Winners of SIUE’s “The Other 40” competition (L to R): Tiffany Smith, Kevin Caraker and Kenneth Knoth.
Roughly 60 percent of business enterprises fail within their first five years of existence, according to the Small Business Administration. As a result, Southern Illinois University Edwardsville’s School of Business and the Collegiate Entrepreneurs’ Organization (CEO) hosted its 3rd Annual “The Other 40” pitch competition. Held on Monday, April 8 in the Morris University Center, the competition showcased student entrepreneurship and innovation.
The competition’s objective is to provide students with the resources, skills and incentives to launch their businesses from idea to incorporation. More than $10,000 in cash and support was awarded to the top three students or student groups based on innovation, achievement and growth potential.
“CEO created the competition in order to provide students with an opportunity to learn the essential skills needed to become an entrepreneur,” said CEO President Jon Lee of O’Fallon, Ill. “It helps that we are at a university which is a controlled environment. It’s a good opportunity to expose our students without the high risk that is in the real world.”
Participants in the program took part in a series of entrepreneurship workshops aimed at building the skills they would need to succeed in the competition. The students were required to participate in three phases of the competition. In phase one, they submitted a one-page executive summary outlining their business plan. Those selected based on the one-page summary then submitted a full business plan. After reviewing the plans, the finalists made a “pitch,” presenting their ideas in less than three minutes before a panel.
“While business ideas are great, they need research and analysis to see if they are true business opportunities and not just interesting ideas,” commented CEO Faculty Advisor and Associate Professor of Management Tim Schoenecker. “The Other 40 competition provides the perfect forum for that type of analysis.”
According to Lee, there were 33 submissions this year and a committee of judges determined the top eight. Graduate student Tiffany Smith won with her shared kitchen space concept “From House 2 Home.” Smith’s endeavor would allow home cooks, home bakers, culinary students and other “foodpreneurs” the ability to work in a health certified kitchen.
Smith, who is pursuing her master’s in Education, is extremely thankful to CEO and the School of Business for encouraging entrepreneurship and providing this opportunity. “I am so excited that my passion came through to the judges,” she said. “That and my well-researched business plan earned first place honor.”
By winning first place, Smith receives $5,000 in financial support towards her endeavor as well as a support package to help pursue her business. While the financial reward was beneficial, Smith said that she is getting much more from this experience. “This opportunity means so much to my endeavor, not only financially, but also fundamentally, emotional support. It feels great to know that I am not the only one who believes my business will be successful.”
Support for the competition comes from a $120,000 grant to the School of Business for entrepreneurship education from John, ‘75, and Eileen Martinson of Lawrenceville, N.J. through The Martinson Family Foundation.
“The Other 40” was created in 2011 by students, and the quality of the competition has grown significantly. “The quality of the competition was clearly deeper this year,” Schoenecker said. “That showed up in the judges’ ratings, which were quite close.”
Winners of the 2013 “The Other 40” competition included:
• $5,000 for first place—Tiffany Smith, M.S. Ed, From House 2 Home Kitchens
• $2,500 for second place—Kevin Caraker, a senior business student, for Mr. Nice Guy (Mr. Nice Guy is a start-up bubble tea café set to be located in Edwardsville)
• $1,000 for third place—Kenneth Knoth, a sophomore biology, for LightRun (LightRun is a device that incorporates programmable track lighting onto different surfaces for exercise)
Finalists included:
•J.J. Akpore and Hassaan Stamps-Campus Carnage
•Volkan Yilmaz and Ece Bolat-Frog, Inc.
•Brad Denby-Maple Technologies
•Josh McDanel-Pillar to Post
•Phillip Webb-Good Ole’ Boys Brewing
The SIUE School of Business is accredited by the Association to Advance Collegiate Schools of Business International, representing the highest standard of achievement for business schools worldwide. The Princeton Review lists SIUE as one of the top 296 business schools in the U.S. and abroad for the seventh consecutive year. Undergraduate and graduate degrees are offered in accounting, computer management and information systems, economics, finance, management and marketing. More than 23,000 alumni have earned degrees from the SIUE School of Business. For more information about the School of Business, visit: http://www.siue.edu/business/index.shtml.