The Mayo Business Plan Competition is designed to increase student appreciation for the challenges associated with developing a viable business offering (product or service) while, through an iterative process, recognizing those students best able to articulate a plan that addresses these challenges. In recognition of both the time involved and the difficulty of the task, the competition also provides a suitable award for the successful teams.
Registration deadline: December 8. Registrations received after Dec. 8th will be accepted on a space available basis only.
All TCNJ students are invited to participate. Students with ideas that might translate into viable business products or services can come from virtually any School and discipline. The competition is not associated with a particular course. Each team must be comprised of no less than two or more than four current TCNJ students. Upon request an effort will be made to assist any non-business student looking to add a business student to their team (e.g., a student familiar with income statements, marketing, etc.) This assistance notwithstanding, establishing and managing the team remains a student task. Students are encouraged to seek mentoring from a variety of sources (e.g., alumni, TCNJ Small Business Development Center, personal contacts, etc.) Here again, however, the final business plan must be the sole work and responsibility of members of the student team. The competition presumes the teams’ ability to independently determine what constitutes a solid business plan; no instruction will be provided and students are left to their own resourcefulness.
Register here: www.tcnj.edu/register2014MBPC
The competition will consist of three phases:
Phase 1: Team submits an initial business plan to be evaluated by professional. (Maximum plan length is 20 pages, double-spaced 11 or 12 font, including all appendixes and supporting evidence.)
Phase 2: A maximum of six teams are invited to revise the initial business plan and give a 20 minute presentation.
Phase 3: Three teams are invited to revise their plans and make final presentations (maximum 30 minutes each) from which a winning team is selected.
2014 MBPC Timetable:
- 12/8 Students notify Dean Keep by registration form of their intent to compete
- 1/29 Written business plan due (sent to Dean Keep via email)
- 2/3 Plans go out to judges
- 2/13 Judges’ evaluations due
- 2/19 Six teams notified that they made the semi-finals. All teams receive feedback from judges
- 3/19 Semi-final competition
- 4/9 Finals Competition
Prizes: The total prize money for 2014 Mayo Business Plan Competition = $30,000. A top prize of $16,500 will be awarded to the winning team with prizes of $9,000 and $4,500 for second and third place teams respectively.
Sponsoring Donors: The School of Business thanks Professor Herbert B. Mayo for establishing the Mayo Business Plan Competition and Eric Szabo ’97 for his generous support.
The Mayo Business Plan Competition information session took place on September 18, during the 3rd Wednesday Alumni Entrepreneur Panel. TCNJ Alumni who have formed successful businesses shared stories about taking chances, seeking investors, occasional set-backs and even appearing on ABC’s Shark Tank:
- Shelly Hewson ‘80 is President of Hewson Landscape Inc., a commercial and industrial landscape contracting firm. She was named to NJBiz’s Best 50 Women in Business for 2013.
- Joe Gesualdo ‘11 left his job in finance, taught himself web development and co-founded a technology startup.
- Gregg Hollmann ‘93 left a six-figure job in finance to pursue his dreams of operating a mobile DJ entertainment company on a full-time basis.
- Chris Hindley ‘04 spent the better part of his early career as a Brand Strategist, supporting and helping companies launch products and create their identities in the market. 15 months ago, HoodiePillow’s social media soft launch went viral overnight.