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First-ever virtual West Virginia Business Plan Competitions showcases innovative spirit of state collegiate, high school entrepreneurs

Brittany Murray Thursday, April 02, 2020

While events around the globe are cancelled amid the novel coronavirus pandemic, West Virginia University ’s John Chambers College of Business and Economics found a way to continue forward with its annual West Virginia Business Plan Competitions by taking it virtual. 

Each finalist in both the high school and collegiate-level competitions virtually met with a panel of judges Thursday to pitch their business plans and answer questions.

“We know that students benefit the most from interaction with the judges who are business professionals and investors from across the country,” said Tara St. Clair , program lead of the Encova Center for Innovation and Entrepreneurship , which hosts the annual competitions. “We wanted to keep that connection, so we decided to utilize an online platform for the final presentations.”

Despite the challenges in this year’s competition, St. Clair said that the professionalism among these students was some of the best she has seen.

“The students have been extremely responsive and have shown great resilience,” she said. “The student response to the changes was truly inspiring. We kept them informed, and they were willing and ready to do whatever was needed to pull the competitions off in the new online format.”

The collegiate competition included 10 teams from seven West Virginia colleges and universities. WVU seniors Samuel Chico, a finance major and Kyle Seese, an industrial engineering major, won the STEM & Innovation category and a $10,000 grand prize for their proposal of Parthian Battery Solutions.

Parthian Battery Solutions offers low-cost, eco-friendly energy storage systems to consumers. Their unique process of repurposing retired EV battery modules from auto manufacturers will establish themselves as the premier cost leader for residential and commercial energy storage systems.

Moving to a virtual competition, though, posed a few problems for the duo, one being a lack of reliable internet connection.

“From the beginning, even before this whole pandemic outbreak, we were being thrown a lot of curveballs every step of the way, and this was just another one of those curveballs,” Chico said. “You learn to pivot, and I think that’s what separates a good entrepreneur from the rest of the pack.”

Some of those curveballs included not being able to finish building a model of the product in order to do demonstrations, as well as the cancellation of several other competitions in which they were also finalists. However, Seese said there was one positive to the competition moving online.

“My family was actually able to all watch us present,” he said. “That would not have happened if we were in-person. I had people dial in all the way from Louisiana.”

With the help of the competition, both Chico and Seese are looking forward to what comes next for Parthian Battery Solutions.

“With the money that we get from this, we’ll be able to finish the packaging development of our prototype and be able to leverage it, sit down with investors and show what our product can do,” Chico said.

Fellow WVU student Jesica Temple won the Lifestyle & Hospitality division and a $10,000 grand prize for her idea of the Shake It Out Fitness Flask. Temple is a Multidisciplinary Science major.

The product is a portable flask used to mix powder and supplements for active, health-minded people. Its patented design blends powders with liquids for a smoother tasting drink and can also be folded up and stored for reuse. Temple said the online format helped make the process less stressful, rather than posing new challenges.

“When I’m actually in front of a lot of people in person, I get more nervous, so being able to have this contest in the comfort of my own home, I was more relaxed,” she said. “I was able to draw a lot of energy from that, and I think I presented well in that regard.”

The Shake It Out Fitness Flask was also among the winners of ZinnStarter money made possible by Ray Zinn, founder of Micrel Semiconducters and the longest-serving CEO in Silicon Valley. This is the third year that Zinn gave money to the business plan competition. 

Other recipients included Yard Service in a Box, West Virginia Storybook Wedding, WhatAdo, Passionate Paws Pet Pharmacy, LLC, Wireless Telemetry, Geel Socks and Emergency Activated Harness (EAH). 

Eight teams competed in the high school level of the competition, with Work @ West Virginia from Bluefield High School junior Tucker Workman winning a $10,000 scholarship to a West Virginia institution. Work @ West Virginia is a consulting firm that provides business coaching and consultants to small businesses in West Virginia. 

Workman said his goal is to excel the growth of small business by assisting in the day-to-day operations or by aiding a startup from the beginning. For a monthly fee, clients will have the firm’s resources at their fingertips to experience a one-on-one experience.

Mark Burdette of Triquetra Marketing, LLC, who served as a judge for the competition, will offer free business coaching to all of the finalists in the STEM & Innovation category for a period of one year. Additionally, Almost Heaven Media’s Harry Bell will offer all collegiate finalists one hour of free digital consulting services.

The West Virginia Collegiate Business Plan Competition is part of a national network that includes Brigham Young University, San Jose State University, Utah Valley University and Virginia Polytechnic Institute and State University. The program is designed to allow students to create go-to-market plans, finish prototypes and ultimately be evaluated on the performance of their use of funding.

The Encova Center for Innovation and Entrepreneurship is part of the WVU Innovation, Design and Entrepreneurship Applied (IDEA) Ecosystem , a university-wide network of centers, offices and programs that fosters and supports innovation and entrepreneurship among WVU students, faculty and staff while engaging the statewide community.

bm/04/02/20

CONTACT: Brittany Murray Senior Writer, Office of Strategic Communications John Chambers College of Business and Economics 304.293.5927; [email protected] Call 1.855.WVU.NEWS for the latest West Virginia University news and information from WVUToday. Follow @WVUToday on Twitter.

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West Virginia Business Plan Competition: A Guide

Need additional help contact me.

This guide outlines open access  and free  business information sources available to all West Virginia Business Competition finalists (i.e. these resources do not require a West Virginia University login). WVU users should reference the Business Research Guide . If you have a valid West Virginia public library card, you can also access statewide library resources by visiting the West Virginia Library Commission Databases and eResources page .

• WVInfoDepot.org WVInfoDepot.org, the West Virginia eLibrary, is an anywhere, anytime library that you can access from your home pc, school library, or mobile device with your West Virginia Public Library Card number. WVInfoDepot.org provides access to millions of magazine and newspaper articles, ebooks, digital images, test preparation, primary source materials and more. Use: Business Source Elite database.

US Census Information: Demographics, Business Patterns, etc.

• American FactFinder Using the Advanced search within American FactFinder, conduct a search for common demographics (i.e. age, sex, or income). You can narrow your search by geography.

Industry & Market Analysis

• Census Business Builder: Small Business Edition The Census Business Builder (CBB) is built primarily for small business owners who need key data for their business plan or to better understand their potential market.
• Census Business Builder: Regional Analyst Edition Regional Analyst Edition is built primarily for chambers of commerce and regional planning staff who need a broad portrait of the people and businesses in their service area.

Consumer Behavior

• Claritas.com (MyBestSegments) Search by zip code to see abbreviated summary of lifestyle segments, brands purchased, and frequent activities. Claritas MyBestSegments uses a proprietary category system called Claritas PRIZM Premier. Households categorized into Lifestyles using a combination of Census.gov data, consumer surveys, and assorted public and private demographic / consumer information. MyBestSegments is a free version of a subscription Claritas product.
• Market Segmentation: PRIZM
• Claritas PRIZM Definitions
• Last Updated: Jul 11, 2022 1:47 PM
• URL: https://libguides.wvu.edu/wvbusinessplan

Statler College students win West Virginia Business Plan Competition

Brite creators Lukas Thackery, Nate Wimer, Craig Dombrowski and Jorden Anfinson. (WVU/Submitted photo)

A team of students from the Benjamin M. Statler College of Engineering and Mineral Resources were announced as winners of the 16th annual West Virginia Business Plan Competition. The team was awarded $40,000 for their business Brite, a software-as-a-service platform that gives professors and administrators real-time data insights into student feedback, classroom learning and engagement, all while assisting students on their academic journey.

Story by Brittany Furbee, Communications Specialist

Benjamin M. Statler College of Engineering and Mineral Resources

The team that pitched the winning idea at the competition is comprised of Co-Chief Executive Officers Nate Wimer, a mechanical engineering major, and Lukas Thackery, a mechanical and aerospace engineering major, Chief Technology Officer Craig Dombrowski, an aerospace engineering major, and Chief Product Officer Jorden Anfinson, a student from Denison University in Ohio. 

Hundreds of teams applied for this year’s competition, which was narrowed down to 5 teams who competed for funding as part of the finals during Bridging Innovation Week on April 19, in Wheeling.  

Hosted annually by the Encova Center for Innovation and Entrepreneurship in the John Chambers College of Business and Economics at West Virginia University , the competition affords college students from around the state with the opportunity to make a business idea come to life with the support of state institutions of higher education and seasoned business professionals from around the country. 

While the students originally entered the competition with a business idea based on drone technologies, they soon pivoted their idea to reflect a more relevant and pressing issue - the higher education crisis, where there is a dire need for an educational tool to help students, professors and university administrators alike at WVU and other colleges around the country. 

“Just last month we heard WVU President E. Gordon Gee say in his state of the university address that ‘higher education is under attack' and that WVU is facing challenging times,” said Wimer. “This is due to national college enrollment dropping eight percent in three years according to PBS. In addition, higher education is battling the college dropout crisis, where first-time undergraduate freshmen have a 12-month dropout rate of roughly 24 percent according to the Education Data Initiative. These problems have sent negative financial effects rippling across the country, especially at our home university of WVU. There is a vital need across institutions to retain the students they already have so they can maximize revenue potential and maintain an adequate reputation.” 

After interviewing several administrators at WVU, the students learned that many classroom metrics are collected to help mitigate this said problem. However, they learned there is little to no student engagement data, meaning universities don’t have a clear picture of what is going on inside the classroom. Brite aims to help university officials by providing them with data analytics so they have a lens into the classroom, can identify positive trends and retain students in the long run. 

Many professors rely on student feedback on their performance and teaching effectiveness from end of the semester course evaluations. After speaking with professors, the team at Brite realized that these evaluations are conducted too late in the semester, which impacts administrators' ability to implement changes, and the results can be skewed based on the grades students earned in each class. 

“Professors expressed frustration that there is no widespread system to monitor student feedback in real-time, before students fall behind,” explained Wimer. “Brite’s teacher dashboard will display aggregate classroom analytics after each lecture while placing no additional responsibility on the professor. When professors adopt our technology in their classrooms, they gain the data needed to understand their students' academic needs like never before.”  

The software will also address concerns that many college students face today.  

“Students often sit in rigid and crowded lecture halls with hundreds of their peers, where they may struggle to understand the material but are too afraid to ask questions for fear of looking foolish or being judged by classmates,” said Wimer. “This problem is especially large for new incoming freshmen, who experience a big leap from high school to college with the change in academic intensity being novel and intimidating. When students do not ask questions, they don’t learn, which can lead to failed or dropped classes. Brite will allow students to anonymously ask questions without the fear of being ridiculed, increasing classroom engagement and discussion. Using Brite, students will feel comfortable engaging and asking questions, leading to enhanced learning outcomes.” 

“Students, professors and universities will all benefit from Brite” said Dombrowski. “Students will all have an equitable voice in the classroom, while providing valuable feedback to their professors. Teachers will know how their students are understanding the material, can help those in need and track attendance easily. Universities can have insights into engagement and student-feedback, and how it correlates to retention, allowing for a better understanding of what tools and techniques are working in classes.” 

The students are currently in the development phase of their business plan. The next step is in place, as they are currently building their working prototype, expected to be finished by July 2023, so they can begin implementing their product in classrooms. This process will be significantly expedited thanks to the funding they received as winners of the competition. 

“This prize money is what will allow us to build our product and ship it out quickly,” said Thackery. “We’re going to launch a beta-testing phase for over 2,000 WVU students next year, and we want to give them something they’ll really love and find useful. We’ve brought together a team of software geniuses who turned down internships to work for us, and we’re going to use a portion of the prize money to compensate them for their time and hard work.” 

Brite will be conducting beta testing during the 2023-24 academic year and has made agreements with the WVU Nursing Department, Fundamentals of Engineering Program and select business and music classes at WVU. The app will be free for professors and students to use in class for a semester. Feedback will be gathered from this select group of testers for app refinement and to meet the needs of professors.  

bmf/04/26/23

Contact: Paige Nesbit Statler College of Engineering and Mineral Resources 304.293.4135 , Paige Nesbit

For more information on news and events in the West Virginia University Benjamin M. Statler College of Engineering and Mineral Resources, contact our Marketing and Communications office:

Email: [email protected] Phone: 304-293-4135

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J. Paige Nesbit, Director Phone:   304.293.4135 |  Email:   [email protected]

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West Virginia Innovation & Business Model Competition

2022 wvibmc’s top award – congratulations to anna cummings.

March 28, 2022 | Huntington, WV

Anna Cummings , an Entrepreneurship/Innovation + Management double major from West Virginia University, claimed the top award ($3,000.00) from the WV Innovation + Business Model Competition (WVIBMC) state finals hosted on the campus of Marshall University.  Anna’s new venture is named Earring BackTrack and is a device that allows an individual to easily remove and/or apply the stainless-steel backs to an earring stem once inserted through the piercing.  With the oldest population, West Virginians suffer from significant rates of arthritis and related dexterity issues.  However, many individuals benefit from the Earring BackTrack , including children and those with smaller hands.

As the top award winner, Anna may use the award for securing services, equipment, and/or materials that will assist her in the furtherance of Earring BackTrack as a new venture.  Congratulations to Anna for an outstanding concept, presentation, and all the work into making the device a reality.  Anna is coached by Anne Jones (Director Entrepreneurship, StartUp WV + Business Advisor, Morris L. Hayhurst LaunchLab) and Dr. Carrie White , Ed.D. (Exec. Director LaunchLab).

Marshawn Kelley , Marcus Kelley , Trenton Holcomb , and Jonathan Williams from Glenville State University were awarded the third position ($1,000.00) for their new concept named SCups, a new venture trying to address safety and security in public settings in which beverages are vulnerable to alterations.  In particular, the SCup is a restaurant-style beverage container that has a lid that sends a signal when it is removed without authorization.  The container uses processors and circuits to create the security that is accuated when the lid is removed.  This helps prevent individuals from ingesting doped or poisoned drinks, with the alert serving to warn the user and to replace the beverage.  Marshawn, Marcus, Trenton, and Jonathan are coached by Dr. Mark Sarver , business faculty at Glenville State University.

Katelyn Spears and Sydney Adkins from Marshall University were awarded $750.00 for their proposed new venture named Wildflower Homes , a startup intending to offer a new rental option to young adults by operating tiny homes.  While most young adults rent apartments or mobile homes, neither option is optimal.  Apartments usually include roommates and/or neighbors that may be difficult to live with or next to, while mobile homes are aesthetically unappealing and may carry a stigma.  Instead, a tiny home (500-700 square feet) can offer an aesthetically pleasing look without the crowded nature of apartment-living.  Moreover, tiny homes may be customized and multi-level living options may be utilized to provide sufficient floorplan alternatives that would attract a number of potential target customers.

The 2022 WVIBMC judges Kaylin Jorge , Mary Hott , Don Perry , Paula Taylor , and Bill Woodrum provided students with great questions and suggestions and have went above and beyond the call of duty this year.  Thanks to our great judges.

Emcee Bill Bissett performed masterfully in leading our event and providing the right information at the appropriate time.

Additional special thanks to Marshall University leadership, including Pres. Brad D. Smith , Interim Provost Avi Mukherjee , College of Business Deans Jeff Archambault, Ph.D.  (Interim) and Nancy Lankton, Ph.D.  And special thanks to co-organizer and consultant Jeremy Turner.

Special thanks to Deacon Stone at RCBI for the outstanding work on the student trophies that we presented this year.

Congratulations to all the participants – your hard work and dedication was noticed!

Watch the Video Replay – WV State Finals (WVIBMC) March 28, 2022 | from Memorial Student Center

West virginia innovation & business model competition 2022.

2022 marks the fourth year of the West Virginia Innovation & Business Model Competition (WVIBMC)! The fourth edition of the competition sees a return to an in-person presentation format.  WVIBMC is open to all students enrolled in a two- or four-year institution in the state of West Virginia.

WVIBMC focuses on helping college students in West Virginia find a significant problem that they can apply their skills and strengths to solve. WVIBMC utilizes design thinking as inspired by institutions like IDEO and Intuit’s Design-4-Delight (D4D) to test assumptions and experiment with possibilities to develop game-changing solutions and business models for and with real customers. Students will evaluate what they learn and either validate key assumptions or pivot and change course.

Image Source:  The Guardian ​

The WVIBMC is passionate about giving students the mindset and tools they need to innovate high-impact businesses that will change their lives and the lives of those in the state and beyond. The WVIBMC uses blend of entrepreneurial best practices like design thinking, business model canvas, and lean canvas to foster the development of desirable, viable, and feasible business models. The WVIBMC is made possible due to the generosity of the Robert E. Yancey, Sr. Entrepreneurship Endowment and Intuit.

Image Source:  LEAN Stack | Ash Maurya

MEDIA ADVISORY: Bridging Innovation Week to host competitions in Charleston starting today

More in wvpa sharing:.

Morgantown, W.Va. — West Virginia University has issued the following media advisory:

WHAT:  Bridging Innovation Week , hosted by the  West Virginia University   John Chambers College of Business and Economics  and Marshall University Center for Entrepreneurship and Business Innovation

WHERE:   Charleston Civic Center, 200 Civic Center Dr., Charleston

Tuesday, April 5

2-2:45 p.m.  Entrepreneurship Fireside Chat  with  WVU President Gordon Gee , moderated by  Sarah Biller  of  Vantage Ventures .

Wednesday, April 6

            10 a.m. to noon: 2022 WV Innovation + Business Model Competition

            12:30-1:30 p.m.: West Virginia Statewide High School Business Plan Competition

            1:40-3 p.m.: West Virginia Statewide Collegiate Business Plan Competition

            3:10-4:10 p.m.: Community Business Plan Competition

            4:30-5 p.m.: Vantage Ventures Demo Day

            5-8 p.m.: Awards Banquet

2022 WV Innovation + Business Model Competition  WVIBMC is a statewide business model competition open to all students enrolled in a West Virginia higher education institution.

Hosted by Marshall University Center for Entrepreneurship and Business Innovation (iCenter).   Point of contact:  Olen York –  [email protected]  

West Virginia Statewide High School Business Plan Competition  offers high school freshmen, sophomores, juniors and seniors from across the state the opportunity to learn how to move a business idea from conception to action with the help of seasoned business professionals. Finalists receive the opportunity to pitch to real investors.

Hosted by WVU John Chambers College of Business and Economics Encova Center for Innovation and Entrepreneurship and the WV Department of Education.   Point of contact:  Tara St. Clair –   [email protected]  

West Virginia Statewide Collegiate Business Plan Competition  offers college students the opportunity to receive the education, skills, contacts, and motivation necessary to create a viable start-up company in West Virginia. Finalists receive $1,000 and have the opportunity to pitch to real investors from across the country.

Hosted by WVU John Chambers College of Business and Economics Encova Center for Innovation and Entrepreneurship. Point of contact: Tara St. Clair –  [email protected]  

Community Business Plan Competition  The  WV Community Business Plan Competition is a $15,000 cash prize contest for new product ideas that can be brought to market in 6 to 12 months and be sold nationally or globally. This contest is open to all WV residents and small businesses.

Hosted by WVU John Chambers College of Business and Economics.   Point of contact:  Ryan Angus –  [email protected]  

Vantage Ventures Demo Day  Vantage Ventures will host a Demo Day event for their clients as a part of Bridging Innovation. The sessions will create connections for entrepreneurs with people who want these innovators to succeed.

Learn more about Vantage Ventures .

Hosted by WVU John Chambers College of Business and Economics.   Point of contact:  Sarah Biller   [email protected]

Awards Banquet  celebration honors the outstanding accomplishments student awards winners from the following events:

• WV Statewide High School Business Plan Competition
• WV Innovation & Business Model College Competition
• WV Statewide Collegiate Business Plan Competition

Hosted by WVU John Chambers College of Business and Economics Encova Center for Innovation and Entrepreneurship, Marshall University Center for Entrepreneurship and Business Innovation (iCenter), and the West Virginia Department of Education Point of contact: Tara St. Clair –  [email protected]

NOTES:   Bridging Innovation Week will bring together various meetings and competitions from across the state that promote and foster entrepreneurship in West Virginia. These efforts range from supporting elementary to college students and community members in their pursuit of becoming entrepreneurs to creating more opportunities in West Virginia and building our ecosystem across the Mountain State.

MEDIA CONTACT: Heather Richardson Assistant Dean for Communications, Engagement and Impact WVU John Chambers College of Business and Economics 304-280-5751;  [email protected]

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West Virginia High School Business Plan Competition

Ages: High School

Types: Submission, Presentation

Scope: State

[email protected]

Participate

The West Virginia High School Business Competition engages young minds to solve West Virginia's greatest issues. Students have the unique opportunity to make a business idea come to life with the support of WVU's John Chambers College of Business & Economics, Encova Center for Innovation and Entrepreneurship, WV Secondary Education, and seasoned business professionals from around the country.

• Round 1: Conceptual outline of a proposed business. Business concept will be submitted in the business plan form via ReviewR using the Lean Canvas Template. Each submission will be reviewed by a panel of judges comprised of various business professionals. Judges will evaluate each submission based on a 100-point scoring rubric. Ten (10) teams will advance to the final competition. Teams will be notified via e-mail and finalists’ names will be posted on our website and social media accounts.
• Coaching and Workshop: Finalists will be paired with a business coach (volunteer). The coach will mentor and support the student in developing a complete business plan for his/her idea. This person can be a teacher or business leader in the community of that region. Teams will participate in the finalists workshops. Teams will meet and work with marketing, financial, legal and business professionals on their business idea. They will learn valuable information related to starting a business in West Virginia.
• Practice presentations April 6
• 5 minute presentation
• 10 minute Q&A with investors
• Final Presentations will be given in front of judges and other finalists. Mentors and/or family are also permitted in the presentation room, but non-team members may not speak during the presentations or Q&A.

West Virginia High School Business Plan Competition Awards

Team Award.

One (1) $1,000 grant for finalist team’s classroom and the opportunity to pitch your idea to investors.

Website: https://www.businessplanwv.com/high-school-business-plan-competition

Managing Organization: WVU John Chambers College of Business and Economics and Encova Center for Innovation and Entrepreneurship

Contact: [email protected]

Eligibility: All West Virginia high school juniors and seniors are eligible to participate.

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Friday, April 28, 2023

Morris L. Hayhurst LaunchLab clients take home nearly $200K in cash and prizes during Bridging Innovation Week

Innovators and entrepreneurs from all parts of West Virginia will benefit from opportunities provided during the recently held second annual Bridging Innovation Week.

As part of the event, the Morris L. Hayhurst LaunchLab hosted the Arts Entrepreneur Pitch Competition at the Towngate Theatre in Wheeling.

Adam Payne won $5,000 for a new publication titled “YNST” and Joana Tsuhlares was awarded $2,000 for her original film “Hamlet: The Undiscovered Country.”

Also held was the Veteran Entrepreneur Pitch Competition, sponsored by the SBA Community Navigator Pilot Program. The awards for this pitch included $30,000 of technical assistance for veterans who either have a business or intend to start one.

The winners of this competition included: 

• Dustin Ward, The Light Sleeper, $7,000
• Bette Angle, Heart Healthy Cooking Classes, $4,500
• Steve Ellison, $4,500
• Chris Grimes, Mountain Cajun Getaway, $7,000
• Jamie Summerlin, $7,000

The International Business Model Competition was held at Oglebay Resort the following day, filled with competitions and opportunities for these entrepreneurs. The top winners of this competition were LaunchLab clients Keiron Leonard who won $3,000 for his BedTech — heavy-duty truck accessories, and Soren Kowalski, who won $2,000 for his company Four Letter Word Games and his gaming app Seagull Smash.

The West Virginia Business Plan Competition was hosted by the Encova Center for Innovation and Entrepreneurship and the John Chambers College of Business and Economics. During this event, the following LaunchLab clients were awarded funding for their innovations: 

• Adam Payne, “YNST” magazine, $8,000
• Nate Arndt, Nate’s Handcrafted Nets, $15,000
• Bobby Noble, Noble Growing Systems, $16,000        
• Nikki Forester, Highland Outdoors Magazine, $19,000
• Eva Toor, The Stable Boy, $35,000  
• Dustin Ward, The Light Sleeper, $25,000
• Lukas Thackery, Nate Widmer, Craig Dombrosky and Jordan Anfinson, BRITE, $40,000

The Morris L. Hayhurst LaunchLab is part of a University-wide network of centers, offices and programs that fosters and supports innovation and entrepreneurship around WVU students, faculty and staff while engaging the statewide community.

West Virginia Collegiate Business Plan Competition employs innovative Business Model Canvas to help students communicate business ideas

Friday, September 21, 2018

Koffi Amegadje, Stephanie Turner and Rawlings Ebot Enow of the University of Charleston made up one of the winning teams in the 2017-18 West Virginia Statewide Collegiate Business Plan Competition with their Voix Rx business plan idea. The students are pictured with Steve Cutright, left, director of the BrickStreet Center for Innovation and Entrepreneurship at West Virginia University, which hosts the annual competition.

One of the most intriguing characteristics of Generation Z is that a substantial percentage wants to start their own businesses and hire workers.

That characteristic has prompted the West Virginia Statewide Collegiate Business Plan Competition to implement the Business Model Canvas in its academic year-long event, making it easier and more efficient for college students to communicate their business ideas. Those ideas from students at any West Virginia college or university are due by noon Oct. 12.

“The Business Model Canvas is a strategic management tool that helps a person quickly and easily define their business idea,” explained Tara St. Clair, senior program manager at the BrickStreet Center for Innovation and Entrepreneurship at West Virginia University , which hosts the statewide competition. “In the past, students submitted a one- to three-page summary of their business idea. This year, we have moved to a more innovative approach by adopting the BMC, a lean startup template for developing new business models.”

The West Virginia Statewide Collegiate Business Plan Competition offers a platform to college students around the state to help make their business ideas come to life. The competition will see three winners receive $10,000 each after top entries are determined in the categories of Lifestyle and Innovation, Hospitality and Tourism, and STEM/ Technology. Participants come from many different disciplines and backgrounds, and the competition is open to all full-time higher education students from any academic major in the state of West Virginia. As the competition progresses, students will receive extensive education and assistance in preparing their business plans and creating their businesses. In Round One, as the field is narrowed to semi-finalists in the three categories, judges look for viable ideas.

St. Clair said the BMC is a one-page document designed to work through a business idea or concept by identifying two fundamental elements: the customer and the business. This is a globally-accepted entrepreneurial model, she said, because it helps the would-be entrepreneur outline the value between the business and its customers.

“We are excited to announce our new website: www.businessplanwv.com . The website features the rules and regulations, process guidelines, competition updates, past winners and a number of resources,” St. Clair said. “Students can enter online by simply clicking the ‘Enter Online’ tab from the website. Round One has been updated to further increase the quality of the initial entries. We believe the BMC will help achieve that.”

The West Virginia Collegiate Business Plan Competition is part of a national network that includes Brigham Young University, San Jose State University, Utah Valley University and Virginia Polytechnic Institute and State University. Ray Zinn, the longest-serving CEO in Silicon Valley and founder of Micrel Semiconductors, provided $10,000 to the BrickStreet Center in 2017 to make it part of the ZinnStarter program. The program is designed to allow students to create go-to-market plans, finish prototypes and ultimately be evaluated on the performance of their use of funding.

Last year’s winners included Hemeworks Technology, University of Charleston; Inspiration Bakery, Concord University; and Voix Rx, University of Charleston. The 2017-18 competition saw participation from 292 teams from 16 state colleges and universities.

The  Brickstreet Center for Innovation and Entrepreneurship  is part of the  WVU Innovation, Design and Entrepreneurship Applied Ecosystem , a university-wide web of centers, offices and programs that fosters and supports innovation and entrepreneurship among WVU students, faculty and staff while engaging the statewide community.

Other areas include  IDEA Faculty Fellows ,  WVU Women’s Business Center ,  Davis Young Innovators program ,  WVU Extension Service ,   Patent and Trademark Resource Center ,  Health Sciences Innovation Center , LaunchLab Network ,   Legal Clinics ,  Media Innovation Center ,  Manufacturing Extension Partnership , the  MakerLab  and  Technology Transfer.

Review the list of important dates and information related to the competition . 

pg/09/21/18

Contact: Patrick Gregg, WVU College of Business and Economics [email protected] or 304.293.5131

Follow @WVUToday on Twitter