Posted by Insider Louisville, April 3, 2013
Sports fans, think about this: Student athletes, though they generate billions each year for universities, are prohibited by the NCAA from being paid a nickel other than tuition, right?
But if you’re a successful student entrepreneur, the state of Kentucky will throw thousand of dollars (in cash and services) at your big idea, which could generate billions for you.
As the University of Louisville goes to the NCAA Final Four, Kentucky’s collegiate entrepreneurs are getting ready for the Mother of All Biz Plan/Pitch Competitions.
Idea State U is the annual business plan and pitch competition that brings to Lexington young innovators from Kentucky’s eight state universities. And to be honest, students from U of L’s Entrepreneurial MBA program usually kill it.
The bad news is, the deadline for entry was April 1, and students have to be chosen to represent their schools.
The good news is, if you’re an MBA student walking around frustrated, unable to get traction for what everyone tells you is a great startup concept, this could be your opportunity to spend the year tweaking your business plan and elevator pitch for 2014. Because the prize money for Idea State U is significant.
Last year, the Fifth Annual Idea State U awarded at total of $100,000 in startup capital and services to eight students.
The big winners were the Kentucky Chia team from U of L, which has since evolved into a business with serious angel investor backing, run by Zack Pennington, Joanna Cruz, Scott Serdoz, and Keith Starling.
Kentucky Chia recieved $35,555 for their business plan to create a wholesale distributor of domestically grown chia seeds – a potential new cash crop for Kentucky farmers as a nutritional supplement for horses.
Winning teams are judged on business concepts and business plans for proposed new ventures – they can’t be going concerns.
This year, the elevator pitch and oral presentations will be at Lexington Center, Fri., April 12 through Sat., April 13.
Read the complete story here.