Business Model Competition Encourages Entrepreneurship

By WHITNEY WORLEY/Staff Contributor

The UT Tyler Business Model Competition, presented by the East Texas Launchpad, will take place April 5. Students from all majors will present a business idea before judges and compete for up to $4,000.

Teams will give an eight-minute presentation and take part in a five-minute Q&A session.  Directors of East Texas Launchpad, a campus organization that promotes entrepreneurship, serve as mentors.

“Our main job is to … help (students) prepare for their presentations,” Associate Director Andy Alvarado said.

Director Brandon Reynolds said that only seven teams from among the applicants will selected to compete.

“They (teams) did the initial application on Jan. 26,” Reynolds said. ” They are preparing all their work to be submitted at the end of spring break, and from there we will pick the top seven.”

According to Reynolds, the competition provides opportunities for growth in more ways than just starting a business.

“What they are doing here is a transferable skill outside of college,” Reynolds said. “Even if they don’t go on and take their idea and run with it, they at least learned the skills that are required to think innovatively. The people who come into this program have a much more comprehensive way of looking at a problem, understanding it, sifting through all the pieces, and thinking critically.”

The directors acknowledge that competing can be intimidating and time-consuming, but say the experience is worthwhile.

“Hopefully we can really turn this into a campus where if you have an idea, you can come talk to us and we’ll see what we can do with it,” Reynolds said. “Why wait until you’re out of college to start a business? Why wait, when you can do it now?”

Alvarado anticipates that some participants will launch companies within a few years.