Nine teams have been selected to pitch their entrepreneurial ideas at the Miclot Business Plan Competition on Sunday, March 17. The competition will be conducted at 2 p.m. in Roberts Auditorium. It is open to the public.
Alex Kurrelmeier, director of The Ron Rubin School for the Entrepreneur, said the nine finalists were selected from a pool of 28 submissions. The competition is open to all Culver Academies students. Past parents Andy and Sharlene Miclot established the business competition 11 years ago. The winning team will receive $5,000. Second place receives $1,000; and third place will take home $500.
All three teams will advance to The Next Launch, the regional business competition that is also sponsored by The Ron Rubin School for the Entrepreneur. Teams from Indiana, Illinois, Michigan, and Ohio will be vying for a top prize of $25,000. This year’s event will be conducted at Culver on April 24.
The Miclot event is considered an opportunity assessment plan competition. An opportunity assessment plan includes a description of a product, company, or service and its market need. Competitive products, companies, or services are assessed, analyzing the strengths and weaknesses of each competitor. The plan will include the unique selling propositions of the product, company, or service, along with future growth and characteristics of the market. Any Culver student is eligible to compete.
Students compete as individuals or in a team of no more than three members. Each team must select a student captain and a mentor – an adult with actual business or entrepreneurial experience. Individual student competitors must also have a mentor. The product, company, or service developed by the team must be entirely new to the market. It may be either for-profit or non-profit.
The finalists will have 10 minutes to make their presentations before the judges. The judges will have three minutes to question each team following each presentation. After all the presentations, the judges will decide the winners.