Spring brings business spirit

Students can expect to be swept up in entrepreneurial spirit as the College of Business Administration's Center for Entrepreneurship and Innovation gears up to host three of its annual business competitions.

The JOUST, King of the Court, and Inventing Entrepreneurs will be held throughout the spring semester and are open to students from any UCF college, not just the CBA.

The three competitions are part of the CEI's goal of helping students foster and actualize entrepreneurial ideas.

"The CEI is the link between the college and business applications," Thomas Keon, dean of the CBA, said.  "Our students develop concepts, plans and lay the ground work for starting a business.  It is our hope that over the years, student participants will start a business and contribute to the Central Florida economy."

Although each competition is unique, all three share the common core of challenging participants to identify a need and develop a solution.  While the JOUST and King of the Court allow participants to conquer these tasks through thoughtful business proposals and unique marketing strategies, Inventing Entrepreneurs competitors must create prototypes of their gadget solutions.

Participants in the JOUST compete to create and present the most promising business plan to a panel of judges in the hopes of winning the first place prize of $10,000 as well as one year free in the UCF Incubator program.  All prospective entrants must have submitted an intent-to-compete form by Jan. 21 and an official entry form by Feb. 28.

The King of the Court, a fast-paced competition, will focus on the sales pitch. Participants will have 90 seconds to deliver a successful pitch to judges. The winners will receive $1,500 and continue to the JOUST finals. Entries for the competition are due Feb. 14.

For students who are interested in engineering a product that will answer an identified need or problem, Inventing Entrepreneurs is just for them.  Only eight competing teams or individuals are chosen for this competition. First place winners will receive $1,500.  Applications must be submitted by March 28.

Cameron Ford, associate professor in the College of Business and founding director of the CEI, said some winners from the JOUST and King of the Court have actually gone on to start their companies.

Last year's winner, Amanda Crum, is one example.  Crum won the JOUST competition with the plan for her business, The Vak  Shack, which sells vacuum sealing bags and equipment for food storage.

Crum said she was already selling the product before she entered the JOUST, but the deadlines of the competition made her do things for the advancement of her company that she probably wouldn't have done otherwise.

After winning, Crum invested all of her prize money directly into the business.  She took advantage of her free year in UCF's Incubator program where she was provided with an office, clerical support, computer hookups and website support.  The Vak Shack's sales increased 100 percent.

Crum said entering the JOUST was the most rewarding experience during her time as an undergraduate student.

Crum also said she encourages students to try the competitions.

"There is something in it for everyone," she said.

As the winner of  JOUST in both 2007 and 2008, David Brim knows the entrepreneurial success of starting two companies.

"I entered the JOUST because it provided a fantastic opportunity to get feedback and resources for my business venture idea," Brim said. "These resources came in the form of networking with local business leaders, receiving valuable advice on my business plan and concept, and prize money."

Brim and his partner's business GroupTable, which won the JOUST competition in 2008, is still in operation today.  According to its website, GroupTable provides groups with their own private chat rooms and discussion boards.

In addition, Brim now operates his own successful marketing agency called Brand Advance and has appeared on FOX 35 News, Local 6 News, CBS News Radio and WFTV Channel 9 to speak about entrepreneurship and growing a business.

"Being involved in the competition forces you to put your best foot forward and develop a solid business plan and presentation for your company," Brim said.  "Both will be very valuable if you plan on actually launching your business.  It is extremely good practice to present and communicate in these kinds of circumstances and the feedback you'll receive is very helpful.  

"I know of people who have been offered jobs, investment funding in their business concept and more from being involved in competitions such as the JOUST," he said.

UCF alumnus and entrepreneur Jeff Lehman is a recent CBA Hall of Fame recipient and believes the competition is especially important for students considering how business venturing has changed in the past decade.

"The fact that companies like Dell, Google and Facebook were all started in dorm rooms shows the importance of gaining a deeper and more formal knowledge of the entrepreneurial process as early as possible," Lehman said. "It's the sign of a top tier university that we provide a competitive platform for student entrepreneurs to bring new ideas to light."

For more information and important deadlines, visit www.cei.ucf.edu.