UT’s IE Challenge offers cash prizes for innovative business plans

UT students, faculty and staff who have a great, innovative business idea may win up to $10,000 to establish their business in the first Innovation Enterprises Challenge Business Plan Competition.

 “The goal of Innovation Enterprises is to foster regional economic growth in alignment with the Mission of UT,” according to Mary Jo Waldock, Associate VP, Innovation Enterprises. “What better way to pursue that goal and encourage innovative thinking than by focusing on business ideas of UT students, faculty and staff.”

“This competition reflects UT’s belief in innovative thinking and is intended to advance a creative culture of growth in all areas of the University,” she added.

Innovation Enterprises at The University of Toledo is providing prize money of:

First place - $10,000
Second place - $5,000
Third place - $2,500
Honorable mention - $500

The UT College of Business Administration is conducting the business plan competition.

“UT College of Business Administration is committed to playing a key role in advancing the economic development in this region. Supporting entrepreneurs is an important part of that role,” said Dr. Sonny Ariss, Chair of the COBA Management Department.  “By judging this business plan competition and offering assistance with business functions such as accounting and marketing, COBA can play a hands-on role in helping entrepreneurs within the UT family.”

COBA Dean Thomas Gutteridge indicated “This is yet another component of the College’s effort to further enhance the UT culture of entrepreneurship and innovation”

Submission information can be found at utoledo.edu/business, or by clicking on the “Innovation” link on myUT.utoledo.edu.  Alumni can participate as part of a team involving a current UT faculty or staff member or student.

IE Challenge Business Plan Competition entries must be submitted by October 11, 2010.  Semifinalists will be announced on November 4 at the Entrepreneurial & Business Excellence (EBE) Hall of Fame ceremony to be held at the Pinnacle in Maumee. Winners will be announced December 2.