Local entrepreneurs gear up for ACU's annual SpringBoard Challenge
Abilene Christian University understands the importance of a tie between local business and academic communities. And that's why ACU's College of Business Administration (COBA) developed a way to bring local entrepreneurs together. Through the annual SpringBoard Ideas Challenge, students and faculty from area colleges and universities compete in a mini-business plan competition that pits their business ideas against other competitors for an opportunity to earn $30,000 in prize money.
"The entrepreneurial spirit in Abilene is remarkable," said James Porter, ACU's Entrepreneur-in-Residence and creator of the Springboard Challenge. "Springboard 2008 was the first business plan contest ever held in Abilene. The community support through sponsorships and entries was outstanding."
During the competition, entrepreneurs submit a mini-business plan that addresses the fundamental principles of their business idea such as the target market, cost of operations, location and potential investors, and they give a five minute presentation to the judges. Finalists have the opportunity to win a portion of the $30,000 prize money, which could be used as start-up capital for their business proposal.
Two new sub-categories have been added to this year's competition. The "pre-revenue" category is for participants who have a business idea, and the "post-revenue" category is for current, small businesses looking for new ways to attract customers and sales, said Ryan Stephen, director of SpringBoard 2009.
"SpringBoard is one of many ways COBA is continuing to improve the economic outlook in Abilene and abroad by encouraging ACU and Abilene residents to think entrepreneurially," said Stephen. "SpringBoard provides them with a venue to present their ideas, and possibly win prize money which could be used toward their new business."
During the first SpringBoard Challenge last April, 49 mini-business plans were submitted by students and faculty from all local colleges and universities. Since last year's competition, 32 percent of participants are pursuing their business plan, and two SpringBoard businesses have been sold or acquired, according to the 2008 SpringBoard Survey.
Applications will be accepted beginning Feb. 23, 2009. Entrepreneurs must submit their ideas online by April 17, 2009. The competition will close with an awards dinner at the Abilene Civic Center, April 24.
For more information on the SpringBoard Challenge competition, visit their website.
If you are a member of the media who would like more information about this release, please contact ACU's Public Relations Office or call (325) 674-2692.
