The Schulze School of Entrepreneurship is hosting two divisions of competitions for students with a business plan — one is for local high school and St. Thomas graduate and undergraduate students, and the other is for undergraduate students nationwide.

This is the second time St. Thomas has hosted this competition for high school and college students, but the first time they are expanding to host a nationwide competition as well.

“There are already national competitions for high school students and grads, but there really isn’t one on the undergraduate level,” Brian Abraham, dean of the school of entrepreneurship, said. “We noticed that there was a gap, and it was an opportunity to do something … to help people out.”

Abraham and entrepreneurship professor David Deeds saw similar competitions being modeled across the country, and wanted to bring the same opportunities to St. Thomas.

“Most schools that have big-sized business programs tend to have these competitions,” Abraham said. “So based on my experience doing that in the past, and based on things that myself and my partner in this, David Deeds, knew, we talked with the Schulze Foundation about a national competition and they agreed to sponsor it.”

The nationwide competition will take place on April 8. Applications for the St. Thomas competition are due on Jan. 17, where students will submit their business plans via email. All submissions will be reviewed by a panel of judges and each team will receive feedback. The top five finalists chosen will present a business pitch in front of a panel of veteran entrepreneurs and investors for a chance at up to $30,000 for their company.

Senior Kit Snyder and his partner Austin Harrington have entered similar competitions in the past for their business idea, and plan on entering the St. Thomas business plan competition. The two St. Thomas football players found a way to streamline the process of changing plays on whiteboards during sporting events.

“We’ve spent some time coaching, and we realized – it’s almost the barbaric method at this point – of communication between coaches and players with whiteboards,” Snyder said. “Often times, coaches will make adjustments mid-game that require some kind of X’s and O’s on a whiteboard, so our product is essentially a magnetic whiteboard … it completely takes markers and erasers out of the equation.”

The two have been working on their product for about a year now, and find value in entering competitions for not just the prize money, but the gained experience.

“Money runs companies,” Snyder said. “While it’s not about the money, that’s certainly an incentive to work for it. You want to make your idea a reality and this is certainly an opportunity to do that.
“The main takeaway is just presenting and the relationships with the people that are judging your scores. I can’t tell you how many amazing people I’ve met through these competitions.”

If they were to win the prize money, Snyder and Harrington plan to use it to help fund manufacturing, marketing, putting together a larger team for expansion, legal fees and a number of other expenses that come with starting up a company.

“All of those require cash, and the school teaches us creative ways to go about that so we aren’t burning too big of a hole in our pocket,” Snyder said. “That’s one of the great things about the school itself, is it teaches us that and being connected with those who truly believe in you because they believe in the school, not just your idea.”

Whatever the outcome, Snyder hopes to keep moving forward with his business idea, knowing that he is in good hands at St. Thomas.

“The school itself is trending in a really positive direction, and I think these business plans have showed that there are so many students entering and the ideas are getting better,” Snyder said. “There have been a number of success stories, and I just hope to be another one of those.”

Mary Brickner can be reached at bric0029@stthomas.edu.