What it Is | How it Works | What is Required
The Team Concept | Support | Prizes and Awards

What it Is

The Baruch College Entrepreneurship Competition, now known as the Baruch College and Merrill Lynch Invitational Entrepreneurship Competition, is an annual event that provides an opportunity for New York City college students to participate in an extraordinary learning experience that is at once exciting, educational, and essential to the emergence of innovative new firms.

Teams of student entrepreneurs-in-the-making submit concepts for new ventures - real ideas for real businesses. Over the course of two semesters, they develop their concepts into full-blown business plans, potentially leading to the launching of their businesses. Teams compete in one of two tracks: Traditional Entrepreneurship, which focuses on profit-making; Social Entrepreneurship, which focuses on social benefit.

Teams receive guidance from mentors, selected from a cadre of successful entrepreneurs, business professionals, members of Baruch's Lawrence N. Field Center for Entrepreneurship, and faculty from Baruch and other colleges. Free  workshops are designed specifically to help teams carry out the requirements of the competition.

A number of cash prizes are available, as well as seed money for business launch (see Prizes and Awards). Post-competition mentoring leading to launch is potentially available to teams that make it to the finals, even if they are not prize winners.

Beyond any awards, all participants will gain invaluable experience to carry forward in their careers, whether or not they win any prizes or even make it to the finals. They will meet many like-minded students who will become part of their network of friends and colleagues, and will benefit from personal contact with and the practical expertise of many of our country's leading entrepreneurs, investors, and business professionals

How it Works

Current students in good academic standing at the junior, senior, master's, or doctoral levels in any discipline at Baruch College and any of the invited colleges are eligible to participate in self-selected teams. (Students graduating during the 2008-2009 academic year are eligible.)

Invited colleges: All CUNY senior colleges, Columbia University, Cooper Union, Fordham University, Manhattan College, New York Institute of Technology, New York University, Pace University, School of Visual Arts, Yeshiva University.

Qualified teams must have at least two members and can include members who are not eligible students at an invited college. However, eligible students must comprise at least half of a team's membership. Each team must designate one member as the team leader/contact person and that person must be an eligible student.

Team composition and management is solely the responsibility of its members. No one can be a member of more than one competing team. Teams must remain qualified throughout the competition; those that do not will be dropped.

All team members, whether eligible students or not and regardless of affiliation, must register for the competition.

The kickoff fair, held on Friday, September 19, 10a.m., at Baruch College in NVC 14-220 (enter on 24th or 25th Street East of Lexington Ave), includes an orientation program to explain the competition rules and procedures and a panel session comprising mentors and past competition winners. Students will have an opportunity to ask questions, meet each other, exchange ideas, discover skills and interests, engage in discussions, and take the first step towards team formation. Many mentors, judges, and faculty will attend. You do not need to attend the kickoff to participate, but it is a good idea to do so.

The competition comprises three rounds:

Round 1

Submit a written concept paper - a concise proposal of no more than two pages outlining the products or services to be offered, the market to be served, and the competitive potential of that offering in the market. The paper must indicate the track in which you intend to compete. You do not need a team to submit a concept paper, but you do need to be an eligible student and you need to have registered for the competition.

Concept that are judged to have sufficient potential pass to Round 2. If your concept is accepted and you do not already have a team, you must form one within two weeks.

Mentors are assigned to Round 2 teams. Teams may switch tracks once during the competition, and may be advised to do so by their mentors or the judges.

For additional information see Writing a concept paper Be sure to follow the content guidelines and the format and submission requirements specified there.

Round 2

Develop a detailed draft business plan. Teams must show that they are progressing at an appropriate pace, that they are coalescing into properly functioning entities, and that they possess the requisite skills to carry the project forward or demonstrate awareness of persons who will need to be added to create and run a viable business.

Mentors evaluate team progress and status up to draft plan submission. Among other indicators of progress, three milestones must be met (see Events Calendar). Teams that are not performing appropriately or that are not properly configured (see The Team Concept), will be disqualified.

Areas to be covered in a business plan include, but are not limited to:

• A description of the product or service
• A description of the investment opportunity presented by the business
• A solid description of the market for the product or service and how that market will be served
• A description of competition in that market and how the business will compare and compete
• A realistic financial plan
• An assessment of the team members skills and qualifications for carrying the plan through to fruition

Written detailed draft business plans are due by 12:00 noon on Thursday, March 19, 2009. Late submissions will not be accepted. See the FAQs for further information, including plan format and instructions on how to submit your plan.

Teams whose plans are judged to be sufficiently developed and show significant potential for eventually becoming successful businesses pass to Round 3. Teams not qualifying for Round 3 are eligible to continue developing their plans with assistance from Field Center staff.

Round 3

Submit a fully developed business plan and make an oral presentation. Written submissions are due no later than 12:00 noon on Tuesday, April 23, 2009. Late submissions will not be accepted. Except for the due date, submission rules are the same as for the draft plans. (See the FAQs). Oral presentations will take place about two weeks later, TBA.

Plans, presentations, and teams are evaluated. Top teams are invited to meet separately with the judges in question and answer sessions. After suitable deliberations, prizes and awards are decided.

What is Required

The business

You need a realistic, marketable idea for a business venture that fills a need that currently is either unmet or not well satisfied. Therefore, the business must be an original idea or one that significantly improves upon existing ventures, and evinces considerable promise for launch. Teams in the traditional business track must show how they intend to reach viability and profitability within reasonable time frames. The primary mission of teams in the social venture track must address substantial social needs; they also must show how they plan to become viable enterprises within reasonable time frames.

The Team Concept

A strong team needs many skills and talents. Technical, managerial, marketing, financial, artistic, and linguistic expertise are among the requisite knowledge-based areas. Also vital are leadership, communication, research, writing, and presentation proficiency, along with organization and focus, commitment, and dedication to task. Equally important are the interpersonal skills and mindset necessary to function smoothly and effectively as a participating team member.

When forming your team, look for the mix of skills and talents required to develop your business idea and bring it to fruition. Thus, a team may include students at various levels, both graduate and undergraduate, and in various disciplines. The most successful teams will have members whose skills and talents complement each other and together provide the full range of competence needed to reach the team's goal. You may find that you need to enroll members who are not eligible students. Remember, however, that at least half of a team's members must be eligible students.

Support

Mentors are assigned to Baruch teams passing the concept stage. Teams from invited colleges should seek faculty from their home college to mentor them. Some external mentors may be available to mentor teams from invited colleges.

Mentors assist in plan development and act as coaches, facilitators, and guides; they will not develop the plan for you.

Since it is the mentors who evaluate team progress up to draft submission, it is strongly advised that teams meet regularly with their mentors. That way,  mentors are aware of progress and can advise members appropriately. Waiting until milestone due dates to meet with mentors is not a good idea. The scheduling of these meetings is the responsibility of the teams. At the discretion of the mentors, meetings may be in person or by telephone. Regular email contact throughout is advisable.

Workshops keyed to the competition are open only to competition participants, and are free. Participants are highly advised and strongly urged to attend as many workshop sessions as possible. See the Calendar of events for dates and times. For further information, see Workshops.

After the competition ends, teams that have made it to the final round may receive mentoring support from the Baruch Entrepreneurial Network (BEN). Promising teams are invited to BEN interviews. Teams with significant potential for and dedication to launch will be selected to receive BEN support.

Prizes and Awards:

For each track:

• first place -- $10,000
• second place -- $5,000
• third place -- $2,500

For either track:

• One or more $1,000 prizes for innovativeness, creativity, social consciousness, originality, and best improvement of an existing model may be awarded. One or more $1,000 honorable mention prizes also may be awarded.
• A total of $50,000 in seed money may be allocated to one or more teams. Seed money is awarded based on plan viability and team readiness to launch the business. To that end, awardees must meet conditions set by the judges to receive the seed money.

All awards are determined by the panel of judges and are strictly merit based. There are no guarantees that any particular award will be given. A total of up to $100,000 is available.

Questions?

First, read all material on this Web site. If your questions are not answered, send an email barry.dumas@baruch.cuny.edu Emails must come from the team leader/contact person. For the subject line, use only the following:

bcec 08-09, followed by your business name, your name, and an indication of the topic