The Ron Rubin School for the Entrepreneur is now accepting applications for the Miclot Business Plan Competition, which will be conducted at 2 p.m., Sunday, March 17. Any Culver Academies student is eligible to compete.
The Miclot Business Plan Competition 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.
Students may compete as individuals, or form 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. A student competing as an individual must 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.
Past parents Andy and Sharlene Miclot established the fund for the competition, which is celebrating its 11th year. During the 2018 competition, Mr. Miclot said they wanted to start the competition to “spark ideas” in Culver students.
The winning team, as determined by a panel of three judges, wins $5,000; second place wins $1,000; and third place wins $500. All three teams will advance to The Next Launch, a regional business competition, to be conducted April 24, which is also sponsored by The Rubin School. This year’s competition will be held at Culver. The winning team, as selected by the judges, will receive $25,000.
More details are available on The Rubin School website. The basic steps for each team include:
- Submit a summary of the product, company, or service in no more than 300 words. The deadline for submission of the written summary will be announced here. Submissions must be personally given to The Rubin School Director Alex Kurrelmeier by Feb. 26.
- The eight teams with the most attractive summaries will be selected as finalists and have the opportunity to make their presentation in Roberts Auditorium before a panel of professional entrepreneurs on March 17.
- Finalists will have 10 minutes to make their presentation. The judges will have three minutes to question each team. Only team members may participate in both the presentation and answering the questions. Signs, handouts, props, laptops, and slides may be used.