The Center for Entrepreneurship’s annual Suffolk University Pitch Competition, which will take place on April 19, offers students the opportunity to win $10,000 in prize money for the best business pitch.
The competition is open to all Suffolk students and the earnings will go toward funding the winner’s business idea.
“The winner will also receive personal mentoring from Suffolk alumni with years of entrepreneurship experience,” said Chaim Letwin, the director of the Center for Entrepreneurship.
The competition is sponsored by Green Rabbit, a company run by a Suffolk alumnus.
“The purpose of the competition is to connect people with mentors and provide them a network of resources in the field of entrepreneurship,” Letwin said.
The link to enroll in the competition is located on flyers sent to all students’ emails and flyers in the Center for Entrepreneurship with QR codes available to scan.
Clicking the link will lead students to a survey with questions about their idea and business plan. The survey is used to get an idea of the problem the pitch is addressing and their solution to the problem, said Letwin. Another aspect of the survey includes briefly describing the advantage one’s pitch has over the other competitors.
“We want the students to briefly describe what makes them better than everyone else, their marketing plan and how they would monetize their product,” said Letwin.
The two most critical factors in the application process is explaining how the $10,000 will benefit them and how well they know their idea.
“What I often see with many students is they have a great idea, but they haven’t figured out the details and haven’t gone through that interactive prototyping process,” Letwin said. “If you are the only person you are talking to about an idea, you aren’t making it better; you need to share your ideas with multiple sources.”
Letwin said the best way to get an idea started is to come down to the Center for Entrepreneurship for office hours to meet with people who can help develop these ideas.
“You can sit down with me or come and talk to all the resources available, including students and other mentors,” Letwin said.
While it may sound like the next Shark Tank, the primary focus is for the students and does not involve equity.
“The biggest part is connecting students with mentors and getting them into the network we have,” Letwin said.
Even after the competition, getting involved in the Suffolk alumni network is a helpful tool for students. The continued guidance and aid is a passion that Letwin has.
“My hope is that we can find more places that can help get students the funding they need,” Letwin said.
Letwin said the goal is to continue to mentor the students after they graduate and even shared one of the most notable pitches he has heard. Michael Servais, BSBA ‘20, created a unique idea that intrigued Lewtin called GrubTerra. This model focused on black fly larvae that were turned into healthy, natural feed for chickens and reptiles.
“Servais had a great idea getting into the whole urban raising chicken market out there,” Letwin said.
Keeping the connection between the students and their mentors is one of the best aspects of this competition according to Letwin.
“Year after year, there are always really interesting ones,” Letwin said. Continuing the mentoring goal and seeing the new lengths that past winners go to is something Letwin wants to continue.
Applications are due March 12 and the Center for Entrepreneurship said they are excited to hear all about the creative pitches by this year’s students.
