MHRBPC Information session slide deck

November 5, 2020 9th Annual Information Session Mid-Hudson Regional Business Plan Competition a Virtual Event, hosted by Marist College, April 16, 2021 MHRBPC http://bit.ly/2PY75zO Competition Committee Contacts: Cynthia Worrad cynthia.worrad@marist.edu 845-575-3611 Roberta Diggins roberta.diggins@marist.edu 845-575-3601 Thank you to our 2020 Sponsors GUEST SPEAKER Deborah Novick Director of Entrepreneurship and Innovation Westchester County, Office of Economic Development 2020 BUSINESS PLAN COMPETITION WINNER Christina Bryde from team NightCap MHRBPC First Place Winner and NYBPC Second Place Winner in the Agriculture Technology and Food track Past Regional Participant Schools: PARTICIPANTS“No official U.S Government or Service Academy endorsement is implied The views and opinions expressed by this organization not necessarily state or reflect those of the U.S Military Academy, Department of the Army, or Department of Defense.” Background and Basics The MHRBPC provides a platform for students to: share their ideas, research the market and competitive landscape, complete financial projections, and compete for cash and in-kind prizes Plus additional benefits: network, receive advice, gain experience 10 Regions for the New York State Business Plan Competition based on New York’s ten Regional Economic Development Council zones Mid-Hudson Region: Counties Dutchess Orange Putnam Rockland Sullivan Ulster Westchester New 2021 Students will be assigned to a semifinal regional competition based on the location of their school NYS Competition Established in 2010 Captial Region Central New York Finger Lakes Long Island Mid-Hudson Mohawk Valley New York City North Country Southern Tier Western New York Regional Expansion 2013 Background and Basics NYS Competition History 2010: A regional business plan competition with a focus on energy technology was organized by SUNY College of Nanoscale Science and Engineering (CNSE) In partnership with: University of Albany School of Business, Lally School of Management and Technology at Rensselaer Polytechnic Institute, and Union Graduate College School of Management Inaugural event held at CNSE’s Albany Nanotech Complex 2013: Regional Expansion Regional partner institutions host semifinal competitions in each of the regions every April Top teams from each region advance to the statewide final competition Since 2010, over…  4,000 Students have pitched their ideas  2,800 Teams participated in the NYS Business Competition  132 active ventures  $1,000,000 invested  $2,800,000 cash and in-kind prizes awarded  $45,000,000 raised by businesses launched General Competition Overview 9th Annual Mid-Hudson Regional Business Plan Competition: hosted by Marist College April 7, 2021 – Video Pitch and Slide Deck submission deadline APRIL 16, 2021 – Live Pitch and Q&A, and Awards Ceremony New York State Business Plan Competition: April 25, 2021 – Finals Video Pitch and Slide Deck submission deadline May 7, 2021 – Finals Live Pitch and Q&A, and Awards Ceremony  Students complete one unified BPC application - available Jan 1, 2021 on NYBPC.org  Students compete within tracks  Students submit a link to a 5-7 minute video pitch and slide deck  Students present to a panel of expert judges   5-7 minute pitch presentation, plus minutes for Q&A All for MHRBPC Top per track for NYBPC The first and second place winners from each track in each of the 10 regions advance to the State Finals Dates subject to change Eligibility Requirements  Open to all currently enrolled graduate and/or undergraduate students from accredited New York State colleges and universities in the MidHudson region  Student(s) must be the presenter(s) in all stages of the competition  Teams may compete in only region per year, based on school location  Students may not participate on more than team each year of the competition  Grand prize winners from previous years’ competitions are no longer eligible to compete in the competition   They are encouraged to participate as speakers, mentors, volunteers, and judges! Individual members of winning teams may return with new teams in subsequent years Eligibility Requirements Teams with Incorporated Ventures  Cumulative public and private capital raised may not exceed $100,000**  Student ownership of venture must be at least 80% Category Tags Student teams will choose one or more category tags that fit their business venture when completing the business plan competition application Based on category tags selected, business ventures will be placed in a competition Track Tracks to be finalized by March 1, 2021 Possible CATEGORY TAGS  agricultural technology  food  athletics  government  clothing  medical technology  college students  mental health  education  military  entertainment   environmental impact MWBE - minority or women owned business  financial technology  Software  veteran-owned  Travel  utility APPLYING • Student Online application • Opens: January 1, 2021 • Deadline: March 19, 2021 • Check the website for links (posted when available) MHRBPC: http://bit.ly/2PY75zO https://www.marist.edu/computer-science-math/mid-hudson-regionalbusiness-plan-competition NY state: https://www.nybpc.org/ LIBRARY RESOURCES 2020 https://libguides.marist.edu/mhrbc 9th Annual Mid-Hudson Regional Business Plan Competition: hosted at Marist College, Poughkeepsie, NY APRIL 16, 2021 http://bit.ly/2PY75zO MHRBPC Competition Committee Contacts: Cynthia Worrad cynthia.worrad@marist.edu 845-575-3611 Roberta Diggins roberta.diggins@marist.edu 845-575-3601 Thank you and short Q&A, before we move on to our guest speakers WELCOME Deborah Novick Director of Entrepreneurship and Innovation Westchester County, Office of Economic Development Mid Hudson region biz plan competition Deborah Novick WHY WOULD YOUR CAMPUS WANT TO PARTICIPATE? A great opportunity for students to learn, engage, enjoy something new • Students are excited about solving problems they experience in their daily lives, at school or at work • Rally school spirit, encourage participation across the whole campus • Real world experiential learning • Life skills – ideation, critical thinking, presentation skills • Meet new, varied people • Doesn’t have to be about winning; start small and build momentum over time WONDERING HOW TO GET STARTED? PUBLICIZE PUBLICIZE PUBLICIZE AND SPREAD THE WORD WIDELY! • Don’t confine exposure only to business and entrepreneurship faculty and students – interest can come from anywhere • Ask faculty to discuss during their classes and to require an assignment related to participation, such as an ideation session, a design thinking project, pitch practice • Publicize on social media platforms that your students use • Host a live info session on campus/online • Identify champions and potential mentors around campus • Plan to host an on-campus “pitch fest” for interested student teams HOW TO GET STUDENTS ENGAGED IN THIS AND EXCITED TO PARTICIPATE? • Invite entrepreneurs as guest speakers into the classroom to share their experiences and provide inspiration • Have an ideation session during class • Look for student clubs on campus that might take this on or help publicize • Use social media – TikTok, Instagram, whatever platforms your students use • Create a meme or a poster that can be shared online • Share success stories of student entrepreneurship • Incorporate Shark Tank into outreach and class assignments Developing a viable idea • • • Ideation session: Dedicate an hour or more to simply generating ideas Write them all down without judgment Look for problems that need solving in your own life or the lives of those around you Don’t think this is limited to technology startups It can be a product or a service of any type HOW TO DECIDE IF AN IDEA IS A GOOD ONE? • Talk to as many people as possible Feedback is a gift Listen to what they really say • Question deeply to understand the problem and how life would be different if the problem were solved • Ask Why, or So what, at least times to go deep enough into the topic to understand where the problem really lies and how big of a problem it is • Remember that inertia is a powerful force; the problem/pain point needs to be significant, and the solution fairly easy to adopt, to induce someone to change Make a timeline How many weeks until the competition? Work on your idea every single week • Choose an idea • Develop a one pager and/or prototype • Write your story/vision – why this idea? Why you are the person to it? • How big is the market and who is the competition? • What’s the business model and pricing? How will customers buy it from you, how often, how much will the product or service cost? Is it a one time purchase or an ongoing subscription or something else? • What about sales and marketing? How will customers learn about your business? • What’s the financial side of things? How much will it cost to develop a prototype or otherwise test/launch the business? How big is the market? How big you think the business could be in one year? Two years? • Develop your pitch deck and PRACTICE YOUR PITCH! You’re going to need help from others For Campuses and Faculty – • Mid Hudson Region has many colleges experienced in this competition and will be willing to help • State website has lots of resources • Local entrepreneurship/business support organizations are a good source of guidance and mentorship • Tons of resources online about business plans, developing a pitch deck, design thinking, how to customer discovery etc For Students:  Look online  Find a faculty advisor or friend to keep you accountable to your timeline and ask you hard questions about your idea  Practice your pitch with anyone who will listen including your pet! WHERE TO FIND MORE INFORMATION Capital Foundation of NY: https://www.capitalfoundation.org/nybpc Marist College: https://www.marist.edu/computer-science-math/mid-hudsonregional-business-plan-competition National Association of Community Colleges for Entrepreneurs https://www.nacce.com/ The Collegiate Entrepreneurs Organization IDEO https://designthinking.ideo.com/ Lean Startup Method http://theleanstartup.com/ Pitch Deck examples https://slidebean.com/blog/startups-pitch-deck-examples WELCOME “The competition was a great experience The guidance I received from my mentors along the way was key to my success and the feedback I received from the judges was absolutely invaluable.“ Christina Bryde from team NightCap MHRBPC First Place Winner and NYBPC Second Place Winner in the Agriculture Technology and Food track Register for … “Perfect Your Pitch” & Mentoring Program Information Session November 11, 2020, – pm MHRBPC Register at http://bit.ly/2PY75zO 9th Annual Mid-Hudson Regional Business Plan Competition: hosted at Marist College, Poughkeepsie, NY APRIL 16, 2021 http://bit.ly/2PY75zO MHRBPC Check our MHRBPC Website for updates often Contact Competition Committee with Questions: Cynthia Worrad cynthia.worrad@marist.edu 845-575-3611 Roberta Diggins roberta.diggins@marist.edu 845-575-3601 Thank you for attending! ... Pitch and Slide Deck submission deadline APRIL 16, 2021 – Live Pitch and Q&A, and Awards Ceremony New York State Business Plan Competition: April 25, 2021 – Finals Video Pitch and Slide Deck submission... link to a 5-7 minute video pitch and slide deck  Students present to a panel of expert judges   5-7 minute pitch presentation, plus minutes for Q&A All for MHRBPC Top per track for NYBPC The... services, etc • Work with Mentors to refine pitch January 1, 2021 • MHRBPC Online Applications Open • Will schedule a Spring Information Session March 1, 2021 • Final track definitions and announcements