Wake Forest Elevator Competition to host 34 teams
Originally Posted on Wednesday, March 24, 2010
Reposted from MSN Money
On March 26th & 27th, thirty-four teams from top colleges and universities from across the United States and Canada were selected from more than 100 applicants to participate in the 11th Annual Wake Forest Schools of Business Elevator Competition. The competition, which was first held in 2000, attracts pioneering MBA candidates from the nation's top programs and allows students to test their skills at making the perfect elevator pitch, in an actual elevator. Each student team is required to perform a two-minute pitch, supply a detailed business plan, and prepare a formal presentation of their business venture.
The event, which is produced by Wake Forest University business students, attracts pioneering entrepreneurs, creating one of the premier business plan competitions and a truly unique experience. It kicks off with a dinner on Friday night in the BB&T building located in downtown Winston-Salem, NC. Teams are greeted by their respective hosts, register, and have the opportunity to get acquainted. The evening closes with a keynote address by John Allison, former chairman and CEO of BB&T Corporation and distinguished professor of practice at the Wake Forest University Schools of Business.
On Saturday morning, the two-minute elevator rides begin. Students with great business ideas must think and act quickly so as to spark further interest in their idea. Pitches must be engaging and to the point as financiers are notorious for short attention spans, and the quality of an entrepreneur's pitch – measured in both succinctness and appeal – is often the difference between funding and rejection.
Each team may have up to four participants, with at least one participant who must be a degree-seeking student currently enrolled in a college or university. Participants can be graduate or undergraduate students in any discipline.
Up to two team members may present to venture capitalist judges during the elevator ride. Teams selected as finalists will then provide a full 20-minute presentation on their business plan.
In addition to its traditional business plan track, Wake Forest's Elevator Competition will also hold a business plan competition for social entrepreneurs. Through for-profit, non-profit or hybrid enterprises, social entrepreneurs identify gaps within current social systems and create innovative solutions in society. These entrepreneurs measure their success based on the triple bottom line – economic, environmental and social – but still rely upon the same business fundamentals as any for-profit venture.
The Business Plan Competition top finisher in the traditional track will receive $10,000 cash and the highest placing team with an MBA student on their team will receive automatic entry into the Global Moot Corp Competition. In addition, the winning team can qualify for up to a $250,000 investment from the Piedmont Angel Network.
The Social Entrepreneurship Competition top finisher will receive $5,000 cash.