The Towson University Incubator is ready to get the ball rolling on its fifth annual Business Plan Competition.
The free competition is a region-wide initiative, open to anyone in the Baltimore-Washington area to submit their business ideas. There is no certain industry focus or background requirements. The competition is based on the merit of each individual idea.
The winner will receive a monetary grand prize, along with a membership to the Towson University Incubator. Last year’s grand prize was valued at approximately $17,000.
Membership to the TU Incubator includes office space if needed, along with general business development support offered by the organization. This includes mentoring, one on one counseling and advising, networking opportunities, business plan reviews, marketing assistance and assistance in securing funding and financing.
“For someone who has a business idea, this event gives them advice on how to use the resources around them and help their idea grow,” said program coordinator Stephanie Chin. “This competition allows someone to get validation and feedback on some of their ideas. It also helps them move forward and make sustainable enterprises.”
Last year three of the five finalists were Towson affiliated. Hoping to get more TU students involved, the Incubator has added a student-only category.
Chin, a 2011 alumna of Towson University’s College of Business and Economics, said the competition has been a great example at how much small businesses and entrepreneurship has grown in the area.
“Entrepreneurship was something that was new and not really a career option for me or the people I graduated with,” Chin said. “So it is really exciting to see how entrepreneurship at Towson is really taking off and our students are really thinking about it as a career option.”
The TU Incubator (7801 York Rd., Suite 342) will host an information session on Monday, November 17 starting at 5:30 p.m. Those interested in attending must register beforehand. Admission to the info session is free, and attendees do not have to be registered in the competition to attend.
After the info session, groups interested in competing in the Business Plan Competition must have their “Executive Summaries” submitted by Feb. 23, 2015.
For more information on the TU Business Plan Competition, please visit the Towson University Incubator website.
