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What is the Kenneth A. Freirich Entrepreneurship Competition and how does it work?

The Competition is a competition for ºÚÁϳԹÏÍø students, with awards totaling up to $20,000.  The competition is preceded by StartUp ºÚÁϳԹÏÍø in the Fall, where students learn to prototype and work with alumni to improve their ideas, as they compete for prizes. 

On October 6th, there is a mentoring event called StartUp ºÚÁϳԹÏÍø, where students can work with alumni to improve their ideas and learn from experts in several functional areas of business, as they compete for prizes.  StartUp ºÚÁϳԹÏÍø is optional.  When you sign up, you will be assigned a mentor.  That mentor will work with you throughout the competition.

Also in November, there is a semi-final round, where students create a presentation deck, with a cashflow projection, and present their plan in an eight-minute pre-recorded proposal to alumni.  Judges have a week to review the proposals and hten on November 22nd, students give a three-minute elevator pitch to me, and alumni judges, over zoom.  Judges then have five to eight minutes to ask the students questions about their business.  Eight companies will be awarded finds towards supplies or services to improve their proposal, and will proceed to the next round of the Freirich Competition, which is held on February 21st.  Students are expected to create an updated deck, with projected cashflow statements, and present a ten-minute proposal to alumni as they compete for prizes.  Students will be assigned alumni mentors that they can consult with during the competition.  All student competitors are invited to attend the finals to build their networks and knowledge of entrepreneurship.

We have also created a one credit course, IL 251, to give non-business majors, more academic support as they compete.  You don’t have to take IL 251 to compete in the Freirich.  For those students who are minoring in Entrepreneurship, the field study requirement can be satisfied by competing in the final round of the Freirich Competition.

What are the rules for the competition?

1. Participants can be an individual or a team.
2. To participate in the competition, a ºÚÁϳԹÏÍø student must be at least a 50% owner of the company being pitched.
3. To participate in the final round, students must compete in and be selected in the semi-final round.
4. All funds awarded should be spent by the winner on the business that is presented.
5. Semi-final participants must submit their slide decks, projected cash flow projections and presentation videos approximately one week prior to the first round of the semi-final competition.
6. Finalists submit their slide decks and projected cash flow projections approximately one week prior to the first round of the finals competition.
7. Students may not participate on more than one team per year.
8. Grand prize winners from previous Freirich competitions are not eligible to participate in the competition.
9. W9 forms are required for all cash prizes.
10. What should be included in your presentation (in any order)

• General Description: What problem are you solving? What is your business model? Describe how your venture makes money and how your business model will assure long-term sustainability.
• Value Proposition: What are your company’s key, differentiated value propositions (e.g. lowest cost, highest reliability, best performance, etc.)? What is your venture’s right to win versus the competition?
• Structure: What is the structure of your organization? Do you have the team members that you need to start and grow? How will the structure change with growth?
• Product/Service: What is your product/service offering?
• Function and Benefit: How does your product/service work? Define and quantify key benefits (e.g. cost, performance, technical, etc.) for customers.
• Development Stage: Where is the product/service in its evolution (e.g. idea/conception, proof of concept, fully tested prototype, etc.)?
• Competitors: Who is your competition? What makes you better than other companies currently in the market?
• Target Market: What markets and market segments are you targeting? How big are these markets and how can you sustainably capture them?
• Customers: Who are the specific customers that you are pursuing or will pursue?
• Financials: Will the company make money and when?  You should have cash flow projections for five years.  These projections should be quarterly if your business is seasonal.  You will hand in the full statements, but your presentations should summarize the financial statements, although you should be prepared to discuss the full statements.  I suggest creating a graph that shows when you break-even and a summary of revenue, borrowing, proceeds from the sale of equity, expenses, net revenue and net cash.
• Can I use AI to create my pitch deck? Artificial Intelligence tools are evolving as we speak and I can’t keep up with everything that is happening, so if you use AI, you need to disclose that you used it and how you used it.  I assume the judges will have a different response if you use it to create a logo, than if you used it to create your entire presentation.  Please be judicial and smart in your use of AI.

What is the judging criteria?

Judges are asked to evaluate companies according to the following criteria:

• Market Opportunity: Clear market need and a plan to take advantage of the need.
• Competitive Advantage: The product or service is something unique that has a protectable competitive advantage in the proposed market.
• Management Capability: The team has the skills and experience to develop this venture and address the associated risks.
• Financial Understanding: The team has a solid understanding of the financial requirements of the venture.
• Roadmap/Growth Strategy: The team has engaged in short- and long-term planning and has considered strategies for growth.
• Sustainable Business Model: The team understands and can communicate their core business model. They are likely to develop a sustainable venture. Judges focus their deliberations on the long-term viability and sustainable competitive advantage of each venture.
• Did the student use AI in their presentation? Students may use AI in their product. Use of AI for brainstorming is encouraged. Use of AI to create the presentation or parts of the presentation is permitted, but not encouraged. Students must disclose if they used AI.

You should not attempt to contact judges prior to the competition. If you know a judge, please let Professor Hill know prior to the competition.

What is the schedule?

• November 11th by noon, decks with projected cash flow statements are due.  Decks and cash flow statements cannot be changed once they are submitted. 
• November 22nd at various, assigned times - Semi Finals.  For this year, we have decided that the semi-finals will be held virtually, via Zoom, or similar online platform
• February 14th by 5:00 p.m., decks with projected cash flow statements are due.  Decks and cash flow statements cannot be changed once they are submitted.
• February 21st, 5:30&²Ô²ú²õ±è;– Finals, in person on second floor of Murray-Aikins Dining Hall.Pitches start promptly at 1:00pm. Dinner to follow (Location TBD)

How does mentoring work?

Sign up for the competition or advance from the semi-final to final round and you will be assigned a mentor.  You can also attend StartUp ºÚÁϳԹÏÍø on October 6th from 12:30 to 2:30, where you can work with alumni to improve your ideas and learn from alumni experts.

What if I have additional questions?

Email any questions you have to Professor Hill at chill@skidmore.edu