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Westminster business plan competition (and other related thoughts)
I was recently tapped to judge the Westminster College business plan competition. Last Friday, a group of judges descended on Westminster to hear the presentations of the top ten semi-finalists. The top three teams will have their plans refined and sent to the UECÂ state business plan competition.
It took six hours to get through all the presentations. As time went on I found myself asking less questions of the teams and just giving them strait up advice like “If I were you guys I’d focus on x aspect of your plan - that’s where the money is.” or “I think you ought to take so and so out to lunch - they would have great advice for you.” Someone made the comment (in jest) that I was being hard on the groups. I might have been but I also gave them some dang good advice and names of people who could really help them.
As I was driving home I was thinking back to my early start up days. I was in an Internet company and it was right in the thick of the Web 1.0 blow up. Back then, no one really knew the Internet space. It was too new to everyone. If you made it in Web 1.0 you were flat out lucky. There were a ton of auction sites but somehow eBay emerged from the pack. There were a ton of companies selling books online but somehow Amazon emerged. People got lucky.
I wish, back then, that we had legitimate advisers who’d been through it before - people who could have put their arm around my shoulder and said “I like you but you’re doing it wrong. Let me help you” or “Let me make an introduction to some people who know your space that can give you good advice.” That would have been invaluable.
Back to the business plan competition.
People overdo it. People complicate their business models. It’s embarrassing to watch a well planned out 10 minute presentation only to have your first question be “I don’t get it. In one or two sentences tell me what your company does and how it makes money?” Yes, that happened.
I am also bothered by the fact that some people seem to think an exit strategy is a bad thing. In almost all cases when I would ask what the exit strategy is they would talk about their high commitment to the business and that they weren’t in it for an exit. Say what? Now, I don’t have a problem with a lifestyle business but don’t tell me having an exit strategy means you’re not committed to the business. I think the opposite is true.
The best plan of the night (IMHO) came from a nine months pregnant former school teacher who invented a device for keeping track of marker caps. Sounds kind of plain, unexciting, non-sexy, right? It is, but fundamentally it has all the elements required for success. On top of that, one of the judges has great contacts at QVC, HSN and in the infomercial space. He flipped for the idea and wants to help them get their business off the ground. It was awesome to watch that unfold.  Â
The company is Savvy May Creations. I wish them all the success in the world. I think they deserve it.
Great post.
It’s difficult for entrepreneurs to take advice because their ego is often intertwined with their concept, but guess what: your ego doesn’t get funding or customers, but listening to and implementing solid business advice can.
I watched the video on her website, looks like a simple, but cool, concept. She could easily build from that foundation and continue to create simple products that promote efficiency.
Left by Carolynn Duncan on 01/22/2008