TACOMA, Wash. – Student teams from five Puget Sound area universities will compete for prizes of up to $2,500 in the first Business Plan Competition organized by the Tacoma Entrepreneur Network (TEN). Maybe even more importantly—the college students will be sparring to catch the eye of local investors and entrepreneurs who will be scrutinizing their creative business skills.
The Wednesday, Nov. 13 competition will take place 6–9 p.m. in the Tahoma Room of Commencement Hall at University of Puget Sound. TEN is a two-year-old initiative started in Puget Sound’s School of Business and Leadership that aims to promote local entrepreneurship by engaging college students and local business entrepreneurs in strategic events.
A total of 18 undergraduate student teams from Seattle Pacific University, Seattle University, University of Puget Sound, University of Washington Tacoma, and University of Washington Bothell will compete.
The contesting teams wrote business plans that will be assessed by about 20 entrepreneurs, investors, and economic or entrepreneurship experts who are acting as judges. At the November 13 event, the teams will give ten-minute presentations, followed by ten minutes of questions and answers. The business plans will be assessed on their feasibility, innovation, growth potential, investment potential, and the team’s ability to execute the plan.
The winners will be announced shortly before 9 p.m. The judges will then offer teams feedback. The grand prize is $2,500 for the best overall plan, with first and second prizes of $1,500 and $500 respectively in each of three categories: financial outcomes, environmental outcomes, and social outcomes.
A Moving Forward Dinner, including winners and judges, will be held Wednesday, Nov. 20 at 6 p.m. in the Tahoma Room of Commencement Hall. Students will have display tables to share their ideas with investors and advisors who may be able to offer advice on moving their business plans forward.
The judges in the TEN Business Plan Competition include business and institutional leaders from A People’s Choir, Ascension Health Ventures, Blue Box Group, Business Examiner, Cake Central, Capital Market Consultants, City of Tacoma, Emergency Food Network, Fab Five, Gibson’s Frozen Yogurt Shoppe, The Greater Tacoma Community Foundation, Institute for Environmental Research and Education, North Tacoma Family Health, Premier Media Group, Playback Sports, Print Northwest, Regent Resources, SURGEtacoma, and United Way, Support and sponsorship for the groundbreaking event is generously provided by the Herbert B. Jones Foundation, Eli and Amber Moreno and their SURGEtacoma business incubator, and University of Puget Sound.
About Tacoma Entrepreneur Network: Professor Lynnette Claire, who teaches business education and entrepreneurship at University of Puget Sound, founded the Tacoma Entrepreneur Network (TEN) in 2011. TEN aims to connect entrepreneurs, help their businesses grow, and give those considering a career in entrepreneurship a means to explore possibilities. In the process TEN helps to foster a strong sense of place and to build the local community. Tacoma Entrepreneur Network is funded by the Herbert B. Jones Foundation.
For more about the TEN Business Plan Competition visit: tacomaents.org
Join TEN on Facebook at: facebook.com/TEN.College.Ed