Ohio Wesleyan Launches Entrepreneurship Competition

DELAWARE, Ohio – Ohio Wesleyan University on Monday launched its new U.S. Entrepreneurship Competition. 

The competition, open to entrepreneurs of all ages and from all locations, offers a total prize package of nearly $500,000.

The competition includes both student and professional tracks. The student track is open to current college students and 2024 graduates. The professional track is open to all others. 

First-, second- and third-place winners in each category will earn cash investments and incubate in the Delaware Entrepreneurial Center at OWU, where they will have access to intellectual capital and services to advance their business ideas.

“Ohio Wesleyan was founded with entrepreneurial spirit nearly 200 years ago,” said Phil Smith, director of the Delaware Entrepreneurial Center at OWU. “The competition lets us expand upon this innate strength and help others build their own business legacies. Winners will receive the expert advice and support they need to forge their path forward and launch a successful company.”

Up to 10 teams – student and professional – will be selected to participate Sept. 26 in a live competition. Semifinalists must be able to travel to the OWU campus to compete, Smith said.

The judges will announce the top three winners in each track that day, with final placements announced Oct. 5 during an Ohio Wesleyan Homecoming and Family Weekend celebration. The winners will earn prize packages valued at $100,000, $75,000 and $50,000, respectively. The judges will award $5,000 prizes to the fourth- and fifth-place finishers in each category, as well as special awards such as best “elevator” pitch and most sustainable business.

Those applying to compete must be able to submit:

• Business plans, potentially including an executive summary, industry overview, market analysis, sales and marketing plan, management plan, operating plan and financial plan.

• Media materials, including a business logo, social media links and 100-word business description.

Applicants also must be able to answer a series of questions, including:

• What primary and secondary markets are you seeking to serve?

• Has your startup generated any sales revenue? How much?

• Has your startup received any funding? How much and what types?

During the live competition, semifinalists will make 60-second “elevator” and five-minute full pitches to the judges, who will follow up with three minutes of questions to determine each plan’s viability and potential.

“The U.S. Entrepreneurship Competition at Ohio Wesleyan University will provide all competitors with valuable experience in preparing for, presenting and answering questions about their business plans,” Smith said. “And we can’t wait to welcome the USEC winners into the Delaware Entrepreneurial Center at OWU to help them address their challenges, build their businesses and move closer to achieving their goals.”

Applications for the competition are due before midnight Aug. 15. Apply HERE. 

Pictured at top: The Delaware Entrepreneurial Center at Ohio Wesleyan University. (Photo by Paul Vernon)

Published by The Business Journal, Youngstown, Ohio.