MTEC SmartZone sponsor MTU student entrepreneurs at downstate venture competition

There’s no doubt that Michigan Technological University is home to some very smart students (and professors, for that matter). But what you may not know is that many of those very same students are budding entrepreneurs–like those that were sponsored by the MTEC SmartZone in a recent new venture competition held at Central Michigan University recently.

Nine teams from Michigan Tech headed to Mt. Pleasant to compete against 21 teams from CMU for $65,000 in prices. Tech didn’t disappoint their school nor their sponsors as they brought home $45,000 in prize money.

MTEC SmartZone was instrumental in providing support to the participants. They matched teams with local business professionals, organized training workshops, marketed the event and provided other resources, like transportation, and sometimes even pizza to keep the students motivated. Through MTEC SmartZone’s involvement, participants were provided dozens of external opportunities to engage in entrepreneurial activities in the community and nationwide.

“MTEC SmartZone gave teams the opportunity to create actual business plans and consider things like liability insurance, QuickBooks, and the many other details fundamental to running a business. The mentors guided us through the ‘other side’ of writing a business plan and preparing for an investor pitch,” says Michigan Tech student and event organizer Travis Beaulieu.

Winners include Ben Mitchell and Wade Aitken-Palmer, who won first place and $30,000. They created better bicycle components for rural Africans called Baisikeli Ugunduzi (Swahili for “modern bicycle”). In addition to their first place prize, Mitchell and Aitken-Palmer won another $10,000 for Best Social Venture.

Taking third place was Picket Books, a book-rental business concept developed by Michigan Tech students Kyle Johnston and David Shull. The team plans to reinvest the $5,000 prize money locally by opening Picket Books, where students can rent text books from each other online. The business intends to launch in spring 2013.

Writer: Sam Eggleston
Source: MTEC SmartZone