Formally reserved for University of Maine students, the UMaine Business Challenge (UBC) is now accessible to any student in Maine’s higher education schools, the event’s organizers announced Feb. 9, 2015.
Now in its third year, the challenge tasks students with pitching their own business ideas, then developing a presentation for a panel of judges. Cash prizes and services are awarded.
“If you are in the competition, it helps business owners think about what direction their company should head in,” UBC mentor Jesse Moriarity said. “Instead of just sitting on an idea, it can help you along the process, which is invaluable for younger business owners.”
As a mentor, Moriarity helps students with writing executive summaries, letters of intent, pitch presentations and the like.
The UBC was started in 2010 by four UMaine alumni, with the intention to provide financial and strategic support for collegiate entrepreneurs.
“Although the competition is called the “UMaine Business Challenge” it was always our intention to open to competition to all of Maine’s students,” UBC Founder and Advisory Board Member James Morin said in a statement. “Our two main goals have never changed: support collegiate entrepreneurs and help contribute to Maine’s economic growth. Opening up the competition helps us accomplish both of those.”
Businesses eligible for entry in the competition must be headquartered in Maine, with preference going to those that service Maine’s economic landscape or present an innovative product or service.
“Business owners can get a lot of feedback from the competition’s judges, and the prizes that are awarded are certainly helpful. It’s not just the money that’s helpful, either, but the consulting services that are rewarded,” Moriarity said.
A November 2014 Forbes article lists Maine as the 49th best state for businesses, in front of only Mississippi. Utah was ranked first.
New Media seniors Kristen Douglass and Abigail Gutowski are two students who have entered this year’s competition. Their company, MaineStream, works in photography, videography and promotional material. Originally a capstone project, Douglass and Gutowski now have a 10-person crew working with them, and the duo have recently submitted their executive summary.
“We are a fairly young business, and we’re looking for support from the school and any resource we can get right now to get off the ground,” Douglass said. “Although the competition will be greater, it’ll still be a good experience because we get to learn about business through other Maine businesses.”
MaineStream is headquartered in UMaine’s Fogler Library. Douglass is head of marketing and business for MaineStream, and Gutowski is head of video production.
“The UMaine Business Challenge provides students like us, who have worked so hard to start up our own small company, a chance to not only receive financial support, but support overall for our ideas and our passion,” Gutowski said.
About 20-25 companies have participated each year in past competitions, and Moriarity states this year’s competition is on track for the same number.
“The competition isn’t just about money. It helps business owners get connected with each other, get their companies a lot of press, and the needed help to move forward,” Moriarity said. “At the end of the day, it is about helping the state grow and create more jobs.”
Fifteen thousand dollars in cash prizes and $10,000 in consulting services have been rewarded in the first two years. In addition to cash prizes, free entry into the Maine Center for Entrepreneurial Development’s Top Gun Prep Program is included.
The Top Gun programs tasks entrepreneurs with attending bi-weekly classes at the University of Southern Maine, the Target Technology Center in Orono, or the University College at Rockland and work with mentors. They then utilize what they learned to accelerate their business’s growth.
Even though the UBC has already started accepting executive summaries, businesses still wishing to enter the competition should submit their summary to umainebusinesschallenge@gmail.com. The final presentations take place on April 25 and 26.
The UMaine Business Challenge is sponsored by the Maine Technology Institute, Blackstone Accelerates Growth, UMaine Classes of 1944 and 2010, the Maine Business School and the Maine Center for Entrepreneurial Development, among others.