Entreprenurial Summit : Students Put Their Ideas to the Test
By update | April 30, 2008
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| Matt Gentry | The Roanoke TimesWilliam Creed pitches a business idea as part of Entrepreneurial Summit at Radford University, a competition where students will have 90 seconds to pitch an idea to a panel of judges. First place will receive $1,500, second place will receive $1,000 and third place will receive $500. |
RADFORD — By his own admission, Radford University senior Mike McCoy is an “idea guy” — the kind who launched his own computer consulting firm at the age of 15, visits his professor each month with a different business idea and runs the numbers on those ventures for fun in his spare time.
So when McCoy heard Radford’s first-ever Entrepreneurial Summit would include an “elevator pitch” competition, he couldn’t wait to sign up: “I went to [assistant professor Jeff] Pittges the same day with a whole stack of research, which is about 100 pages of research, and said, ‘I want to win.’ ”
The premise of the contest is simple: Entrants deliver punchy, persuasive business pitches in the time it would take to ride in an elevator with a prospective investor.
“If you can persuade someone in 90 seconds that your idea is worth investing in, your job is done,” McCoy explained. “It shows you have confidence, knowledge … and dedication to succeed.”
Two days before he took the lectern to deliver his pitch, McCoy went over his presentation with Pittges, a faculty member in the department of information and technology and adviser to the Collegiate Entrepreneurs student group.
Standing in front of a blackboard and gesturing with his hands, McCoy described the idea he would pitch — a searchable database that would let would-be car buyers easily identify the vehicles that met their desired specifications.
It was a topic McCoy knew well — after all, the 21-year-old president of Collegiate Entrepreneurs had been working on his business plan for months, researching his competition, drafting his speech and delivering it to family and friends.
My roommate and I “have a whiteboard that’s about as big as this [projector screen], and when we’re bored, we sit down and write down all our ideas,” McCoy said. “We’re basically business nerds.”
The way McCoy tells it, he’s been that way for a while.
Inspired by his dad, a salesman with credit insurer Atradius, the Maryland native started McCoy Computer Systems as a high school student. Before long, he had about 70 clients and was earning $50 an hour.
“He’s a Richard Branson type; he’s someone that’s just passionate about business,” Pittges said. “I guarantee that sometime, Mike’s going to be in the right elevator with the right idea.”
Yet on Wednesday, as Radford’s Bonnie Auditorium began to fill with dozens of other students and entrepreneurs, ideas seemed a dime a dozen. Lured by $3,000 in prize money and perhaps inspired by the daylong Entrepreneurial Summit’s business-oriented speakers and sessions, roughly 20 people showed up to compete.
Some pitched advertising and financial planning, others home repair, groceries, golf — even beer delivery.
But which idea would earn first place and $1,500?
Before hearing the presentations, Edwin Tirona, one of five contest judges, gave his thoughts.
“I want a pitch that tells me what sets the product apart, why is it unique, why is it innovative, why is it different,” said Tirona, chief executive officer and co-founder of Virginia Beach-based Dynamic Systems Integration.
The value of delivering such a pitch is something Tirona, a Radford alum, knows well — he once had exactly five minutes to describe his own business to Microsoft founder Bill Gates.
“It was pretty stressful,” Tirona said of the experience, which led to a collaboration between his company and Gates’ development team. “I had a lot to say in five minutes and a very knowledgeable audience.”
Similar stress was apparent in several of the competitors Wednesday, as one by one, they took the lectern for their 90-second pitches and four-minute question-and-answer sessions.
More than two hours into the contest, McCoy delivered his pitch. Clad in a suit and smiling, he ended asking judges when he could schedule a meeting to talk about his new venture.
By 6 p.m., the judges declared their winners.
Stephanie Richardson won $1,500 for her pitch about a nonprofit advertising business. Shannon Moore received $1,000 for her presentation on a pet care and grooming business, and Andrew Rymaruk won $500 for his pitch about a butcher shop.
And McCoy?
“I got honorable mention,” he said Thursday. “It was a great experience.”
By Angela Manese-Lee 540-381-8621
(Republished with permission)
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Entrepreneurial Spirit Pays Off for Three Students
By update | April 30, 2008
On October 10, 19 RU students stepped into Bonnie Auditorium to participate in the first-ever RU Entrepreneurial Summit Elevator Pitch Competition. The idea: to present an original and fresh business concept as if pitching it to a potential investor in an elevator. Each student had only 90 seconds, the amount of time it would take for that elevator to travel a few stories. After that would follow a five-minute Q&A session.
A competition that began at 2 p.m. ended more than three hours later, and judges filed into a closed room to debate the outcome. They were looking for quality business ideas that were innovative, comprehensive and demonstrated a great potential for growth.
As the judges deliberated, the remaining participants waited to hear the verdict. And that verdict came with a generous award. The first place recipient would receive $1,500; second place would receive $1,000; and third place would receive $500. (Dynamic Systems Integration, a company founded and managed by two RU graduates, Edwin Tirona and Jamie Butt, donated the $3,000 grand prize.)
Finally, the winners were announced: Stephanie Richardson (top right), a junior from Yorktown majoring in elementary education; Shannon Moore (middle right), a senior psychology and philosophy major from Martinsville; and Andrew Rymaruk (bottom right), a senior finance major from Herndon.
Stephanie’s pitch: create a nonprofit business that recruits ads from other businesses (i.e., computer, museum and library ads) to display on the sides of school buses and put the profits into the school systems.
A future teacher, Stephanie understands the problems facing school funding. Using her pitch, she wanted to address the issue by creating profit for the schools and a better education for children. “I felt that a nonprofit organization would be the best way to put the most amount of money back into the schools. My idea was not to create profit but to create funds for school systems.”
A confident presenter, it was hard to ascertain that Stephanie was so nervous prior to her presentation that she came close to pulling herself out of the competition. “I was very close to not pitching my idea because of not being a business major, but I started thinking about my idea and how it could help young students in the future, so I went for it!”
While her current course load and future endeavors (becoming an elementary school teacher and eventually working her way up to principal or superintendent) may temporarily prevent her from turning her pitch idea into a reality, it is one of her ultimate goals. “I am already planning to pitch my idea to schools around Southwest Virginia and will hopefully find others who would like to hop on board to make this organization a reality.”
Another non-business major to succeed in the competition was Shannon Moore. She presented a business designed to offer pet grooming, training, maintenance and sales service. “It would be comparable to bringing the pet store to your home,” she explains. “I chose this business because so many people have pets in the U.S. It would make proper pet care hassle-free and convenient. I would love to be responsible for making sure that our best friends are taken great care of!”
Shannon was inspired to enter the competition because of a friend who also happens to be a certified pet groomer. She figured that creating a pet grooming company would result in a huge profit for employees and employers alike.
Though she previously took an introduction to business class during her RU studies, Shannon relied more on her personality and a well-researched idea to sale her concept. “People need to be impressed by you and your idea. Provide the numbers to back up your claims. Think of it as if the person was a bank representative. They are not going to lend you money unless they can see proof of why your business will succeed.
Shannon is looking forward to law school following graduation and knows she is fully prepared because of the skills she gained during her time at RU. “The philosophy department has definitely improved my reasoning and problem solving abilities. And the psychology department has improved my statistical and presentation skills.”
When Andrew Rymaruk was called forth to present his business plan, no one would have ever suspected that he wrote the pitch only 30 minutes before the competition. Having no time to practice his presentation beforehand, he just read his paper word-by-word, and, as he puts it, “got lucky during the Q&A.”
His pitch? Resurrecting the butcher shop. Based on the criteria of quality, customer relationships and the best value around, Andrew envisioned a shop that could obtain the best product available through lasting relationships with top purveyors and farmers across the world. Because his plan omitted the middleman and wholesalers, he reasoned a cheaper price tag for his customers.
“I actually wrote two pitches in conjunction with two other students who pitched during the competition. But I wanted something completely different that was simple, straightforward and plausible. I was running at the gym thinking of ideas, and the butcher shop came to me because I love to cook, but I think it’s sad to go to the grocery stores, which offer a small variety of rotting, poor quality meats and fish.”
Andrew feels that his finance teachers (“the best professors at any university”) have effectively prepared him for a business career following graduation. Eventually he hopes to open a restaurant or even create that butcher shop, which has already gained him a bit of a profit. “If you have an idea, don’t be afraid to enter into a competition like this,” he advises. “You may actually get lucky like me and win something.”
Mindy Buchanan (mlbuchana@radford.edu; 540-831-7764)
(Republished with permission)
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Radford University Holds First Entrepreneurial Summit & Elevator Pitch Contest
By update | April 30, 2008
Nineteen students from Radford University filed into Bonnie Auditorium to present a vast array of creative business ideas in a recent elevator pitch competition. The event, held in conjunction with RU’s first-ever Entrepreneurial Summit, was designed to offer students the chance to present their idea as if they were pitching it to a potential investor in an elevator. They only had 90 seconds, the amount of time it would take that elevator to travel a few stories.
In the end, three students were announced winners, granting them a share of the $3,000 grand prize donated by Dynamic Systems Integration, a company founded and managed by two RU graduates, Edwin Tirona and Jamie Butt.
The first place winner, who received $1,500, was Stephanie Richardson, a junior from Yorktown majoring in elementary education. Richardson’s concept was a non-profit business designed to sale ads on the side of school buses. She suggested that profits from the business be allocated to school systems.
Second place and $1,000 went to senior psychology and philosophy major Shannon Moore of Martinsville, whose idea focused on a full-service company that would travel to a client’s home to provide pet grooming and training services.
In third place with an award of $500 was Andrew Rymaruk, a senior finance major from Herndon who pitched the idea to resurrect the butcher shop in Northern Virginia.
The students’ pitches were judged on a myriad of criteria, including quality, feasibility, innovation and comprehensive business information. Several honorable mentions were also named in the competition: Ben Tuck for his idea to create a hot dog vendor business in Pulaski, Mike McCoy for a consumer auto research system, Kendra Travis for her idea to publish a comprehensive “Guide to Radford,” Cole Flournoy for his pitch to install charge plugs in various locations for electrical hybrid cars, Justin Farthing for his idea to create a consulting firm designed to address energy management in homes and Maurice Carter for his idea to establish an online brokerage firm targeted at young adults.
The competition was judged by Mason Gates, a RU graduate and president of InternDirect; Michael Simmons, co-founder of Extreme Entrepreneurship Education and bestselling author of The Student Success Manifesto; Chris Pund, coordinator of the Entrepreneurial Summit and a senior from Ellicott City, Md., studying business management and media studies at RU; Angela Drummond, CEO of SiloSmashers, a management and technology consulting firm; and Edwin Tirona, CEO of Dynamic Systems Integration. Jerry Kopf and Steve Childers, management professors concentrating in business development at the RU College of Business and Economics, also helped judge the competition.
The Entrepreneurial Summit was part of the SunTrust Distinguished Speaker Series and was held in conjunction with RU Collegiate Entrepreneurs, RU Club Programming Committee, RU College of Business and Economics and Dynamic Systems Integration. The conference was the first of its kind at RU, providing the community and students the opportunity to learn more about the exciting endeavor of starting a business.
College of Business & Economics, P.O. Box 6950
Radford University, Radford, VA. 24142
Phone: 540.831.5187
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RU Hosts Entreprenurial Summit
By update | April 30, 2008
as part of SunTrust Distinguished Speaker Series
RADFORD – Radford University will host an Entrepreneurial Summit on Wednesday, Oct. 10, in conjunction with the SunTrust Distinguished Speaker Series, RU Collegiate Entrepreneurs, RU Club Programming Committee, RU College of Business and Economics and Dynamic Systems Integration.
The conference is the first of its kind at RU, providing the community and students the opportunity to learn more about the exciting endeavor of starting a business. The summit was created and planned by RU student Christopher Pund, a business management and media studies major from Ellicott City, Md. With a website development business and an eBay company already under his direction, Pund is a natural advocate of entrepreneurship.
“The summit will provide students the chance to learn about another option that is out there. They can start their own business instead of going right into the corporate work world,” he said. “The summit can help students realize that they can get even more out of their college experience. They can start to apply what they are learning right now to a business related to their field of study.”
While serving as president of Collegiate Entrepreneurs, an organization created in 2004 as a way to bring together students from all educational backgrounds and to cultivate and launch business ideas, Pund recognized the need to design an event that would “drum up the spirit of entrepreneurship on campus.”
“I wanted this to be an opportunity for more students to learn about entrepreneurship and starting a business while in college,” he said. “Entrepreneurship among students is a growing trend and being able to help cultivate that on the Radford campus is an amazing feeling and a great pleasure.”
The Entrepreneurial Summit will include presentations from such successful entrepreneurs as Angela Drummond, Todd Gates, Cameron Johnson, and Nicolette Tallmadge. Michael Simmons will serve as the keynote speaker for the conference luncheon. A limited number of tickets are available for the luncheon; please call (540) 831-5382 to reserve a seat.
Current RU students may also apply to participate in an elevator pitch competition. Applications are available at 135 Whitt Hall; the entry deadline is Oct. 1. Selected contestants will have 90 seconds to pitch their idea to a panel of judges. First place will receive $1500, second place will receive $1000 and third place will receive $500. Jamie Butt, president of Dynamic Systems Integration (DSI), and Edwin Tirona, CEO of DSI, donated the prize money. Butt and Tirona graduated from the RU College of Business and Economics. They began their first business venture while studying at RU and eventually co-founded DSI. The company is a leader in the design, installation, training and ongoing support of integrated voice, video, data communications and security systems.
- 9 - 9:50 a.m.
Opening Session
Mason Gates, Todd Gates and Angela Drummond, “Inside the Entrepreneurs Studio” (Bonnie Auditorium) - 10 - 10:50 a.m. and 11 - 11:50 a.m.
Speaker Presentations
Angela Drummond, “Entrepreneurship for Non-Business Majors” (Heth Lounge A)
Nicolette Tallmadge, “I’m Not Bragging…Really: How to Overcome the Stigma of ‘Tooting Your Own Horn’ to Promote Your Business” (Heth Lounge B)
Cameron Johnson, “Cameron’s 19 Essential Secrets of Entrepreneurship” (Heth Lounge C) - 12 - 1:30 p.m.
Luncheon (a limited number of seats are available)
Michael Simmons, “All or Nothing, Now or Never!” (Heth Ballroom) - 2 p.m.
Elevator Pitch Competition (Bonnie Auditorium)
Angela Drummond is the CEO of SiloSmashers, a management and technology consulting firm she helped establish in 1992. She created, authored and led the development of SiloSmashers’ Peak Performance Methodology, which provides company leaders with information about their culture, employees, customer satisfaction and operational efficiency. Drummond is an active member of Women in Technology (WIT) and is the current chair of the WIT Education Foundation. She is the recipient of the 2006 Association of Federal Information Resources Management Leadership Award for Industry and the WIT President’s Award.
RU graduate Mason Gates is the president of InternDirect, a company designed in partnership with Radford University that provides internships and web-based tools to students, educators and employers from more than 200 universities across the nation. Gates is the recent recipient of a Virginia Museum of Fine Arts MUSE Award for creativity in business and was a finalist for the Greater Richmond Tech Council’s Skillbuilder Award. He is a member of the Board of Directors for the Richmond Venture Forum and the Radford University President’s Advisory Council.
Todd Gates serves as the immediate past chairman for the Economic Development Council of Collier County. He is a member of the Board of Directors for the President’s Forum, the Board of Trustees for the Florida Chamber of Commerce Foundation and the Florida Chamber of Commerce Board of Governors. He is co-founder and a current board member of Liberty Bank and is a past president of the Collier Building Industry Association. Gates was recently named the 2007 Entrepreneur of the Year by Gulf Coast Business Review and has been recognized as one of Gulfshore Life magazine’s Men of the Year.
Blacksburg native Cameron Johnson started his first business at the age of nine. Three years later, his company was selling Beanie Babies online, an endeavor that resulted in a $50,000 profit. At the age of 15, he became an advisory board member of a Tokyo-based company. Johnson has founded and sold more than a dozen businesses since then and has been featured in Newsweek, New York Times, USA Today and CNBC. He recently published a book entitled You Call the Shots: Succeed Your Way—And Live the Life You Want—With the 19 Essential Secrets of Entrepreneurship.
Michael Simmons is co-founder of Extreme Entrepreneurship Education and bestselling author of The Student Success Manifesto. At the age of 16, he co-founded Princeton WebSolutions, a business that was later rated the top youth-run web development company in the nation by Youngbiz Magazine. In 2006, Business Week named Simmons one of the top 25 entrepreneurs under the age of 25. Under his leadership as president of the Entrepreneurial Exchange Group at NYU, the club received NYU’s prestigious President’s Service Award. He and his company have been featured in USA Today, ABC, NBC and CBS.
RU graduate Nicolette Tallmadge is a mixed media jeweler with more than 15 years of experience in designing and manufacturing jewelry. In 1997, she launched Mixed Media Designs, which now has 12 wholesale accounts and has exhibited at more than 30 juried art shows, exhibits and galleries across the east coast. Her jewelry has been featured in The Crafts Report and The Art of Jewelry: Paper Jewelry. Tallmadge is also the founder of Crafting Voices, a website that features the stories of well-renowned American artists, craftsmen and visionary leaders within the industry. Her latest venture, The Crafted Webmaster, is an online business resource for artists who wish to promote themselves and their work on the Internet.
Sept. 19, 2007
Contact: Mindy Buchanan (mlbuchana@radford.edu; 831-7764)
(Republished with permission)
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Welcome
By admin | April 26, 2008
Welcome to the home of the Entrepreneurial Summit! Here we will be posting any updates related to the event. We will have biographies of each judge, speaker, as well as snippets of each contestant that enters the Elevator Pitch Competitio.
BOOK YOUR CALENDARS!
Tuesday October 21
4P-6PM
Wednesday October 22
9A-2PM
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