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2018 Mayo Business Plan Competition

2018 Mayo Business Plan Competition

The 2018 Mayo Business Plan Competition registration is now open! Register with your intent to compete, here.

This competition is designed to increase student appreciation for the challenges 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.


Participants

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, etc.). Establishing the concept, developing the business plan and a three-minute video, and managing the team remain solely the responsibility of team members. The competition depends on the team’s ability to determine what constitutes a solid business plan. Students make all final decisions and the business plan is theirs and theirs alone.


2018 Notice to MBPC Teams

This year we made a few important changes in the competition in the areas of confidentiality, prize money disbursement, and the evaluation rubric. In terms of confidentiality, you will notice that we no longer require a “non-disclosure agreement” (nda) as we have in past years. Read the following CONFIDENTIALITY STATEMENT and PRIZE MONEY AWARD DISBURSMENT STATEMENT.


CONFIDENTIALITY STATEMENT

Confidentiality is not guaranteed in any way. Submissions to the MBPC will be shared with TCNJ School of Business staff, and with the judges and mentors assigned to review the submissions. Judges and mentors are investors, entrepreneurs, business professionals, service providers and other friends of TCNJ and the TCNJ School of Business. They are accustomed to handling confidential information and participate so as to support the education of the student participants. However, the final decision about participating in the MBPC and about what information will be shared is the responsibility of the team.

If participants are planning to file patent protection on an aspect of their business, they should understand that entry into the MBPC may be construed as a public disclosure. Participants may wish to consult with an Intellectual Property Attorney before entering the Competition. Intra-team confidentiality is the sole responsibility of team members. Neither TCNJ nor the TCNJ School of Business nor the MBPC Committee will arbitrate any intra-team disputes that arise during the Competition.

Please note that the Final Presentations portion of the Competition is open to the public, including members of the media/press. It is the responsibility of the participants to keep confidential information confidential and to maintain the confidentiality of their own intellectual property.

If invited to participate in the Finals, participants authorize TCNJ and the TCNJ School of Business to use their names, interviews and likenesses in all media, including but not limited to video, print and electronic media, in such manner as TCNJ may deem advisable for the purpose of publicizing the work of TCNJ and in materials controlled by TCNJ. Participants acknowledge that they are not entitled to reimbursement for the use of their name, photograph or participation in any and all media developed about and by TCNJ.


PRIZE MONEY AWARD DISBURSMENT STATEMENT

A top prize of $30,000 will be awarded to the winning team with prizes of $20,000 and $10,000 for second and third place teams, respectively. Prize money will be disbursed in equal amounts to each team member. For example, three members in a top prize winning team will each receive $10,000. After the initial “Intent To Compete” registration, each team must be fully registered with no less than two no more than four current TCNJ students by 12/22/17.


MBPC TIMELINE

The competition will consist of the following steps:

  • 11/03/17     Registration opens for “Intent To Compete.” As few as one TCNJ student can register an “Intent To Compete.” Because more teams competing requires more first-round judges, the “Intent To Compete” helps us approximate the number of judges needed. If you “think” you might want to compete then register.

 

  • 12/01/17     Registration for “Intent To Compete” closes. Registration after this date requires an exceptional situation and the Dean’s approval (e.g., an illness or unusual study abroad situation).

 

  • 12/22/17     Complete MBPC team registration. Each team registered with an intent to compete will be asked to confirm final team membership by this date. Confirmation of team membership can be made prior to this date but not after this date. As a reminder, each team must be comprised of no less than two and no more than four current TCNJ students.

 

  • 1/27/18     Business plans submitted (via the website). Absolute due date; no exceptions. Business plans evaluated by two to three judges using the Evaluation Rubric. 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 or Excel file). A short video (no more than three minutes) describing the concept and likely target market(s) is strongly suggested though not required.

 

  • 2/16/18    Six teams invited to revise business plan and advance to semi-finals.

 

  • 3/4/18      Semi-finalist teams submit revised business plans for judges.

 

  • 3/7/18      Semi-finalist teams give a live 20-minute, uninterrupted presentation before judges, followed by a 10 minute Q&A.

 

  • 3/16/18    Three of six semi-finalist teams invited to revise plans and advance to finals.

 

  • 4/2/18     Finalist teams submit revised business plans for judges.

 

  • 4/4/18     Final presentations before judges, maximum 30 minutes, questions from judges allowed throughout time period.

 

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