Business Plan Competition

'Canes Challenge

1. There are 2 tracks in the 'Canes Challenge: Undergraduate and Graduate/Alumni.

2. Students and alumni who would like to participate in the Business Plan competition and the 'Canes Challenge must submit a concept paper by October 24, 2018.

All concept papers will be screened and judged. The selected concept papers will be invited to submit a business plan in March 2019 and to pitch in the Semifinals on April 9, 2019 (closed to the public). Consequently, the top teams in each track (undergraduate and graduate/alumni) will compete in the Finals' Live competition on April 11, 2019.

3. 'Canes Challenge: From all the concept papers received, the top 10 teams from each track will be invited to participate in the 'Canes Challenge, where the student/team will present a 3-minute live pitch (maximum of 5 Power Point slides) to an audience of judges on November 14, 2018. The student/team in the top 10 of each track does not have to participate in the 'Canes Challenge in order to submit a business plan. There will be a "How to Pitch" Workshop on November 8, 2018 to those teams participating in the 'Canes Challenge. More information will be sent to those teams.

CONCEPT PAPER GUIDELINES

Each individual or team is required to submit a one to three-page initial concept paper for the first stage of the Business Plan Competition. The concept paper is the document used to determine which applicants will be invited to submit a full, detailed business plan for the competition. Therefore, it is important that the concept synopsis contain as much helpful and relevant information as possible, within the three page limit, to allow for a thorough evaluation of the concept.

All participants must create an account, enter their personal information in order to submit the concept paper (see below).

Concept papers will be evaluated based on the degree to which the following are thoroughly and clearly addressed:

Information about the problem/opportunity (pain point). What is new about what you are making? What alternatives/substitutes do people resort to because it does not exist?
Product/service information and how it will solve the problem or take advantage of the opportunity (value proposition).
Who will buy it (target market) and why?
Price of the product/service, cost to produce it (revenue or business model). What is the market and its size?
Competition and competitive advantage. Who are your competitors, and who might become competitors? Who has the capacity to challenge the status quo?

Multiple concept paper submissions are NOT accepted. Each individual should only appear on ONE submission.

If the concept paper submitted is based on a class project, either all members must be part of the team or those not entering/participating must approve the submission by the other team members in writing prior to the submission.

INSTRUCTIONS ON HOW TO SUBMIT YOUR CONCEPT PAPER:

Please use the following link to submit your concept paper: https://cmt3.research.microsoft.com.
Click on "Registration" and create a new account with your personal information, then click "Register".
If you already submitted a concept paper last year and remember your email address and password, please log in. Choose from "All Conferences"- Canes Challenge 2018. You may also create a new account, if you do not remember the password or which email address you used.
Once you are logged in, please click on "create a new submission" by selecting your track: Undergraduate or Graduate/Alumni.
Fill out the title of your business idea/project and an abstract/description (brief).
Add any other members to your team (name, last name, phone, organization or school you/student is attending, if a current student).
Attach your Word/pdf document in "Upload from computer" link.
Click "Submit"
If you encounter any problems or have any questions, please email us at mbsentrepreneurship@miami.edu.

'Canes Challenge Judging Criteria

'Canes Challenge
Students who have qualified to the 'Canes Challenge will be invited to pitch their idea on November 14, 2018 in front of a group of judges and a live audience. Teams/individuals will be judged based on two dimensions: pitch content (essentially the content of the concept paper) and pitch delivery both of which are outlined below:

Pitch Content:
- Information about the problem/opportunity (pain point). What is new about what you are making? What substitutes do people resort to because it does not exist?
- Product/service information and how it will solve the problem or take advantage of the opportunity (value proposition).
- Who will buy it (target market) and why?
- Price of the product/service, cost to produce it (revenue or business model).
- What is the market and its size?
- Competition and competitive advantage. Who are your competitors, and who might become competitors? Who has the capacity to challenge the status quo?
Pitch Delivery:
- Speak in language that anyone could understand
- Had a “killer” closing (1-line, that is easy to remember)
- Enthusiastic, passionate about the idea, full of energy

Who is Eligible?

The University of Miami Business Plan Competition and the 'Canes Challenge are open to all University of Miami students in good academic and financial standing during the current academic year. The competitions are also open to all UM Alumni who are non-UM employees, graduation date must not be older than 2008.

Non-degree seeking students are not eligible.
Students may enter as individuals or teams, but each individual may only be involved with one plan.
Must meet guidelines and key dates - no exceptions!
No University of Miami employee, whether alumna/us, student or otherwise, may be part of a team. Their participation or affiliation will automatically make the team ineligible to compete.

For enrolled students, receiving an award may have an impact on your financial aid eligibility/package. Please contact the Office of Financial Assistance Services for more detailed information.

Link to the Undergraduate Office of Financial Assistance Services:

https://finaid.miami.edu/applying-for-aid/terms-and-conditions/index.html

Link to the Graduate Office of Financial Assistance Services:

https://grad-prof.miami.edu/applying-for-aid/terms-and-conditions/index.html

CONFIDENTIALITY

Each year, as oral presentations approach, some students become concerned about potential issues of confidentiality. Remember that the judges are largely entrepreneurs, investors, and financial professionals who deal with confidential information in the normal course of their work, and as such, you can expect them to behave professionally. You should feel free to exclude any information you regard as truly proprietary, but keep in mind that this may have a negative impact on your performance in the competition. Also keep in mind that your general venture idea is NOT proprietary, and in the vast majority of cases revealing it will have no impact on your competitive position. No judge, mentor, or UM faculty/staff should ever be asked to sign any sort of nondisclosure agreement, and your presentations may be open to the public.