Aspiring entrepreneurs on campus are competing for the opportunity to start their own business in the first Cal State Long Beach Innovation Challenge.
The College of Engineering and the College of Business Administration have come together to create a unique competition in which teams construct and market an original idea for the chance to win $10,000 in seed money to make their vision a reality.
The first stage of the competition will take place Friday, as the 24 teams submit their written business plans to the judges. The judges will then choose the top four teams, who will move on to the final awards ceremony on April 5. Along with the money, the winning team will receive office space, legal advice and other important business resources to help them along the way.
“The real hard work begins after they win,” said Barbara Barcon, former chief financial officer of Pacific Gas & Electric and member of the Innovation Advisory Committee.
The goal of the competition is not only to win, but also to stimulate students to pursue their ideas, and put their plans into motion, she said.
“I love a good challenge,” business finance major Carl Morandell said. “I’ve had this idea for a long time, so when they offered me the chance to enter this competition, I accepted.”
Morandell and his team have put together a business plan for a new type of non-alcoholic beverage, which promises to be different than anything currently available.
“I come from a background of wine and beer merchants, so for me, taste is a very important factor,” he said.
The competition is not only for business or engineering students, but students from all majors. In Morandell’s case, he needed a biochemist and someone who knew about bottling to make his idea work.
“It’s about finding a culture of friends rather than co-workers,” Morandell said. “Once you find the right group of people, it just works.”
Each of the 24 teams has been assigned a mentor — someone who has had success in the business world — to help guide them along the way.
“We were worried that we wouldn’t be able to find enough mentors for every team,” Barcon said. “But when the time came, we found 24 people who were more than willing to help.”
The teams will soon be narrowed down to the four finalists, but all of the applicants will receive some form of recognition for their participation.
For Morandell, being involved in this experience is the biggest reward.
He said he encourages students who have interesting ideas to put their plans in motion.
“It’s not about being a business major,” he said. “It’s about having a passion for what you enjoy. If you love what you do, you will be successful.”
Disclaimer: The Daily 49er is not responsible for Postings made on www.daily49er.wpengine.com. Persons commenting are solely responsible for Postings made on this website. Persons commenting agree to the Terms of Use of the website. If Postings do not abide by the Rules of Conduct or Posting Regulations as listed in the Postings Policy, the Daily 49er has all rights to delete Postings as it deems necessary. The Daily 49er strongly advises individuals to not abuse their First Amendment rights, and to avoid language suggestive of hate speech. This site also encourages users to make Postings relevant to the article or other Postings.