If a person has a good idea in business, he or she may be able to make a hefty profit. However, it is also important for an entrepreneur to be able to convince investors that his or her ideas for a new business are worth investing in for a profitable return. One way to test if entrepreneurs are able to successfully present their business ideas to investors is through start-up competitions. Two Michigan companies recently proved themselves in this way by coming home with awards from national and international competitions.
One company that recently came home with an award is Swaddle-mi-Bili, which consists of three engineering students. The three Biosystems Engineering students entered the International Business Model Competition in early May. This competition consisted of 40 teams from around the world. The three students from Michigan State University won fourth place and took home $8,000 as a prize.
Another company that recently experienced success is Nordhouse Medical, LLC, which is a medical technology company operated by three students from various schools in Michigan. The company entered the Global Venture Labs Investment Competition, which was also held in early May. Nordhouse Medical took home $1,500 after its technology, known as the Ventricular Tube Manager, won the Elevator Pitch Challenge.
However, these Michigan companies did not win these competitions out of nowhere. It takes a solid business plan for investors to be convinced to invest in a new business venture. This means a complete marketing plan, operations plan and a strong management staff. Additionally, the business plan should ensure compliance with any rules and regulations in order to avoid problems in the future.
Source: msutoday.msu.edu, "MSU student start-ups shine in national, international business competitions", Amber Shinn, May 7, 2014