The Mayo Business Plan Competition was established in 2011 by the School of Business at The College of New Jersey.
The 2017 Mayo Business Plan Competition Prize Money = $50,000!
The Mayo Business Plan Competition is designed to increase student appreciation for the challenge of developing a viable business. Through an iterative process the MBPC recognizes those students best able to articulate a plan that addresses these challenges. In recognition of both the time involved and difficulty of the task, the competition provides a substantial reward for the successful teams.
All TCNJ students are invited to participate. Students with ideas that translate into viable business products or services can come from virtually any School and major. Each team must be comprised of no less than two and no more than four current TCNJ students. If requested, an effort will be made to assist any team of non-business students looking to add a business student (e.g., accounting, marketing, finance, etc.). The competition is not associated with a course and students must rely upon their own resourcefulness in finding assistance (e.g., a faculty member, the TCNJ Small Business Development Center, family and friends). Establishing the concept, developing the business plan and three-minute video, and managing the team remain student tasks. The competition depends on the teams’ ability to determine what constitutes a solid business plan. Students make all final decisions and the business plan is solely their responsibility.
Prize Money Award and Disbursement:
A top prize of $30,000 will be awarded to the winning team with prizes of $14,000 and $6,000 for second and third place teams respectively. Prize money will be disbursed in one of two ways. The entire amount can be issued to an LLC formed by the team or in equal amounts to each team member. Team membership may fluctuate in the early stage (e.g., due to lack of participation) but the team listed in business plan when submitted will be the team of record.
The School of Business thanks Professor Herbert B. Mayo for establishing and supporting the Mayo Business Plan Competition and Eric Szabo ’97 for his generous support.
The Mayo Business Plan Competition Info Session will take place in the BB Basement Lounge, on Thursday, October 20, at 6pm. TCNJ students of all majors are encouraged to attend to learn more about the competition, and learn from an alumni panel of entrepreneurs and business advisors. Refreshments will be provided. Read about our guest speakers here.
Registration for the 2017 Mayo Business Plan Competition via TCNJ Google Apps closed at midnight on November 30th.
Read an interesting article written by a successful entrepreneur: “Building a Business: 5 Things I Didn’t Expect,” by Larry Kim,
Listen to McGraw Hill webinar “Improving the Classroom Experience: Tying the Pitch Sheet to the Business Plan Presentation,” with Dr. Chuck Bamford of Notre Dame University, Mendoza College of Business and Dr. Garry Bruton of Texas Christian University, Neeley School of business.
The competition will consist of the following steps:
11/30/16: Teams register via website link by November 30, 2016. Registration after this date requires an exceptional situation and Dean Keep’s approval. The number of judges follows from the number of teams. If you “think” you might want to compete then register.
12/7/16: At least one member of each team attends the mandatory Business Plan session in BB104. Time TBD.
1/2/17: All teams confirm participation. Signed non-disclosure agreement from each team member due. [Judges sign a non-disclosure agreement prior to viewing a business plan.]
1/29/17: Business plans due (via the website). Absolute due date; no exceptions. Business plans evaluated by two judges using rubric available on website. Maximum plan length: 20 pages, double-spaced 11 or 12 font, plus additional charts and tables (max additional five pages). Plan should be submitted as a PDF (not a Word file). A short video (no more than three minutes) describing the concept and likely target market(s) is strongly suggested though not required.
2/19/17: A maximum of six teams invited to revise business plan and advance to semi-finals.
3/8/17: Semi-finalist teams give a 20-minute presentation plus 10 minutes Q&A before judges.
3/15/17: Three of six semi-finalist teams invited to revise plans and advance to finals.
4/5/17: Final presentations before judges (maximum 30 minutes, questions from judges allowed throughout time period). This event is open to the public. 1st, 2nd, and 3rd place teams announced.