$500,000 Opportunity
Ohio Wesleyan Accepts U.S. Entrepreneurship Competition Applications Through Sept. 1
DELAWARE, Ohio – It's time to get down to business.
If you haven't submitted your application to the U.S. Entrepreneurship Competition (USEC) at Ohio Wesleyan University, you still have a chance to claim your share of a prize package worth nearly a half-million dollars.
The application deadline for the competition's two tracks – student and professional – is being extended from Aug. 15 to Sept. 1, said Phil Smith, director of the Delaware Entrepreneurial Center at OWU, the university's on-campus business accelerator.
"This is Ohio's largest and most lucrative business plan competition," Smith said, "and we want everyone to have a chance to enter. We've been talking with colleges around the state, and several asked us to extend the application deadline so that their students are back at school when our USEC proposals are due. We're excited by the number and caliber of applications we've received already, and we look forward to seeing more outstanding ideas from the nation's brightest up-and-coming entrepreneurs."
The competition's student track is open to current college students and 2024 college graduates. The professional track is open to all others. First-, second-, and third-place winners in each category will earn cash investments and incubate in the Delaware Entrepreneurial Center at OWU, where they will have access to intellectual capital and services to advance their business ideas.
Those interested in competing must apply before midnight Sept. 1 at owu.edu/USEC. Up to 10 teams (student and professional) will be selected to participate Sept. 26 in a live competition. Semifinalists must be able to travel to the OWU campus in Delaware, Ohio, to compete, Smith said.
The judges will announce the top three winners in each track that day, with final placements announced Oct. 5 during an Ohio Wesleyan Homecoming and Family Weekend celebration. The winners will earn prize packages valued at $100,000, $75,000, and $50,000, respectively. The judges will award $5,000 prizes to the fourth- and fifth-place finishers in each category as well as special awards such as best "elevator" pitch and most sustainable business.
Those applying to compete in the U.S. Entrepreneurship Competition at Ohio Wesleyan University must be able to submit:
- Business plans, potentially including an executive summary, industry overview, market analysis, sales and marketing plan, management plan, operating plan, and financial plan.
- Media materials, including a business logo, social media links, and 100-word business description.
Applicants also must be able to answer a series of questions, including:
- What primary and secondary markets are you seeking to serve?
- Has your startup generated any sales revenue? (How much?)
- Has your startup received any funding? (How much and what types?)
During the live competition, the semifinalists will make 60-second "elevator" and five-minute full pitches to the expert judges, who will follow up with three minutes of questions to determine each plan's viability and potential.
Additional information about the competition, including access to the application form, is available online at owu.edu/USEC.
Opened in 2018, the Delaware Entrepreneurial Center at Ohio Wesleyan University, 70 S. Sandusky St., Delaware, is a first-of-its-kind liberal arts business accelerator as well as a first-of-its-kind city, county, and educational institute partnership. The center was launched in collaboration with the City of Delaware and Delaware County. Its benefits include connecting members with Ohio Wesleyan student-interns able to assist with accounting, data analysis, event planning, graphic design, market research, volunteer coordination, website creation, or other needs. As the students work, they also gain hands-on experience to help them fulfill their personal entrepreneurial ambitions.
Learn more about the Delaware Entrepreneurial Center at OWU and all opportunities for up-and-coming entrepreneurs at owu.edu/DEC.
Founded in 1842, Ohio Wesleyan University is one of the nation's premier liberal arts universities. Located in Delaware, Ohio, the private university offers more than 70 undergraduate majors and competes in 24 NCAA Division III varsity sports. Through its signature experience, the OWU Connection, Ohio Wesleyan teaches students to understand issues from multiple academic perspectives, volunteer in service to others, build a diverse and global perspective, and translate classroom knowledge into real-world experience through internships, research, and other hands-on learning. Ohio Wesleyan is featured in the book "Colleges That Change Lives" and included on the U.S. News & World Report and Princeton Review "Best Colleges" lists. Connect with OWU expert interview sources at owu.edu/experts or learn more at owu.edu.