Ivy Tech Community College-Northeast and Northeast Indiana Innovation Center announce reality-style contest for School of Business students

One Ivy Tech Student Will Earn Up to $50,000 for a Dream Business

NORTHEAST – Thanks to a capital formation partnership between Ivy Tech Community College-Northeast and Northeast Indiana Innovation Center, one (1) Ivy Tech student will win up to $50,000 to start his or her own business.  At a news conference today at the Innovation Center, the two organizations announced Launch: New Venture Competition as a contest for students who submit a business plan for review by a panel of judges comprised of small business loan officers, business owners, angel investors, and the general public. Along the way, business owners, professors, and entrepreneurs will mentor students as they refine their business plans.

“In a competition reminiscent of reality television, the students will fight to garner support from the community and avoid being voted out of the competition in each of the weekly challenges,” said James Tolbert, business administration program chair. “The winner will ultimately be decided by an award dinner audience that will review a final video presentation and then vote for the student they believe deserves up to $50,000 to launch a dream business.”

Northeast Indiana Innovation Center will administer the award capital as the student-owned business opens for operation. Students from the Case Problems course in the Ivy Tech School of Business will be raising seed capital from area businesses in $25, $50, and $100 increments; the Resource Development office at Ivy Tech-Northeast will be reaching out to college supporters; and NIIC will provide a $2,500 cash grant, a $3,200 internship (400 hours at $8 per hour before income taxes), and a $6,000 in-kind grant of one year’s office space in the NIIC Student Venture Lab (totaling $11,700 in value). NIIC’s Student Venture Lab is made possible by generous contributions from the Lincoln Financial Foundation, Grabill Bank, and The Edward M. & Mary McCrea Wilson Foundation.

The general public can follow along and participate by visiting the contest’s Web site at www.ivytech.edu/fortwayne/launch. Voting begins Monday, May 23, 2011, but contestant video biographies will be available March 15.

Eligible competitors: Any student/alumnus of Ivy Tech Community College-Northeast who has successfully completed BUSN 203 Business Development in a face-to-face classroom format within the last five years. Graduation within the last five years is not a requirement.

Patrons: Ivy Tech welcomes any business or foundation to apply for consideration to name the event or to establish a named award.

This exciting opportunity falls in line with the Business Administration program’s efforts to educate students who create jobs – not simply get jobs. Launch: New Venture Competition is the first in many efforts to develop students to their full potential. In fall 2011, five new entrepreneurship courses will become available to students with a long-term goal of establishing a Center for Entrepreneurship. 

For more information about Launch: New Venture Competition, contact Jim Tolbert at 260-480-4249 or jtolbert12@ivytech.edu.

About Ivy Tech Community College
Ivy Tech Community College is the state’s largest public postsecondary institution and the nation’s largest singly accredited statewide community college system serving nearly 200,000 students annually.  Ivy Tech has campuses throughout Indiana. It serves as the state’s engine of workforce development, offering affordable degree programs and training that are aligned with the needs of its community along with courses and programs that transfer to other colleges and universities in Indiana. It is accredited by the Higher Learning Commission and a member of the North Central Association.

About Northeast Indiana Innovation Center
The Northeast Indiana Innovation Center is a non-profit, community-based resource center that catalyzes the growth and development of technology-based companies in Northeast Indiana, thereby diversifying, improving, and growing the region’s economy and enhancing our community’s vitality.

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