Rowan University Elevator Pitch Contest, Spring 2009

An elevator pitch is an entrepreneur's short explanation of his/her business idea. The pitch is about as long as it takes to ride an elevator to the top and it is directed at anyone who might provide funding or other support for a business startup.

The Rowan C.E.O. Elevator Pitch Competition involves students in a realistic entrepreneurial exercise. It also may be a stepping stone to help students to ”prime the pump” for future Business Plan Competition entries. Your big idea may or may not be ready for launch as an actual enterprise. Presenting an idea does not require you to pursue the creation of that particular company. The main goal is to develop experience in developing and organizing your presentation on a creative business idea in writing and in a persuasive speech. The Pitch will tell your audience about your product, how you will run your business, and your vision for its success!

Goals and Outcomes for those who enter:

- Challenge to your creativity and business acumen.
- Learning the art of pitching a business idea and enhance presentation skills.
- Publicly showcasing your talent and passion for Entrepreneurship.
- Gaining feedback from business leaders who give encouragement and coaching.
- A trip to Chicago for the top 3 to compete for cash prizes on a national scale.

Who may enter:

- Students enrolled at Rowan University in Spring 2009 taking E&I.
- COB Majors who will be enrolling as returning students in Fall 2009.

Process for Preparing the Pre-qualifying Written Pitch:

• Develop a 300 word written pitch (no more/no less) that includes the essence of your business proposal and includes the following key points.: 1) the product description (and the problem it solves), 2) the market for your product (who will buy it), 3) your marketing strategy (how you will market it), and 4) the ‘raise’ (how much financing you need, how you will get it and the expected return on investment.)

• Submit your 300-word written Pitch no later than 11:59 pm on Friday, March 13 via our contest website on www.younoodle.com. Once you submit your entry on the webpage, you may not to change your work. Save your Pitch in MSWord 2003 file (MSWord 2007 .DOCX files will not work)

• Results will be announced by email on Wednesday, March 25.

• The top 10 scoring ideas will be invited to compete in the final public contest and judging on “Rowan Day” Friday, April 17.

• The “top 10” semifinalists will be given 24 hours to respond to the invitation to move on to the final stage of the contest.

• An additional 10 runner up “lucky losers” will be named and tapped if any of the top 10 are unable or unwilling to participate in the live presentation on April 17.

Process for Elevator Pitch Finals: April 17, 2009 – 12:15 pm – 2:30 pm

• Each finalist gives a presentation lasting 120 seconds/2 minutes before judges and the audience.

• You may NOT use note cards or PowerPoint. You must present you pitch from memory.

• You are strongly encouraged to provide an illustration of your idea. You may use one prop – ideally, a prototype or model of your product.

• Judges may ask short clarifying questions.

• After all contestants finish and a brief intermission, judges’ scores will be tallied and any ties will be broken by discussion among judges.

• Winners will be announced immediately following conclusion of the judging.

Prizes:
1st – 3rd Place: Free Trip to Chicago and opportunity to compete at the National CEO Conference October 24-26. Those who compete in Chicago are eligible for additional cash prizes ranging from $500 - $2,500 awarded at the CEO Elevator Pitch Competition October 24-26, 2009.

Judging and Scoring: The following factors will be criteria for judging.

• The idea/opportunity is creative, original, and memorable.
• The product and/or service address a real need by customers.
• The market opportunity is substantial.
• Potential returns are compelling and believable.
• The pitch information is presented in a clear, concise, and logical order.

Community entrepreneurs, including Rowan alumni, and Entrepreneurship program faculty will serve as the judges for the written proposals. Entrepreneurships from Southern New Jersey will judge the presentation finals.

• Benjamin Daniel wrote (2 years ago):

  What was most interesting was attempting to view these proposals through the lens of a cohort seemingly undaunted by the financial crisis that has engulfed the global economy. In some cases, it has served the entrepreneurs for good and speaks well of the spirit of innovation still coursing through America. Most importantly, though, any potential investor will want data to support an entrepreneur's claims of a product or service's viability. Ideas are nice, but what will differentiate a pitch is the financial and production data underpinning it.

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• William Murphy wrote (2 years ago):

  I really think that a lot of the products had a great amount of creativity and most seemed to be conceived through individual needs. If I could just give one piece of advice it would be always remember who you are selling to. When you have to sell any idea, whether to a corporation or an individual, there are different sales points to make. The Elevator pitch is the packaging to your idea. Treat it as such. Otherwise, great job and good luck!

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• Roderick Arias wrote (2 years ago):

  There are a lot of great minds at work. Always expect the worst case scenario and remember that finding financing for creating startup companies is not easy. I have lots of experience in that arena. But, imagination and will always trump personal obstacles.

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• Paul Micarelli wrote (2 years ago):

  Judging this set of proposals was a very cool experience & there were some really good ideas among the entries I read.
  
  For a process such as product development, it's necessary to take your personal view out of the picture and look at the viability of the product objectively while taking your own views into separate consideration. All of the projects presented have a potential for realization.
  
  Success mostly depends on personal drive, familiarity with the needs of the marketplace that can be filled, and access to sufficient resources.There might be a bit of luck involved, too.
  
  Best wishes to everyone involved!

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• Gary Catrambone wrote (2 years ago):

  This was a great reminder of what a business pitch is all about. The students had some great ideas. The toughest part usually is finding what works. I would suggest that they make their pitch to as many people as they are able to corner. Tell your friends, parents, hair stylist or anybody! The more often you pitch, edit, re-pitch and rewrite; the tighter it becomes. Nice job to all of the students.

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