As many entrepreneurs know, starting a business is hard. As many University business students will soon find out, so is pitching the idea.
Venture Quest, an annual competition that challenges teams of business students to design a business plan and defend it to top executives in the field, will be held at 8:45 a.m. Friday.
The competition, hosted by the Lundquist Center for Entrepreneurship, is separated into two groups: three teams of undergraduate business majors in 211 Lillis and three teams of undergraduate business minors in 232 Lillis.
Randy Swangard, the center’s managing director, said Venture Quest provides students with the experience of promoting a business plan to potential investors.
“In our mind, it’s interesting to write a business plan, but it’s more interesting to defend your business plan,” he said. “To actually go out and try to sell that as you would in a real environment … that’s a bit of an art form.”
Now in its 10th year, Venture Quest involves each team presenting their business plan to judges and then answering the judges’ questions.
A business plan, Swangard said, is a blueprint of how to take an idea and turn it into economic opportunity. The teams’ plans focus on new or existing companies.
Judge Mitch Hagstrom, executive vice president and director of Lane County operations for Pacific Continental Bank, said Venture Quest allows students to gain real-world experience on campus.
“I think it minimizes the learning curve that they would otherwise have to learn from experience,” he said. “They’re going to pick up some very practical tips, and (Venture) introduces them to potential resources.”
Business administration major Sasha Kadey and his team will pitch the idea of a business that manufactures the Pawsh Paw Wash, a foaming pad applied to a dog’s paws that will clean floors and the dog’s paws.
“The way we see it right now, the pet care industry is really fragmented,” Kadey said. “What we want to do is be in the mainstream so when people think pet supply, people think Pawsh.”
Based on the viability of the concepts, quality of the presentations and the teams’ ability to field the judges’ questions, one team will go home with the $500 prize for first place. Second place will get $300 and third will get $100. The prize money is provided by Umpqua Bank.
Hagstrom said the first place team will have to demonstrate understanding and creativity.
“I think it’s a business concept that demonstrates a strong understanding of the potential opportunity and clearly articulates how they are going to differentiate themselves from existing competitors,” Hagstrom said.
“(The judges) are going to treat our teams like they just came in the bank and asked them for money,” Swangard said. “It’s people who do this for a living asking really tough questions about the thought process and the research that’s behind your business plan.”
Even though the competition hasn’t happened, Kadey said he had already learned a few lessons about the business world.
“I’ve learned that no matter how smart you think you are … there’s always huge room for improvement,” he said. “(Judges) can pick any minute thing in your presentation to focus in on. The devil is in the details.”
Hagstrom said being a judge has let him in on the business climate at the University.
“I take away more, I’m sure, than I’m able to give to the students,” he said. “I get affirmed that there are talented business students who are very interested in creating long-term values in the business world.”
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