CENTER FOR ENTREPRENEURSHIP AND INNOVATION
ANNUAL GVSU BUSINESS PLAN COMPETITION
THE COMPETITION Serves to stimulate and nourish the entrepreneurial spirit at the collegiate level.
ABOUT THE COMPETITION
Seeks to encourage entrepreneurially oriented college students
The Center for Entrepreneurship and Innovation’s (CEI) Annual GVSU Business Plan Competition is a springboard for new ideas and a funding opportunity for dedicated students who aspire to launch their businesses. Each year more than 50 Grand Valley State University students apply to the competition for a chance to win a portion of the $10,000 prize money. The top seven competitors pitch their business ventures to a panel of mock investors following three elimination rounds. The businesses with the greatest potential are
to develop and grow new ventures based on their own ideas. Provides participating students with forums in which they can develop skills in pitching their ventures to investors and receive constructive feedback for increasing the probability of successfully launching their ventures. Gives students the opportunity to learn what it takes to successfully launch a new business. Benefits students by providing networking opportunities to share ideas and
awarded seed capital as follows:
strategies with faculty members, business leaders, and investors, and the
1ST
2ND
3RD
BUZZ
$5,000
$3,000
$1,500
$500
FIRST PLACE
SECOND PLACE
THIRD PLACE
SOCIAL MEDIA BUZZ AWARD
Photo: GVSU President Thomas Haas is pictured with contestants for the Annual GVSU Business Plan Competition 2012.
chance to receive feedback and mentoring from experienced entrepreneurs. Develops critical skills in students, such as evaluating opportunities, creating marketing plans, preparing financial plans, and pitching to investors.
FIFTH ANNUAL GVSU BUSINESS PLAN COMPETITION WINNERS, 2012 FIRST PLACE: BAHRS, LLC BAHRS, LLC, a new venture started by Miles Smith, was the first place winner in the business plan competition in March 2012. Smith’s company seeks to solve a chronic problem for fishing enthusiasts with its proprietary product: The Break-away Coupling. This piece of hardware is designed to prevent the loss of fishing lures. The breakaway lure hook is designed to separate at a predetermined tension so users lose the hook but not the lure. Miles also won the regional business plan competition hosted by West Michigan Colleges and Universities Group in April 2012. The regional competition is a The judging panel at the 2012 business plan competition shown (left to right): Jason Pliml, Michigan Small Business and Technology Development Center; Tim Streit, Huron River Ventures; Merrill Guerra, Michigan Venture Capital Association; Bill Holsinger-Robinson, BHR Consulting; and Tim Syfert, Grand Valley State University.
tournament of champions amongst the winners of seven local collegiate business plan competitions who compete for $5,750 in prize money.
BAHRS, which stands for Break-Away Hook Release System, has received support
SECOND PLACE: DESIGNER VENTS
from numerous Grand Valley departments and divisions, namely the Seidman
Designer Vents, developed by Sam
College of Business, the Center for Entrepreneurship and Innovation,
Rasmussen, Jon Rasmussen, and Bo
the Technology Commercialization Office, and the Seymour and Esther Padnos
Anderson, offers an alternative decorative
College of Engineering and Computing. In addition, BAHRS has other significant
solution for users who want to customize the
partners, including Ann Arbor SPARK; Tiger Studio; Michael A. Tawney and
air return vents in their homes. Customers
Company, P.C.; and Price Heneveld LLP. Smith’s original product was patented
can choose from specially designed vent
through Grand Valley’s Technology Transfer Office.
covers in a variety of images. Through laser-
Smith, CEO and founder of BAHRS, is an international business and management major with a minor in Spanish at Grand Valley. In addition to the business plan
cut technology, self-expression can take the form of an inspiring word, a collegiate logo, or a silhouette, for example, that’s transformed into a stylish vent cover.
competition at Grand Valley, Smith has competed in regional and statewide business
This idea has the ability to revolutionize the vent market with a new product segment
plan competitions. He got his start at CEI’s Annual Idea Pitch Competition at Grand
that allows customers to add a personal touch to their living spaces. To encourage
Valley in Fall 2010. Smith is the first Grand Valley student to access the State of
sustainability, customers can return their used vent covers to Designer Vents for
Michigan’s economic development fund from the Michigan Economic Development
reuse or recycle purposes.
Corporation (MEDC) with his business plan. In 2011 he applied for and was awarded a $50,000 microloan from the state’s preseed fund and is using this money to develop his prototype and file for new patents.
Designer Vents also was chosen by CEI to represent Grand Valley in a national competition hosted by Texas Christian University in April 2012. The three entrepreneurs have complementary skills in the fields of marketing, management, and finance.
THIRD PLACE: AL&S SOLUTIONS Thad Cummings placed third with AL&S (Augmenting Logistical and Sustainable) Solutions, LLC. The company sells and distributes environmentally friendly, compostable utensils and dishes to caterers and food service providers. It also provides trash pickup for compostable trash, which is taken to a compostable waste manager for processing. The finished product is a rich compost that gets sold back to the original company. AL&S Solutions is committed to strengthening sustainability in Michigan. At the time of the competition, the company had 23 customers in West, East, and Northern Michigan with annual revenues of $200,000. Its customers include several recognizable Michigan businesses such as Zingerman’s in Ann Arbor and Amway in Grand Rapids.
SOCIAL MEDIA BUZZ AWARD: CONVERJ Ryan Skonieczny scored 1,144 “likes� for his business, Converj, on the CEI Facebook page earning him the Social Media Buzz Award. To earn this distinction, the top seven contestants compete for one month to discover who can gain the most community support. Converj is a service-oriented firm
AL&S Solutions was created with a social purpose. Its goal is to create capital from
that will help businesses manage their social media platforms,
a closed-looped system for disposable products, then use that capital to create a
improve their Internet presence, build their online brand, and provide clients with
501(c)(3) to support grassroots organizations within the community. The company
analytic-driven research and feedback from their online customers. Skonieczny has
also contributes to the well-being of society by donating 25 percent of its profits to
several clients who are already utilizing his services.
local communities. Photo: The 2012 business plan competition took place at the Charles W. Loosemore Auditorium in DeVos Center at Grand Valley State University.
A HISTORY OF SUCCESS The Annual GVSU Business Plan Competition has produced a number of notable undergraduate student-run businesses in its five-year history. 2011 winner, Luke Richard, earned more than $10,000 in seed capital for G.R. Greens, his organic, hydroponic produce greenhouse in Cedar Springs. His most recent funding — $5,000 — came from Start Garden, a new investment firm in Grand Rapids. 2010 winner, Joe Pohlen, launched his company, JTP Management, and now rents multiple houses to college students along the Lake Michigan Drive corridor. 2009 winner, Tyler Way, operates his custom shoe and apparel label, T.Way Collection. Notable clients include Lebron James, Chris Paul, and Tayshaun Prince. His shirt designs can be found in Grand Valley’s University Bookstore. Because there is a strong entrepreneurial spirit within the Grand Valley community, CEI works to provide programs like the Annual GVSU Business Plan Competition for students who are passionate about their start-up businesses. Entrepreneurship is a viable career choice and a catalyst for economic growth, and Grand Valley students have shown that their ideas can be very successful. University resources and Kathy Crosby, CEO of Goodwill Industries of Grand Rapids, was the keynote speaker for the 2012 business plan competition.
community partners are waiting to support the next great idea.
COMPETITION FAST FACTS Since the initial competition in 2008, the Annual GVSU Business Plan Competition has helped launch 11 businesses. For a quick summary of the competitions and the competitors over the years, see the breakdowns below.
NUMBER OF PARTICIPANTS 2008
2009
2010
2011
2012
21
27
38
54
58
AVERAGE ACADEMIC CONCENTRATION MIX (100%) Business: 48.3% Liberal Arts: 19% Public, Nonprofit, and Health Administration: 10.3% Sciences: 9.5% Engineering: 3.4% Other: 9.5%
Several CEI staff members at the 2012 business plan competition (left to right): Ulandra Reynolds, Chelsea Blair, and Paul Sapp.
AVERAGE CLASS MIX (100%) Freshmen: 3.5% Sophomore: 11.7% Junior: 40.1% Senior: 36.4% Graduate: 8.3%
AVERAGE BUSINESS MIX (100%) Nonprofit: 15.2% For profit: 82.6% Social venture: 2.2%
TOTAL FINANCIAL COMMITMENT TO DATE:
$60,000
GET INVOLVED
NEW BUSINESSES LAUNCHED AL&S SOLUTIONS, LLC Thad Cummings, natural resource management major Compostable utensils and recycling system Clients include Amway Grand Plaza, JW Marriott, and John Ball Zoo Society Received $6,500 in funding Received $5,000 from Start Garden, June 2012, for a compatible idea based on closed-loop urban farming; Growing Health Farms, LLC, involves growing organic vegetables (mainly lettuce and microgreens) and raising fish year round in Michigan. BEANILLA Rob Conley, computer and information systems alumnus and Brent Reame, biomedical science alumnus Online retail company specializing in vanilla spice sales Grew from 150 customers in 2006 to more than 2,000 in 2010 Products available for purchase at www.beanilla.com BAHRS, LLC Miles Smith, marketing major Fishing industry lure technology Finalist in 2011 Accelerate Michigan Innovation Student Competition
Patent pending Received $83,000 in funding COLLATERAL GRAPHICS Cody Rivers, computer science major Entertainment poster sales Executing trial sales since Summer 2012 on GVSU campus Launched website and began actual sales Fall 2012 DESIGNER VENTS Jon Rasmussen, marketing alumnus, Bo Anderson, marketing major, and Sam Rasmussen, management major Novelty custom laser-cut air vent covers Competed in 2012 Ventures and Values Business Competition at Texas Christian University Sold approximately half of company equity Received $4,000 in funding G.R. GREENS Luke Richard, philosophy major You-pick organic, hydrostacker greenhouse Built greenhouse in Cedar Springs Personally invested approximately $50,000 in the business Received $15,000 in funding Received $5,000 in 2012 from Start Garden
JTP MANAGEMENT Joseph Pohlen, business major Residential housing management Expanding into multistory apartment leasing Received $5,000 in funding in addition to private investments SAVE INDIA’S YOUTH Nicholas Popma, public and nonprofit administration major Nonprofit to provide a safe haven against human trafficking in India Board of directors named in Fall 2012 501(c)(3) approved in Fall 2012 Recipient of Young Nonprofit Professionals Network Leadership 2012 Edison Award T.WAY CUSTOMS Tyler Way, advertising and public relations alumnus Custom sneaker and apparel design Clients include LeBron James, Chris Paul, and Tayshaun Prince Received $5,000 in funding URBAN LIBERTY Michael Hyacinthe, business major E-commerce apparel retailer targeted toward military personnel and veterans
When businesses get involved with the business plan competition, students gain exposure to successful entrepreneurs and mentors, the tools and resources they need to launch new businesses, and the opportunity to try new ideas. The business community gets direct access to potential employees who can execute ideas, gather information, make decisions, manage resources, and innovate. To learn more about CEI, the Annual GVSU Business Plan Competition, or how to get involved as a sponsor, call (616) 331-7582 or email cei@gvsu.edu.
In the Seidman College of Business 401 Fulton Street West, Suite 272 C Grand Rapids, MI 49504 Phone: (616) 331-7582 Email: cei@gvsu.edu
www.gvsu.edu/cei
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Grand Valley State University is an affirmative action, equal opportunity institution. It encourages diversity and provides equal opportunity in education, employment, all of its programs, and the use of its facilities. It is committed to protecting the constitutional and statutory civil rights of persons connected with the university. 1/13 Š Grand Valley State University 2013