The University of Memphis wants to give you $20,000 - to start your own business, that is.
The first ever FedEx Institute of Technology Business Plan Competition launched its opening activities today.
"The competition was conceived as a way to encourage students and the community at large to start their own businesses," said Eric Matthews, competition organizer and communications lead. "There is a similar competition that has been going on at the Massachusetts Institute of Technology for over 15 years and it has produced companies that collectively gross billions of dollars."
The competition pairs students with local entrepreneurs and business thinkers in order to examine how new companies are developed. It is comprised of a series of workshops on various business and business plan topics, and encourages applicants to form teams with other like-minded individuals in order to foster the growth of their prospective businesses.
There are no geographic or other restrictions to the competition, but all teams must have at least one full or part time student and a cohesive business strategy for any marketable service or product.
In accordance with the FedEx Institute's focus on emerging technologies, many entries will center on finding new and innovative applications for various technologies.
Michael Schmitt, director of the center for multimedia arts, plans to enter a new pocket-sized computer for use in local area hospitals.
"This new application would help patients better comprehend and cope with different treatment options, and would encourage better collaboration with their doctors," Schmitt said.
According to Schmitt, the competition is helpful in transforming a new business idea into a reality.
"This competition will help us focus on the technology and transferring it to the market, and the workshops provided by The Institute provide us with training on the business end," Schmitt said.
There will also be a variety of other services provided to contestants.
"In the workshops students will be working with area professionals, gaining networking opportunities, contacts and education," Matthews said. "In addition to the cash prize, the winner will receive free accounting, office space and legal help from our co-sponsor Emerge Memphis."
A panel of business professionals, teachers and venture capitalists will serve as the judging panel and finalized business proposals will be due March 9.
The first workshop will take place on Jan. 26 at The FedEx Institute and all information regarding the contest can be found on the Internet at fedex.memphis.edu.
"The true reward of this competition is not really the cash grand prize that's being offered," said Marc Diaz, chairman and chief organizer of the competition. "The money is the lead, but it has less value than the actual progress a person makes in finding potential in themselves."
