After months of hard work by our student entrepreneurs we have a winner! But before we get ahead of ourselves here let us first talk about the Finals.
It was a morning event and, unlike the first CSUF Business Plan Competition Finals, we had good weather, which was nice. The three finalists – Synova Life Sciences, NixFix Chasers and The Edge – were all in top form during their presentations and each team impressed our judges and the crowd. It was a close competition (very close actually) and in the end Synova Life Sciences won the day with NixFix Chasers taking second place and The Edge third.
(Watch this video summary of the event for some more depth about the Finals)
This competition is a rigorous event that forces all entrants to address the important aspects that face every new business such as:
- How will you market this business?
- Who are your customers?
- Who is on your team and what holes do you need to fill in your founding team?
- What is the competitive landscape?
- How much funding do you need to successfully launch this business?
- How will your company fair financially over the coming three years?
And so on with these probing questions which elicit much more circumspect plans from our students. These are the kinds of questions that every entrepreneur must face while launching a business and being able to put forth these questions to students before they take their first steps on this journey is invaluable to their growth as a student entrepreneur.
What is really impressive about many of the plans that we saw during this competition is that they are in the process of launching these businesses or will soon launch them (included in this group are all three finalists). Of course, some of the student entrepreneurs won’t end up launching their ideas but some will, which is what is important.
In the future we plan on doing some posts on the individual teams that participated in this competition so make sure to check back from time to time.