Could your concept or entrepreneurial idea join Johnson & Johnson and Bristol-Myers Squibb as the next blue-chip corporation in New Brunswick? The Rutgers Business Schools of Newark and New Brunswick has provided a chance for students to launch their own businesses and win up to $20,000. The finals for this year's event will be held April 17 and will include nine of the top business proposals from the University.
Fernando Alvarez, a professor at the Newark business school, has introduced a new twist to the competition this year, asking students to construct the framework for a business that could actually be launched. The new format of the competition allows students to present their proposals to local investors who could potentially aid in the creation of a new company.
"We really want to see people who are willing and able to start a business," Alvarez said.
Alvarez modeled the competition after a similar contest he ran at Babson College in Massachusetts. He said this format is only seen at places like Babson and the Massachusetts Institute of Technology, while most university business competitions are more like term papers than entrepreneurial opportunities. Alvarez foresees the Rutgers Business Plan Competition following in the footsteps of Babson and MIT by producing large, student-run businesses yearly.
This possibility has instantly created a spike in interest from students and local entrepreneurs. From 60 original entries, nine finalists will present their business plan to the competition's judges and several investors in the area. The organizers made sure the students could use the competition as a step toward actually starting their businesses.
"We work very hard to have [the participants] exposed to people who write checks," Alvarez said.
Alvarez has gained sponsorship from the McArthur Foundation, the Kaufman Foundation, the U.S. Trust of Boston, and Wells Fargo Bank for the competition.
Alvarez emphasized the importance of focus, commitment and a unique enthusiasm for beginning a business. "Unless you have a passion for [your business]," Alvarez said, "it's not going to happen."
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