FMU, Coker College hold business plan contest

Kylie Cracknell, Staff Writer|February 6, 2017

FMU and Coker College are holding a business plan contest to give students the opportunity to share their creative ideas for a business with other students, professors and business professionals. The Pee Dee Idea Challenge is open to all FMU students of any major or classification. A person can enter the contest alone or in a group of up to five people. The registration deadline is Mar. 19.

There are two phases to the competition. In phase one students will create a “feasibility plan” which outlines the plan to create the product or business, market the idea and manage the business. These plans must be submitted by Apr. 9 and will be judged by a panel. The top five groups will move on to phase two.

In phase two, the finalist groups will present their ideas to a panel of judges on Apr. 19. The panel will then have five minutes to question the group. There will be cash prizes awarded to all five finalists, and an extra $250 will be awarded to the audience’s favorite group.

The contest is meant to allow students an opportunity to share their ideas as well as gain some experience in preparing a business plan. Each plan must contain essential elements, such as marketing strategies, manufacturing plans and management proposals. The contest is as heavily focused on the central idea of the business as it is on the structure of the plan.

Students who decide to enter this contest should be prepared to take an idea for a product or service and organize that idea into a functional feasible business plan. Students can gain skills in professional business planning, marketing strategy, teamwork, presenting and management by participating in this program. While the contest seems geared more toward business students, FMU business professor Dr. Joe Anellio, who helped put this contest together, said that the contest is open to all students: full-time, part-time, graduate.

For more information, you can visit facebook.com/peedeechallengeidea or contact Dr. Joe Anellio or Dr. Susan Peters at FMU.