By Cole Hatcher
Ten teams will vie for prizes worth nearly a half-million dollars when they compete in Ohio Wesleyan University’s inaugural U.S. Entrepreneurship Competition.
The event – Ohio’s most lucrative business plan competition – will begin at 9 a.m. Sept. 26 in the Benes Rooms of OWU’s Hamilton-Williams Campus Center, 40 Rowland Ave., Delaware. Two tracks of competitors – student and professional – will present “Shark Tank”-style pitches to panels of expert judges.
Five teams of professional entrepreneurs will compete first, making 60-second “elevator” and five-minute full pitches to the judges, who will follow up with questions to help them decide each plan’s viability and potential. The professionals will be followed by the students, with five teams of current and recently graduated college students.
“The in-person competition will be fierce,” said Phil Smith, director of the Delaware Entrepreneurial Center at OWU, which is organizing the event. “Our 10 semifinalists outshone a strong field of 40 to be selected to compete for cash, office space in the Delaware Entrepreneurial Center, access to mentors, and other invaluable resources to help them achieve their dreams. I invite everyone to come watch this epic business battle!”
The competitors will pitch ideas in the fields of aerospace/defense, digital/app development, environmental technology/sustainability, food service, health care, and more, Smith said. Geographically, they represent the greater Cleveland, Columbus, and Cincinnati areas as well as Ohio Wesleyan, Case Western Reserve University, The Ohio State University, and the University of Cincinnati.
At the conclusion of the Sept. 26 competition, the judges will announce their top three finalists in each track, but not which students and professionals placed first, second, and third. The final rankings will be announced at 11 a.m. Oct. 5 on the West Plaza at the Ohio Statehouse, 1 Capitol Square, Columbus, during OWU’s Homecoming and Family Weekend.
“As Ohio’s most valuable entrepreneurship competition, it’s appropriate to announce the winners at the Ohio Statehouse,” Smith said. “We look forward to returning next year with an even bigger contest and an even greater potential to positively impact Ohio’s economy. Ohio Wesleyan is excited to be taking a lead in entrepreneurship on such a wide scale.”
The top three teams in each track will earn prize packages valued at $100,000, $75,000, and $50,000, respectively. The judges also will award $5,000 prizes to the fourth- and fifth-place finishers as well as special awards such as best “elevator” pitch and most sustainable business.
Additional information about the annual competition is available online at owu.edu/USEC.
The Delaware Entrepreneurial Center at Ohio Wesleyan University, 70 S. Sandusky St., Delaware, is a first-of-its-kind liberal arts business accelerator as well as a first-of-its-kind city, county, and educational institute partnership. It was launched in 2018 in collaboration with the City of Delaware and Delaware County. Learn more at owu.edu/DEC.
Source: OWU; Image by Gerd Altmann from Pixabay
