Student entrepreneurs to compete today

By Allie Blood

Published Nov. 30, 2007

The Flegel-Source Interlink Academy for Aspiring Entrepreneurs is holding a competition today at the Reynold's Alumni Center to give aspiring entrepreneurs an opportunity to present their ideas for a new venture.

A news release stated that the third annual New Venture Idea Competition's teams will compete for cash prizes up to $1,500.

The competitors submitted entries by Nov. 2, and finalists will present their ideas to judges today.

Teams were expected to create a venture and research what target audience and what need would be satisfied by their venture.

There are two categories — nonprofit and for-profit — and three subgroups within each category: Freshmen Interest Groups, undergraduates and graduates.

Executive Coordinator Dave Sanford said teams of up to four can present projects to be judged.

FIG groups must be two to four members from the same FIG.

Two $1,500 grand prizes will be awarded to the winner of each category.

Winners of each subgroup will take home a $400 prize and runners-up will receive $200.

The competition began two years ago with a grant from Lesley Flegel, founder of the Academy for Aspiring Entrepreneurs.

"We are a relatively young group," Sanford said.

Since its conception, the goal has been to increase applicants each year.

"We have twice as many participants this year as we did last year," Sanford said.

Sanford said to attract more applicants, the group is offering more prize money this year.

The contest is designed to attract College of Business students and students from entrepreneur and engineering FIGs.

The competition is geared toward students who are interested in starting a business or franchise.

The academy encourages its members to develop skills such as management, creativity, initiative and confidence. Sanford hopes this contest will aid in these goals.

Judges will be community members and will give feedback to students on their project to help them in their future projects.