Business Idea Challenge

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Business Idea Challenge

• To be hosted by
• Society for Advancement of Management (SAM)

Presented by Bhininder (Bee) Kaur Ashneet Kaur
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Mission Statement

• The Challenge has two main goals
• To encourage NJIT students to gain practical
  experience in the field of business
  administration
• To allow NJIT students to make valuable
  connections by networking with professionals, who
  can potentially become role models and mentors

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Challenge Basics

• When November 2007
• Where NJIT campus center
• Who NJIT seniors and graduate students
• Individuals
• Groups of up to 3 NJIT students
• Exception maximum of 1 junior allowed per group

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Overview Timeline

• September-October 07
• Marketing to students
• Student registrations for event
• Recruitment of corporate sponsors
• Summary of ideas due by October 15th

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Overview Timeline

• November 07
• 2nd week 8 semi-finalists chosen by panel of
  judges consisting of NJIT faculty
• 3rd week corporate judges review proposals
• Last week of November 3 winners chosen by judges
  during the actual Business Idea Challenge

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StudentsPerksMarketing Techniques
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Student Participation Incentives

• Monetary awards
• First place 1,000
• Second place 500
• Third place product prize such as iPod
• Award money is meant to be used to begin
  implementation of the business idea proposed in
  the plan presented at the Challenge

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Direct Student Benefits

• Seeing a business idea through to its
  implementation stage will provide students with
  great interview material, demonstrating
  leadership experience and initiative
• Writing the plan will allow students to identify
  downfalls in their original ideas and generate
  creative solutions

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Indirect Student Benefits

• Writing a business plan will require students to
  seek the advice of professionals, allowing them
  to network with accomplished individuals in
  various fields
• Students will have a reason to talk to people and
  expand their networks and horizons, and will have
  something solid to discuss with professionals

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More Student Perks

• The effect of the Challenge lasts much longer
  than just the day of the competition
• In addition to the monetary award, the first
  place winner will be offered guidance from a
  professional, possibly one of the corporate
  judges, in order to begin implementation of the
  plan

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Marketing To Students

• Fliers and posters in strategic places throughout
  NJIT campus
• Official website advertised on posters and on
  NJIT homepage
• Ads on social networking sites such as Facebook
  and Orkut
• Viral marketing tell everyone you know!

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Ad Specifics

• Ads will be catchy and immediately grab the
  attention of the students, highlighting cash
  prizes for Challenge winners
• Students will be directed to the website for
  further details on the Challenge and instructions
  on how to enter

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CorporateSponsorsPerksMarketing Techniques
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Benefits to Corporate Judges

• Professionals from corporations such as UBS, IBM,
  and the Enterprise Development Center (EDC) will
  have direct access to NJITs top talent
• Representatives from corporations will be able to
  view potential candidates in a unique setting and
  see for themselves what the students can achieve

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Additional Corporate Perk

• Access to a database of all students resumes in
  the NJIT School of Management
• The resume database is currently under
  development, and sponsoring companies will
  receive free access to the website for a year
• The database will be searchable by keyword to
  help companies identify the best candidates to
  fill open positions

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Business Idea ChallengeWebsite
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Challenge Website

• Dedicated to providing students and sponsors with
  information about the Challenge
• Will regularly be updated to answer frequently
  asked questions
• Hosted on NJIT webspace
• Link will be placed on NJIT homepage

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Web Plan

• Pictures of past SAM events to visually generate
  interest
• General information, deadlines, FAQ, contact
  information
• Specifically for students
• How to register
• Why students should participate
• Specifically for sponsors
• Contact info to indicate interest
• What companies have to gain

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EventIncentives,Finances,Organization
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Marketing Actual Event

• Ads for the Challenge will be placed throughout
  the NJIT campus at the beginning of November
• Everyone will be invited to attend the Challenge
  in the final week of November
• Other than the winners, 2 members from the
  audience will have a chance to win 50 gift
  certificates

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Financial Costs

• Posters hoardings 100
• Vector (NJIT newspaper) ads 400
• 4 one-fourth page ads
• 2 half-page ads
• Communication costs 50
• Invitation cards to sponsors
• Name tags
• Website maintenance
• Dreamweaver software

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Organization of Event

• 3-hour event
• 8 teams selected by NJIT panel of judges will
  present
• Presentation boards or PowerPoints
• Students will set up presentations on individual
  tables, and judges will walk around to hear the
  plans

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Event Food

• Provided by Gourmet Dining Services (GDS)
• Includes
• Snacks and beverages during the initial setup
• Lunch
• Desserts and cookies with beverages throughout
• Anticipated cost 1500 to 2000

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Questions?