The third annual Seton Hall University Venture Fund Competition, Pirates Pitch 2013, is back and prize money is double this year, according to the Director for Entrepreneurial Studies Susan Scherrik.
Scherrik said this year winners will receive $10,000 for the most innovative business ideas.
Also new to this year's competition is that Pirates Pitch will now accept video submissions, instead of just written submissions, according to Scherrik.
"To enter, students acting alone or in teams of up to five students submit an original business idea," Scherrik said, "outlined in a two- page executive summary, or in a two-minute original video."
Scherrik said the contest will be sponsored by iStart, a technology platform for collegiate business plan competitions developed by the Kauffman Foundation.
The competition aims to help students launch their own business, or if a student already has a business idea in progress, this could potentially take that idea to the next level, whether it be through professional advice or funding, according to Scherrik.
Scherrik said all students are allowed to enter the contest, graduate or undergraduate, and the contest consists of three rounds.
"In the first round, students will submit an original business idea or a plan to expand their existing business," Scherrik said. "A panel of outside judges, comprised of successful entrepreneurs, will then narrow down the field of initial entries to ten semi-finalists."
According to Scherrik, judges evaluate the ideas based on creativity, innovation and the new venture's potential to turn a profit.
"In the second round, the 10 semi-finalist teams will each make a five-minute pitch to the judges, who will then select the five finalists," Scherrik said. "In the third round of the contest, the final five teams will submit detailed business plans and make 10-minute presentations to a panel of judges on Pirates Pitch Day."
According to Scherrik, Pirates Pitch Day is schedule for April 24.
"This is an awesome opportunity for our students with entrepreneurial spirit to shine," Scherrik said.
For more information or to apply go to http://www.shu.edu/go/pirates-pitch.
Lindsay Rittenhouse can be reached at lindsay.rittenhouse@student.shu.edu.
