MORGANTOWN, W.Va. — West Virginia University is offering a chance for high school and college students to bring their business ideas to light.
In a collaboration between the WVU John Chambers College of Business and Economics, the Encova Center for Innovation and Entrepreneurship and ZynnStarter, the state’s brightest young business minds will present their ideas in the WV Business Plan Competition, where several cash prizes will be on the line along with the opportunity to recieve valuable feedback from successful business leaders.
“This is a West Virginia, statewide, competition and we are just so grateful for people participating and supporting,” said Lead for the Encova Center for Innovation and Entrepreneurship Tara St. Clair. “You know it takes a lot of time and effort especially from judges that are volunteering their precious time and we are so grateful for these individuals to come and give these students invaluable knowledge that they have,” she said.
There are two separate categories where different sets of college and high school students will compete over the next three to four months. The respective college entries will be placed in a lifestyle and hospitality category, where students will presents products or services related to those respective fields or in STEM and Innovation, where technology will be emphasized. For high school students, the competition will be open to any junior or senior with a business idea they feel can be sold on a higher level. Both college and high school students will present 10 ideas that will be broken down and evaluated.
“After the semi-finals, we actually put them through a workshop as well where we bring in subject matter experts, and we give them $1,000 per student,” said St. Clair. “So they can do prototyping, buy a new suit, pay for their travel, whatever they need help with, that $1,000 is there to help them get to the next level,” she said.
The winner of the respective categories in both the high school and college divisions, will recieve $10,000 cash or in scholarships as part of grand prize. Those competing in the college categories will also recieve consulting services and other high level advising that can put their ideas right on track towards success. Even if they don’t win, several outside investors have participated in the competion, even putting money up of their own.
“But we always are looking for venture capitalists, or angel investors, to come in and we love to see them actually invest in these students and we quite often see that in the final round,” said St. Clair.
During it’s fourteen years of holding the event, there have been several standout business ideas that have won the $10,000 prize. In both high school and college categories, business ideas that have ranged from agricultural services, medical services, and even board game business plans have recieved funding from the competition. The goal though, is to highlight the entrepreneurial spirit of the Mountain State and offer opportunity to those with a bright idea.
“I mean the whole point of this competition is for the students to learn,” said St. Clair. “It’s okay for them to fail and it’s okay for them to pivot their ideas and that’s what the judges are there to do, is to give them that real world feedback,” she said.