You have to spend money to make money.
That’s a universal truth when it comes to launching a new business. Without resources, how can you get a business off the ground? For students with a brilliant idea and an empty wallet, raising funds is often the hardest part.
This is where StartMeUp Ryerson comes in.
StartMeUp’s annual Business Plan Competition is now open to submissions, offering Ryerson students the chance to win $25,000 towards launching their business.
The competition, sponsored by Slaight Communications and open to all current Ryerson students, is the largest university-based entrepreneurial competition in Canada.
Submissions are accepted until March 5th, and are then pared down to five finalists. For teams looking for a little feedback before submitting their final plans, first-round submissions will be accepted until February 10th and will be returned with suggestions from MBA students by February 24th.
The five final teams will present their business plan to a panel of industry experts on March 26th. While only one team will be selected to win the $25,000 prize, all teams will have the chance to network, benefit from expert opinion and feedback, and even find potential investors.
The 2011 winner was unBrokr.com, an online community for investors that allows users to invest in proven portfolios, share strategies, and network. Two of the remaining finalists – Finizi and Soapbox – are now residents of the Digital Media Zone.
Ryerson student (now graduate) Hailey Coleman was the winner in 2010, with her company Damn Heels. Coleman went on to make a successful Dragon’s Den appearance and has now turned her idea into a bonafide business.
For complete competition details and to submit your idea, visit http://startmeupryerson.com/business-plan-comepetition/.
