MSU students can win $1,000 just for having a good idea.
Well, that’s not exactly correct. But a student who has a good business plan can pocket the money with Idea MSU.
Idea MSU, a business venture contest run by Dr. Jeff Stanbaugh of the Lalani Center for Entrepreneurship and Free Enterprise, is now in its third year.
Stanbaugh will host two information sessions about the competition this week. One was held Tuesday and one will be held Wednesday afternoon.
“This is about creating a business. So ultimately what judges judge an idea on, ‘Is this a viable business solution?’”
Though sometimes it’s touted as a “business plan” contest, Stanbaugh sees it as more of a planning contest
“It’s just four pages. No financial projections. We’re really not asking people to write a business plan. We’re asking for something that would be a viable business opportunity.”
Idea MSU was modeled after Idea WF, a similar contest for Wichita Falls.
“We just branded off that idea,” he said.
Last year the prize was $500. This year the prize money has doubled.
“That ($500) just didn’t seem to cut through the clutter to get the students’ attention. This is cash that goes to them. It’s cash money.”
The prize money, Stanbaugh said, is “generously donated by Wells Fargo.”
He approached bank representatives about doubling the prize money before this year’s contest began. Their answer: yes.
“We hope that that $1,000 is going to catch people’s attention.”
A team from Dillard won the prize the 2010. Students in the McCoy building won in 2011.
About six people entered the inaugural competition two years ago. About 10 people entered the most recent contest. Stanbaugh expects more than 10 people to participate in 2012.
“It grows every year.”
Entries are judged by three criteria: innovativeness, business opportunity and feasibility.
Stanbaugh said the best thing about the contest is that students get to be creative and also figure out how to profit from their own ideas.
“You’re not promoting someone else’s idea. You’re promoting your own idea.”
For more information, visit this link: http://business.mwsu.edu/entrepreneurship/ideaMSU.asp
