CMU New Venture Competition:
Over $ 75K Awarded, 7 Grueling Months, 21 teams, 2 universities
Led by the CMU College of Business Administration's Isabella Bank Institute for Entrepreneurship, 21 teams competed for $75,000 in venture capital funds March 28th.
The New Venture Competition extends over seven months, includes twelve workshops with experts who assist students in building their business model using the Business Model Canvas. The grand finale is a three round competition and a speed pitch competition in front of expert judges who select the teams earning capital for their business development.
Teams represented students in eleven different majors and two universities (CMU and MTU).
More than fifty judges comprised of CMU alumni entrepreneurs, business and community leaders, angel investors and venture capital experts supported the competition.
In addition to the student rounds, the competition included a spirited lunch panel discussion on early stage funding included Ken Rogers, executive director of Automation Alley; Paula Sorrell, vice-president of entrepreneurship, innovation and venture capital for the Michigan Economic Development Corp.; Diane Durance, president of MiQuest; Ken Kousky, president and CEO of Blue Water Angels; Cia McCaffrey, former vice president of Foresee Results; and Erin O'Brien, president and CEO of CMURC.
|$30,000 ||Best Overall||Un-Corked|
|$10,000 ||Best Social||Sinfonia Marching Exposition, L3C|
|$10,000 ||Best Technology||Garden Mobile|
|$10,000 ||Highest Growth Potential||Beergo|
|$10,000 ||Most Impact on Michigan||Second Cut Arrow|
|$5,000 ||Best Lifestyle||Homecrest Coffee Roasters|
|CMURC Program||Spirit of Entrepreneurship (Tie)||Divinare|
|CMURC Program||Spirit of Entrepreneurship (Tie)||Gone Beachin'|
|$1,000 ||Best Pitch||Garden Mobile|
|$500 ||1st Runner Up Pitch||Just for Students|
|$250 ||2nd Runner Up Pitch||Gone Beachin'|
The CMU New Venture Competition received recognition in 2013 as the "Best Educational Program of the Year" from Automation Alley. This recognition acknowledges the combination of CMU's entrepreneurship curriculum with experiential opportunities maximizing students' potential to launch a business.
A total of 15 teams from past New Venture Competitions are still in business.