Students urged to make business plan
It’s about time students to start planning for the 2008 Donald W. Reynolds Governor’s Cup Business Plan Competition.
The Governor’s Cup is an annually held business planning competition, in which teams of up to five people from eight colleges and universities get to compete for cash prizes of up to $200,000. It is presented and sponsored by the Nevada Center for Entrepreneurship and Technology.
The Reynolds Foundation helps by providing about half of the prizes given away. Some of the competing teams come from the University of Nevada, Reno and the Sierra Nevada College.
Teams must submit their intent to compete by Feb. 15. Then, business plans must be submitted for judgment by March 17.
“This is a great opportunity for students to learn business planning skills,” said NCET CEO Dave Archer.
Last year, the competition brought in 45 teams. This year, Archer said they are expecting anywhere from 50 to 60. Teams can be made up of either undergraduate or graduate students in any majors. Having members in each group come from different majors and with different areas of expertise may be beneficial when it comes down to making the plan.
From salons to manufacturing companies, there have been varied business ideas in past years. Participants are given complete creative freedom.
Along with a prize for developing the best business plan, there is a separate award, the Lt. Governor Award, for the team who makes the best energy related plan.
Once the finalists are chosen, they will go to Reno to present their plans to the judges on April 21. The awards dinner will be held in Las Vegas at the Green Valley Ranch on April 25.
In 2007, the undergraduate winners of the Governor’s Cup came from Sierra Nevada College and the graduate winners were from UNR. Second and third place winners in both the graduate and undergraduate groups also came from UNR.
For the first time since the competition has been held, they will be doing a tri-state tournament. The first and second place winners from Nevada, Arkansas and Oklahoma will compete against each another for a separate $90,000 prize. The tri-state tournament will be held on May 14 in Las Vegas at the Red Rock Casino.
