Tuscaloosa, AL – Do you have the entrepreneurial spirit? Do you have a business idea ready to take the next step? Students at the University of Alabama can turn their business ideas into realities by winning up to $50,000, which is the Grand Prize in the Edward K. Aldag Jr. Business Plan Competition.
Last year a total of 40 teams competed for the $50k grand prize and additonal prizes of $5,000, $3,000 and $2,000 in addition to several focused $500 prizes. This year, thanks to an additional grant by Community Affairs Board of Advisors, Entrepreneurship and Innovation Initiative, a second set of 1st, 2nd and 3rd prizes will be awarded ($5,000, $3,000 and $2,000). To be eligible for the additional set of prize money, participants must attend at least 3 events leading up to the competition. These are workshops held at the EDGE and Start-up Weekend, all which help student entrepreneurs make their business ideas and subsequent presentations even more effective; in other words, attending increases your chances to win.
The competition requires students submit a power point business plan, which will be reviewed; students will receive feedback and have time to make changes before they submit a final version of the plan. On the day of the event, everyone competes in the morning (about 6 rooms with 6-7 competitors per room). One winner will be selected from each room to go on to the afternoon competitions. Even if a team does not move to the second afternoon round, they may win an award based on their performance in the morning.
Created in 2014, The Edward K. Aldag Jr. Business Plan Competition has awarded students over $180,000 over three years ofoperation. Through creating a healthy energetic environment in which students can present their individual business ideasand receive feedback from area professionals, it is a truly unique opportunity.
Last year’s winner, KüLVAX, a startup focusing on providing efficient cooling processes for transportation of lifesavingvaccines, received the $50,000 grand prize.Team members Andrew Johnson, Grant Becker and Kyle Pecot expressed theirgratitude for the competition.
Johnson said, “There were so many incredible ideas and plans that we are extremely grateful to win this competition. We are thankful for Mr. Aldag’s generous investment toward The University of Alabama and its students, and we are excited to get our business started and moving toward profitability.”
The Edward K. Aldag Jr. Business Plan Competition is hosted by the Alabama Entrepreneurial Institute and the Culverhouse College of Commerce at The University of Alabama.
Students interested in competing can reach out to Michael Larsen at 205-722-5176 or firstname.lastname@example.org.