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The McGuire Center for Entrepreneurship

Overview: 

The McGuire Center for Entrepreneurship was established in 1984. One of the first university-based centers for entrepreneurship, the center is one of the few to consistently maintain top tier ranking status.

Rankings and awards include #2 public undergraduate and #1 public graduate nationally by Entrepreneur / Princeton Review; #6 globally by Financial Times; #4 among public undergraduate programs and #6 among public graduate programs by U.S. News and World Report; National Model Program by United States Association for Small Business and Entrepreneurship; and NASDAQ Center for Entrepreneurial Excellence.

The Center houses the McGuire Entrepreneurship Program, open to graduate and undergraduate students from across the university, a variety of elective and stand alone courses, robust research agenda, and a rich community service mandate.

The Center is committed to enabling and advancing entrepreneurial goals of all university populations, and to advancing the understanding of the influence and role of entrepreneurship in both the business and academic communities.

 

OVERVIEW

On Thursday, April 15th and Friday, April 16th, 2011 in McClelland Hall, Room 208, The Venture Pitch Academic Review took place.  Each of McGuire’s 23 teams gave a formal 15 minute investor pitch, with 10 minutes of question and answer following.

 

The reviewers were given business plans at the time of the presentation. The teams were evaluated against the Eller Benchmark standards.

 

 

 

Expected Learning Outcomes: 

Review panel

The review panel consisted of three academic professionals with expertise in university based entrepreneurship education, mainstream entrepreneurship, innovation, venture capital, technology commercialization, and leadership:

 ·         Joann MacMaster, Director, Arizona Center for Innovation

·         Kent Neupert, Director, Center for Entrepreneurship; Professor, Dept of Management
College of Business and Economics, Boise State University

·         Dan Olszewski, Director, Weinert Center for Entrepreneurship; Director, Strategic Management in the Life and Engineering Sciences, Wisconsin School of Business, University of Wisconsin-Madison

 

The 3 Reviewers were asked the following 19 questions and gave one of three answers:

  1.       Executive Summary:    Students are able to concisely articulate the opportunity, including problem, target population, and proposed solution, including social and / or economic value.               

2.       Problem:  Students demonstrate full knowledge and understanding of the problem, the population it affects, the costs (capital and other) to both individual consumers and to related institutions.

3.       Customer:  Venture identifies range of customers and their relationship to problem being addressed, willingness and ability to acquire the venture solution.

4.       Solution:  Solution proposed solves the problem, and does so in a cost effective, efficient manner that is accessible and acceptable to the target population.

5.       Alternate Valuation:  Solution proposed solves the problem in such a way that alternative value that runs concurrent with economic/monetary value is created and distributed to consumers/target market

6.       Business Model:  Students demonstrate knowledge of how to create a viable, competitive, business model, including understanding of implications of revenue generation on the venture’s overall business structure.

7.       Scope and Scale: Students demonstrate the knowledge of how to accurately determine, assess, implement, and sustain the scope of operation forecasted 5 year value growth of their business.

8.       Industry and Environment:  Students can fluently address economic, environmental, and industry implications within the context of business plan execution, fund raising, and launch activities.

9.       Competitive Advantage:  Students demonstrate a clear and accurate understanding of what sufficiently differentiates their business in a manner that enables the reaching of financial goals, creates value for the target customer and protects the market position.

10.   Marketing:  Students have created a marketing plan both necessary and sufficient to reach the target market and enable sales adequate to reach financial goals.

11.   Sales:  Venture incorporates an appropriate sales process and tracks results of sales initiatives.  Venture team and design have ability to adjust forecasts based on actual results and modify strategies to address changes in customer preferences and needs

12.   Operations:  Venture documents the processes necessary to produce and distribute products/services to customers on time and within budget.

13.   Team:  Venture team demonstrates necessary skills and knowledge to execute all aspects of venture either through key team composition or combined with outside resources.

14.   Status Timeline:  Venture timeline is realistic, indicating full understanding of market and product development activities’ launch, and funding rounds. Team members can respond to investors’ questions about milestones and fluently adapt and discuss adjustments to address investor concerns.

15.   Financial Pro Formas:  Pro formas are dynamic, accurately reflecting the status of the venture at any point in development or execution; Students demonstrate clear understanding that pro formas are fluid and dynamic and need to reflect venture status at any time.

16.   Summary Conclusions: Summary presents a clear and logical statement of future directions and goals for business expansion and development.

17.   Funding Considerations, Models, and Proposals:  Students present realistic plan for raising capital that recognizes the needs of both the venture and the investor.  Students fully understand a term sheet, its content, its role and, and its impact on venture and founders. Students have formulated a worst case term sheet for negotiation purposes.  Term sheet is appropriate to venture.

18.   Appendices:  Appendices contain all relevant information to support business plan.

19.   Integration and Logic:  Students demonstrate knowledge of how to edit a business plan for clarity and conciseness         

 

There were 3 possible answers for each question:

 

  1. = Yes: The Venture team Met the Criteria in their presentation                                                              
  2. =  No: The Venture team need not meet the Criteria in their presentation                                                            (There were only 6 “No” answers from the reviewers.) 
  3.  = Undermined: The reviewers usually included a note with this answer.

es.                                           

 



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Assessment Activities: 

When calculating are outcomes, we did not consider the answers to questions 18 and 19.  These two questions dealt with content found in the Business Plans which the reviewers need not have a change to look at until after the presentation. 

The 17 questions we asked the reviewers were directly tied to the benchmarks in The McGuire Center's syllabus.

The reviewers answered "yes" to 90% or more to 11 of the 23 teams.

Updated date: Wed, 06/01/2011 - 09:04