2010 NJ Business Idea Competition
Mr. Ketcho –
www.fdu.edu/rothman
Attention all New Jersey High School Students!
The Rothman Institute is pleased to announce the seventh annual
New Jersey Business Idea Competition!
Have a great idea? Well, with our competition you can put your idea in motion and have our faculty who are experts in business and entrepreneurship evaluate your idea. In addition, you will meet other high school students from across New Jersey who are creative thinkers just like you.
Sound interesting? Well, it's time to get started!
The perks:
1. Recognition for your original idea at our awards ceremony
2. Prize money and awards (over $4500 awarded in prizes to finalists)
3. Meeting new people outside of school
4. Looks great on your resume and college application!
5. You may be eligible for extra credit at your school
The deadline for all entries is February 19, 2010.
Contest application
If you have any questions, e-mail us at or call 973-443-8842.
Sponsors
Take a look at our previous winners below!
The Awards Ceremony for the 2009 New Jersey Business Idea Competition was held on March 28, 2008, in historic Lenfell Hall, located in the Mansion on FDU's College at Florham in Madison, NJ. Prizes were awarded to the Finalists and Semifinalists in the Northern, Central and Southern regions of New Jersey as judged by various faculty members. A reception was held in the Great Hall. The awards ceremony was followed by the Fifth Annual New Jersey Female Entrepreneur Lecture given by Ranjini Poddar, Founder and President of Artech Information Systems.
WINNERS
Northern Region
Regional Winner
Max Chang, Jeff Wilson, Whippany Park High School – Disney’s Xenolog, Language Learning Software
Finalists
Max Chang, Jeff Wilson, Whippany Park High School – Disney’s Xenolog, Language Learning Software
John Flannery, Passaic Valley High School – ECOsyst: Solar Chimney
Sarah Jeng, Emily Pinnes, Whippany Park High School – GreensCAN
Eric Skyta, Passaic Valley High School – Everlasting Energy
Submittable Application can be found below Guidelines section
Author Identification. While you can be a sole author, you may also team up with one other student (who must be from the same school). Each author must be a registered student at a New Jersey high school (and enrolled in grades 9 – 12) at the time the entry is submitted. Please make sure that the author information is correct (student’s teacher, advisor or parent will be contacted to insure student is eligible). The e-mail addresses provided by authors will be used in any communications concerning the entry. If working with a partner, please submit only one entry form.
Application Guidelines/Tips
Criteria
• The overall feasibility and persuasiveness of the idea
• Potential for growth or overall societal benefit
• Clarity and development of the idea
• Feasibility of building and sustaining a competitive advantage
Idea Title: The idea title and the author name(s) are the only information that will be made public by the Institute if the entry is a semifinalist or finalist. The title and authors will be listed on the web site and on the event program to be available at the awards ceremony. Please do not place any information in the Idea Title section that you wish to keep private. The title should be short but descriptive.
Brief Idea Description: A brief idea description is a place for you to persuasively describe your idea very briefly and clearly. The description must show the important parts of what you are trying to do, and must do so very clearly. You will get more assistance and interest from others if your description is clear and persuasive. Remember that the Brief Idea Description will be the key section evaluated in the first-round of judging. If your description is not well done, your entry is unlikely to make it to the second round.
The Idea: This field fills in the details of your business idea. It is designed to be used after you have persuaded a listener of the usefulness of the business with your brief Business Idea. Exactly what is your product or service, and how will it be used? What additional features or developments (if any) will be needed before the product or service becomes useful? Don’t be afraid to go back and change your basic idea after conducting research. Good business ideas are developed and don’t fall from the sky complete and ready to implement. In some instances, an author of a business idea entry will not have exclusive rights to that idea, because it came from elsewhere or perhaps relies upon an idea held by someone else. If that is the case, please mention the idea's owner in this field.
Customers: In this field, outline who will use your product or service, and what customer needs will be addressed by it. Why should the judges believe that your product or service will be better than those currently in existence? If the product is truly new (nothing like it exists currently) how will you persuade customers of its value? What kinds of people make the decision to buy, and how do you plan to reach those people on a large scale?
Competitors: New businesses almost always step on the toes of existing businesses. What businesses already sell products or services that will be negatively affected by your product or service? Why is your product or service better than what competitors are currently providing? How easy will it be for them to copy your idea? Remember that a new business is almost always weaker than existing businesses. If your idea takes customers away from others and is easily copied, you are not likely to be in business long enough to establish a competitive advantage. How will competitors respond to your market entry, and how will you protect your business from their reactions? Your idea could be a not-for-profit. Here, you will need to outline how your idea will generate enough revenue (through donations and/or other sources) to cover its costs.
Societal Benefit: Successful enterprises are always about more than money. The purpose of this field is to provide you with an opportunity to justify why your business/nonprofit should be supported by those who are not involved in it. What good will come from your business? Why will the world be a better place because of your idea? Some business ideas may not make much money, but create great value or provide and important good or service for large numbers of people. The judges will look favorably upon these ideas.
Your Goals: Innovative products and services are very important to new business development, but these tend not to be worth much unless the founder(s) are very committed and dedicated to making the business a success. In this field, outline why do you personally want to take your idea and make a business out of it. How would creating this new business help you reach your potential, and how could you help the business reach its potential? Why would you be willing to dedicate a large part of your life to starting up this business? What key strengths can you provide to your organization?
Note: There is a 750 word limit for the application information. Please write a draft on MS Word or similar software so that you can make sure that the word limits for each section are adhered to. Please note that once the document is submitted you can not make any further changes.
Frequently Asked Questions
How do I know that someone won't steal my ideas?
The Institute will make every effort to ensure the confidentiality of ideas entered. However, others must see, read and understand the ideas in order for them to be judged. The only information that will be made public is the idea title and the author’s name(s). Unfortunately, US law prohibits us offering more than the assurances above, as "ideas" cannot be protected according to US law. If you are truly afraid that someone will steal your ideas, you can trademark names or register domain names associated with your submission.
I have a class project that I would like to develop into a submission. Is that OK?
Yes. We encourage you to submit class projects. However, please be aware that you will probably take a good deal of effort to craft an idea entry from a class project, because you must translate the project onto the entry form.
I can't describe my idea in 750 words. Can I make it longer?
No. 750 words are the maximum. Please re-read it carefully, and eliminate unnecessary information. You can describe any business idea in 750 words if you use the right words
Do I have to write something in every field of the entry form?
Not necessarily, but most entries will need something in each field if they are to be judged as complete and well thought-out. If you conclude that a particular field is not relevant to your idea, and you are bumping up against the 750 word limit, use your own judgment.
Can I enter more than 1 business idea?
Yes. However, no person can be an author or co-author on more than3 entries. Developing a winning business idea takes time and effort. You are far more likely to win if you concentrate your efforts on one or two ideas.
Are there programs I can take advantage of after the competition has ended?
Yes. The Rothman Institute offers a variety of undergraduate courses that you can take if you enroll at FDU. The Institute also offers one-week day camps during the summer called the Discover Business Teen Camp that might be of interest. In addition, the Institute has some informal contacts that may be of help to you. If you are interested in any of these, please let us know.
Name: ______
Period: ______
FDU Idea Rubric
· Overall Feasibility 1 2 3 4 5
· Persuasiveness 1 2 3 4 5
· Growth Potential 1 2 3 4 5
· Benefit To Society 1 2 3 4 5
· Clarity & Development 1 2 3 4 5
· Competitive Advantage 1 2 3 4 5
· Detail Of Idea 1 2 3 4 5
· Customer - Target Market 1 2 3 4 5
· Researching Competition 1 2 3 4 5
· OVERALL CREATIVITY 1 2 3 4 5