Celeste Cruz / Vaquero Radio
The UTRGV Center for Innovation and Commercialization will kick off its annual Business Plan Competition, where student entrepreneurs can pitch their ideas for a chance to win money.
Manager for the Center for Innovation and Commercialization Stephanie Mendez said for students who are struggling financially to get their business started, the competition is a way to do it at no cost.
“The No. one problem that they have is, well, there is no money to get started,” Mendez said. “So, we hope that through the competition, by them winning and placing, they, of course, get the money, and even if they don’t place, they at least feel to have the confidence to feel like they are entrepreneurs.”
Program Coordinator for Center for Innovation and Commercialization Natalia De La Garza mentions there have been success stories in the past from the competition.
“We had a student, [Jennifer Olivo], she was one of our student employees, participated in the big idea competition, won and then she was eligible to participate in our Blackstones Idea, like a national competition,” De La Garza said. “She won there, and then from there she applied to the Texas Business Hall of Fame and then was selected as last year’s awardee.”
The business competition requires students to create their business in the Rio Grande Valley. They are eligible to join as long as the business is not commercialized or a franchise.
De La Garza gave examples of other ideas that can also work for the competition.
“It could be, like, if students are working on projects in the lab, let’s say, like, engineers that they are working [on] their capstone project for like their graduation,” she said. “And let’s say they’re inventing this really cool product as a class project, they can enter the competition.”
Mendez said the competition is a door to success and opportunity.
“It helps the students in different ways,” she said. “You have the skills building … being able to pitch correctly, they get to understand what the audience are looking for.. In terms of competition, it gives some credibility. … After they win the first competition, it gives them the opportunity to try other similar competitions.”
Laurie Simmons serves as the director of Entrepreneurship, Innovation and Commercialization for Center for Innovation and Commercialization. She said participants receive help throughout the competition via workshops.
“We have informational workshops to provide the information of what the competition is all about and what to expect,” Simmons said. “Some of the tools that we provide, we provide [a] live plan, which is an online platform, business plan platform, which allows the participants to be able to create a business plan, as well as provide a template for the pitch competition itself.”
In addition to the live plan, the participants also have mentors. Competitors can meet with mentors to gain confidence in pitching in their business plan to the judges.
Applications are still open to students who are interested in joining the Business Plan Competition. To apply, visit utrgv.startuptree.co.
Applications close at noon March 3.
This Celeste Cruz for Vaquero Radio.
