Product/Service Difference:
- Competitive Advantage: Is it possible to attain and hold a strong position in the marketplace? To block imitators? (Intellectual property, etc.)
- Entry Strategy:
III. Plan Execution
Execution is the most detailed section of the New Business Plan and translates a business concept into actions needed to be successful. To accomplish market entry, what is needed? Students should explain what needs to be done, by whom, at what cost, over the first month, first year, then second year. They should illustrate the tasks, staffing needs, and financial commitments in a timeline.
- Product Development
- Marketing (market research, sales, marketing, channel management)
- Operations (method by which product or service will be created/delivered to customer, make or contract, supplier arrangements, quality standards, etc.)
- Human capital (the essential people needed, how you will bring them onboard, how you will reward them for their efforts)
- Regulatory requirements
- Financial requirements (start-up costs, working capital, cash flow issues, profit projections)
IV. Final Evaluation (for score)
Business Concept (50%)
- Creativity/uniqueness of the product/service concept
- Probability of technical success
- Probability of market success
- Probability of financial success
Business Plan (50%)
- Thorough coverage of all important topics
- High level of analysis and insight throughout
- Professionally delivered presentation
- Well-structured and written documents
The written plan, due by 5 pm on Wednesday, April 9th, should be single-spaced, paginated, and dated, with the team names appearing on the first page. Avoid using a title page to save paper. Email the plan to firstname.lastname@example.org.
The oral presentation will be made in front of your team's poster in the Atrium. This pitch should not exceed five minutes, followed by 5 minutes of question and answer.
There will be at least one winning team. Teams that did not present in Stage One are encouraged to register here. Teams that completed Stage One have a 10-point advantage. For questions, please contact Dr. John Whitman, email@example.com.
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