Idea State U – Most Impressive

POSTED BY: burtwalker

This past weekend, I got to participate as a judge in Kentucky’s Idea State U, the annual statewide business plan and concept contest.  I was asked to do this in the previous two years, but was unable due to travel plans.  This year, I was determined to attend, and am I glad I did.  That was one impressive event.  Sponsored by the Kentucky Cabinet for Economic Development, Department of Innovation and Commercialization, the event had participants from all eight four-year universities in Kentucky.

There were essentially four categories for competition:  Graduate business plans, graduate business concepts, undergraduate business plans, and undergraduate business concepts.  The business plans were fully developed business plans.  The business concepts were less developed and did not require pro-forma or other financial information.

The competition began on Friday night with a competitive elevator pitch event.  Each of the entries selected one of their team members to give a 60 second pitch to all in attendance.  Some were more polished than others, but it was evident that most were there to win and had given a great deal of effort in preparing for their pitches.

While this is not the place for a full report of the event, I did want to mention that I, along with the other judges, were very impressed with the quality of the plans and the presentations.  As to be expected, the entries’ subject matter varied substantially.  Additionally, the number of people on their teams varied from one to 15.  The judges had the opportunity to review the plans and concepts in advance.  Upon completion of the presentations, the judges scored them, then deliberated among themselves to come up with the top two places in each event.  Some were easier than others, but some were extremely close and often resulted in some vigorous debate.  In the end, there was over $100,000 awarded to the winners and runners up in each category.

I’ve had the opportunity to judge business plans in the past at both the graduate and undergraduate level, but I must say, many of these entries were head and shoulders above what I had seen previously.  Some of the presentations were so professional that I would put them up against most I’ve seen in the corporate world.  Some of these kids clearly have the entrepreneurial bug (this is a lifelong, incurable affliction) and many are headed for very successful careers in the business world.

It is events like this that restores my confidence in our education system, and for a somewhat cynical old coot like me, that’s really saying something.  KUDOs to the students and their advisors and to Kentucky’s Department of Innovation and Commercialization for putting on a great event.

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