Venture Pitch Competition Prepares Student Entrepreneurs to Meet with Investors

The 2010 Venture Pitch Competition takes place in several stages in April 2010 and is open primarily to students taking entrepreneurship courses in the College of Management.

“While created particularly for students in the NC State College of Management, this competition is also open to other NC State students who have dreams and ideas for starting businesses and organizations,” said Lewis Sheats, entrepreneurship lecturer in the Department of Management, Innovation and Entrepreneurship (MIE) and lead faculty member for this event.

The competition was developed by Sheats and other faculty in the college’s MIE department to teach participants how to present their business concepts and ideas confidently and effectively to the finance community. The following monetary prizes will be awarded to the top three concepts: first place, $1,000; second place, $500; third place, $250.

“While participants will have a chance to earn prize money,” Sheats said, “the true value of this competition is the learning that takes place along the way and the exposure it provides to the investor community.”

The competition is open to NC State students who are enrolled in the university for the spring 2010 semester or were enrolled in the fall 2009 semester.

Application & Deadlines

Those interested must submit a completed application packet to the MIE Department Office in Nelson Hall by 5 p.m. on Monday, April 5. The process concludes with three finalists presenting to a panel of investors on Friday, April 16.

The first step is to prepare and submit the application packet, Sheats said. Each application packet must include:

• an application form with concept statement
• slide deck explaining the business concept, including how it is feasible, sustainable and scalable
• an executive summary

• a media release form

The application packets must be dropped off in the College of Management’s MIE Department Office, 1350 Nelson Hall, by 5 p.m. Monday, April 5. The packets must be addressed to Professor Lewis Sheats, Department of Management, Innovation and Entrepreneurship, NC State University, Raleigh, NC, 27695.

In the first round of the competition, all submitted application packets will be reviewed by five entrepreneurship advisers from the Raleigh community. They will select the top six concepts to advance to round two – the semi-finals – of the competition.

Round two will be held Friday, April 9. Each of the six semi-finalists will have 10 minutes to present his or her business pitch to a panel of three mock investors, followed by a 20-minute question/answer session with the panelists who also will provide feedback on the presentations. This panel will select the top three concepts that will advance to the final round.

Final Round April 16 – Open to the Public

The top three participants will present their concepts in the final round, to be held from 2 p.m. to 4 p.m. on Friday, April 16. The judging panel will include one venture capitalist, one private investor and one angel fund representative.

The final round of judging is open to the public, and will be held in 2405 Nelson Hall.

Winners of the first, second and third place prizes will be announced at an awards ceremony and reception, 5 p.m. to 8 p.m. in the Nelson Board Room, 3220 Nelson Hall. The finalists and other guests will have the opportunity to meet with the judging panels and other investors during the reception.

For additional information, contact Sheats by email.