Congratulations to the winners of the 5th Annual WCU Business Idea Pitch
WCU Undergraduate Students
1st place prize, Treasure Hunt - Chris Thompson
2nd place prize, Major Scoreboard - Justin Horrocks
WCU Graduate Students and Alumni
1st place prize, Virtual Individual Private Doc - Geoffrey Chan, MD
2nd place prize, EVA Tech - Raymond Bonnett &Joshua Rudley
1st place prize, ToothShower - Lisa Guenst
2nd place prize, Pop in Kids Club - Scott Bersak
West Chester Area School District Students
1st place prize, Custom Ride Wheelchairs - Mallie Holman & Matthew Watson
2nd place prize, Chargeables - Maya Moktan, Margaux Fleming, & Saundra Godshall,
ToothShower - Lisa Guenst
Business Idea Competition 101
About the BIC
The Annual WCU Business Idea Competition is co-hosted by the Dr. Edwin Cottrell Entrepreneurial Leadership Center and the Keiretsu Forum Mid-Atlantic. The Annual WCU Business Idea Competition promotes creativity, idea generation, and entrepreneurship by recognizing innovative ideas for new products, services, and technology.
What is the process?
Ideas will be reviewed by business angels, entrepreneurs, and business advisors. The top ideas submitted by March 6th will be selected for the April 19th Business Idea Pitch event at West Chester University. The Pitch is co-hosted by West Chester University’s Dr. Edwin Cottrell Entrepreneurial Leadership Center and the Keiretsu Forum Mid-Atlantic. Cottrell Center mentors and Keiretsu Forum Mid-Atlantic members will judge the Idea Pitches. Winners will be announced and awards will be presented at the conclusion of the Idea Pitch.
What types of ideas are eligible for the competition?
Ideas which have not yet been commercialized and which can be used as the foundation for a new business are eligible.
Who is eligible to compete?
West Chester University undergraduate students, graduate students, alumni, faculty, and staff; clients of SCORE Chester and Delaware counties; members of the Greater West Chester Chamber of Commerce (GWCC); and high school students from the West Chester Area School District (WCASD) are eligible to compete. Participants may submit multiple ideas and may compete in teams of up to six members.
What content is required?
Explain your idea for a product, service, or technology that can be used as the foundation for a new business, focusing on the following:
- Description - Describe the (initial) product, service or technology on which your business will be built. Explain what your product, service or technology does and the problem(s) it solves or the need(s) it fills. Describe the features (characteristics) and benefits (each feature should have a corresponding benefit) of your product, service or technology. If known, what is your anticipated price per unit? Be sure to define the unit (e.g., per gallon, per dozen, each, per GB, per hour, etc.).
- Uniqueness - List the direct and/or indirect competition for your product, service or technology. How is your product, service or technology unique? How does it differ from what is currently available to solve the problem(s) or fulfill the need(s) you are addressing?
- Target Market - Identify who and/or what is/are your target market(s). Are your direct buyers industrial, commercial, or consumers? Are there any traits that segment your target market (e.g., women aged 50+, businesses with revenues between $50M and $200M, businesses located in the eastern United States)? Describe the size of your target market. How many potential buyers are there? What are the total sales for the industry and/or market segment you are entering? How many competitors are in the industry and market segment? Describe your marketing strategy. What mix of channels will be used to distribute your product, service or technology to targeted buyers (e.g., Wholesaler/Distributor, Direct/Internet, Direct/Catalog, Direct/Sales Team, Value-Added Reseller, Consultant, Dealer, Retail, Sales Agents / Manufacturer’s Representatives)? How will you promote your product, service or technology? Where will you advertise? What efforts, if any, will you make to get targeted buyers to try your product, service or technology?
When are entries due?
Entries are due by midnight on March 6th 2017 at 11:59pm.
How are ideas submitted?
Submit your idea online here.
- Grand Prize: $3,000 and the opportunity to present at the Keiretsu Forum Angel Capital Expo in October.
- First Place Prize: $1,000 in the undergraduate, graduate, and professional track.
- Second Place Prize: $500 in the undergraduate, graduate, and professional track.
- First Place WCASD Student: $500
- Second Place WCASD Student: $250
- While some great ideas are based on radical inventions, others are the extension, duplication, or synthesis of existing products, services, or technologies. Some great ideas are simplistic in their nature and/or design.
- In describing your target market you indicate to the reader that you are familiar with your target market and that there is a market for your product, servie or technology. Specific facts and figures are helpful and provide evidence that you are knowledgeable about your target market.
- All businesses have competition. The competition might be indirect rather than direct competition.
- Write clearly and succinctly. Check your grammar and spelling. If the judges cannot understand your entry it will not be selected.
If you have questions, email the Cottrell Center team at email@example.com or contact us here.