Think you have an innovative idea for a new product or service? Now is your time to show the Bradley community what you’ve got.
Project Springboard New Venture Competition is a co-curricular activity that gives students the opportunity to pitch their product or service ideas to a group of judges, some of whom are potential investors.
Participating students create new ideas for products or services, both inside or outside of the classroom. The first place winner receives a cash prize and services from local business sponsors.
The competition, which began during the spring 2007, supports Bradley’s entrepreneurial initiative and is open to students from all five colleges.
Amy Fairfield Doering, director of the competition, said that since 2007 more than 125 teams have participated in the initiative, and more than 350 students from a variety of majors have benefitted from the hands-on experiential learning the initiative offers.
Doering said that those who decide to compete are required to follow the ‘business model canvas,’ which describes the nine basic building blocks of developing a business idea. It begins with customers and then flows through to the cost structure.
“The business model canvas directs students to get out of the building and talk to their customers,” Doering said. “It’s better to know if they’d be interested in buying your product and for how much, rather than create something that nobody is interested in.”
Last year’s winning business idea belonged to mechanical engineering major Shiv Patel, who pitched an idea for a backpack that could recharge electronic devices, such as cell phones or iPads.
According to Doering, in choosing a winning idea, judges consider how well the participants have done up to a certain point. They also look for how far participants have progressed on the business model canvas.
“The judges are looking for viable businesses,” Doering said.
Those interested in being involved in the competition must first submit a ‘Letter of Intent,’ which can be found on the Project Springboard website. Interested parties are also encouraged to attend the poster competition on Dec. 9.
“This will be a good step for someone to take to get acclimated in the process,” Doering said.
For additional information on Project Springboard, including judging criteria, students may visit the website at bradley.edu/springboard/ or contact Doering at afairfield@fsmail.bradley.edu.
