Finalists named for UD's business plan competition
Thursday, November 29, 2007
Judges in the University of Dayton's Business Plan Competition recently selected five teams as finalists to craft full business plans.
To get this far, competitors had to sell judges on their "elevator pitches" — brief summaries meant to convince venture capitalists to invest in their business ideas.
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Among the finalists: Lori Hanna, a UD mechanical engineering major, who offered a pitch on a solar-powered sterilizer for medical equipment. Hanna's one-minute presentation on the concept won her the $1,000 first prize in the elevator-pitch portion of the contest, the university said.
"We're trying to teach students how to differentiate themselves from others and stand out," Dean McFarlin, chair of UD's management and marketing department, said in a statement. "When you actually have to make an elevator speech in front of an audience and compete for real money, it raises the stakes."
Entrants taking part in this part of the contest numbered 59, doubling last year's number, UD said.
The other four finalists are:
• Lauren Ruff, pitching a portable scoreboard for sporting events.
• Elyse Dull, pitching a wireless automated lighting system.
• Michael Weaver, proposing a modular outdoor deck system.
• James Parks, pitching a portable 65-gallon water cooler.
Each of the finalists will be paired with a mentor from a local business to refine their ideas and develop more detailed plans and market analyses. The idea is to create business plans that can attract funding.
The teams will make full presentations in March, competing against each other for a total of $20,000 in prize money.
