Kean’s School of Management and Marketing hosted its Business Plan Competition finals in the Miron Student Center Little Theatre, April 12. The event allowed the various groups to present their business plans in front of a live audience and a panel of judges, and then the most promising groups were awarded a total of $10,000 in prizes.
Preparation for this competition had been in the works since December of last year. Student groups developed original business plans and submitted them for a series of evaluations. The finalists were finally announced at the end of March.
The competition began with online presentations by two groups, Healthy Blender and Green Community, from Kean’s Wenzhou campus. Although they were separate entries, both had roots in health and sustainability as Healthy Blender aims to create healthier dining options for students attending the Wenzhou edition of Kean, while Green Community has a goal of establishing organic land for farming and renting out to patrons.
The rest of the groups were then allowed to present their business plans live on stage. While Kean organized the competition, groups from Kean Ocean and NJIT also participated. There were also two finalist groups from local high schools, who were judged in a separate category from the collegiate groups.
The complete list of the business plan finalists and their focuses are as follows:
Variable Intensity Brake Light - a multicolored brake light sensitive to how strongly a driver brakes
VaultCash - a cryptocurrency that seeks to collaborate with federal institutions and insurance companies
E Cards - an app for digital business cards and storing business-related contact information
Forte - a music streaming service and app for musicians to connect with each other
Tudoor - an app that partners with universities to monitor and evaluate student progress through the schools’ tutoring services
BioAttire - a custom clothing company that utilizes environmentally-friendly materials
GymRent - a service that rents out gym equipment to people in their homes
OffRecord Parties - an app that allows college students to find and spread the word about ongoing parties
After the presentations were finished, the judges left the room to reach a consensus on the best business plans and decide how much money to award each group. Meanwhile, a raffle of T-shirts and gift cards was held for all attendees, while audience members were given the chance to vote on their favorite presentations.
The winners of the high school and collegiate divisions were then announced. In the high school category, Variable Intensity Brake Light won first place and $1,000 to fund its business, while VaultCash took second place and $500.
In the collegiate category, E Cards came in first with a $3,000 prize and Forte came in second with a $1,500 prize. Tudoor took third place and was awarded $1,000, while Healthy Blender and Green Community tied for fourth and received $900 apiece. All groups that didn’t place were given $300 for their participation to help start up their business ventures.
This business plan competition showcased a wealth of knowledge and talent as multiple schools and students from a diverse range of majors within the schools competed. With their new funding, New Jersey may be witnessing the success of these student entrepreneurs in the near future.