Pirates Pitch 2013 … is the third annual Seton Hall University Venture Fund Competition. Sponsored by the Center for Entrepreneurial Studies in the Stillman School of Business, the competition encourages student teams to dream up an idea for a business, or, if a student already has started a business, then an idea to expand that fledgling business. The student teams then pitch that idea to a panel of judges comprised of successful entrepreneurs and venture capitalists. The winning team will receive $6,000, plus legal, marketing and other business services, to launch or grow its business. The runner-up team will receive $3,500, plus business services. There will also be an “Audience Choice” prize of $500 for the most popular finalist business idea.
Student teams can range in size from one to five members. At least one member of the team must be an undergraduate or graduate matriculated student who is enrolled full-time or part-time at Seton Hall University.
How do I apply?
Register on iStart to submit your application. Applications are due Saturday, February 16, 2013.
Even if you are not ready to make your final application submission yet, it is a good idea to register right away and create an account so that you can log into iStart any time you like. Once you have an iStart account, you can see a Pirates Pitch Application Preview with guidelines and questions you should answer. Also, once you submit your application, you can go back and make changes until the final February 12 deadline. When you are ready to fill out your application, iStart will lead you through the application. The information you’ll need to complete the application includes a list of team members. You’ll also provide a two-page written summary of your original student-generated business idea, or a two-minute video presentation of the idea.
Click HERE for more application details.
If you make it to Round #2, you’ll make a five-minute pitch to a panel of preliminary judges.
The ten best ideas/student teams will be selected by a panel of outside judges. The 10 semi-finalists will be announced and will then give a five-minute pitch to a panel of preliminary judges followed by five more minutes of judges’ questions on Wednesday, February 27, 2013. The final five finalists will be announced the next day.
What happens if I make it to the Finalist Round?
Now, the going gets tougher. If your team is selected as a finalist to compete in Round #3, you’ll need to write a Business Plan that is at 10-15 pages long (typed and doubled-spaced.) This document is the road map to how you’re going to turn a great idea into a profit-making venture. You’ll discuss your company and its services and/or products, describe the industry and your competition, and talk about your management team and their skills. How are your products/services different from what already exists, and how will you market them? How much money do you estimate you’ll need, and how will you finance the venture? What are your goals, and what is the timetable for accomplishing them? You’ll address these issues in your business plan.
The good news: You won’t have to go it alone. The Center for Entrepreneurial Studies will hold workshops to let you know what exactly is expected. Each student team that makes it to Round #3 will be assigned a mentor who is a seasoned and experienced entrepreneur. Additionally, there are many online tools available to help you with the business plan format, including a Business Plan template provided by the U.S. Small Business Administration.
The Finale: Pirates Pitch Day
Next, each of the five teams in Round #3 will pitch their ideas in a 10-minute oral presentation to the panel of judges on Pirates Pitch Day, scheduled for Wednesday, April 24, 2013 from 4 p.m. to 7 p.m. in Jubilee Hall Auditorium. The judges (who will have already reviewed the written Business Plans) will then have 10 minutes to ask each team questions. After the presentations, the judges will deliberate before announcing the two top winning teams. The public is invited to Pirates Pitch Day, so bring your friends to cheer you on! In fact, the audience will be asked to vote for its favorite finalist team, which will win the $500 Audience Participation Award.
What are the judging criteria?
Pirates Pitch: The Seton Hall University Venture Fund Competition will reward the innovativeness of the business idea, and the quality of the written business plan and oral presentations. The judges will be especially looking for creative and innovative thinking about new markets, products and services. Also important, the teams will be judged on their ability to execute the idea and turn it into a viable, profitable business.
Can I enter if I have already started a business?
Yes, as long as your new venture has not received funding from venture capital firms, and the total amount of outside funding is less than $50,000.
What is the best way to prepare?
If you’re an upperclassman at the Stillman School, you can enroll in entrepreneurship courses offered by the Department of Management. Similarly, the Stillman School offers graduate courses in entrepreneurship. For more information, please contact Director Scherreik at firstname.lastname@example.org .
Additionally, read Inc. and Entrepreneur magazines, and the Wall Street Journal’s online Small Business section. Visit Walsh Library to learn how you can best conduct business research on industry, markets, competition and other topics. Trade shows that focus on your industry are also a great source of information, and many trade shows are held nearby in New York City.