TUSCALOOSA, Ala. — Do you have the entrepreneurial spirit? Do you have a business idea ready to take to the next step? Students at The University of Alabama can turn their business ideas into realities by winning up to $50,000 in the Edward K. Aldag Jr. Business Plan Competition March 27 at the Bryant Conference Center.
Last year, 40 teams competed for the $50,000 grand prize and additional prizes of $5,000, $3,000 and $2,000 in addition to several focused $500 prizes. This year, thanks to a grant by The University of Alabama Division of Community Affairs Board of Advisors’ Entrepreneurship and Innovation Initiative, a second set of $5,000, $3,000 and $2,000 prizes for first-, second- and third-place winners will be distributed.
How to Compete
To be eligible for the additional set of prize money, participants must attend at least three events leading up to the competition. These are workshops held at The EDGE and Startup Weekend, all of which help student entrepreneurs make their business ideas and subsequent presentations even more effective; in other words, attending increases your chances to win.
The competition requires students submit a business plan, which will be reviewed; students will receive feedback and have time to make changes before they submit a final version of the plan.
Providing Critical Funds to Kickstart a Business Venture
Created in 2014, The Edward K. Aldag Jr. Business Plan Competition has awarded students over $180,000.
2017’s s winner, KüLVAX, a startup focusing on providing efficient cooling processes for transportation of lifesaving vaccines, received the $50,000 grand prize. Team members Andrew Johnson, Grant Becker and Kyle Pecot expressed their gratitude for the competition.
“There were so many incredible ideas and plans that we are extremely grateful to win this competition,” Johnson said. “We are thankful for Mr. Aldag’s generous investment toward The University of Alabama and its students, and we are excited to get our business started and moving toward profitability.”
The Edward K. Aldag Jr. Business Plan Competition is hosted by the Alabama Entrepreneurial Institute and the Culverhouse College of Commerce at The University of Alabama.
Students interested in competing can visit the AEI’s website or reach out to program assistant Michael Larsen at 205-722-5176 or firstname.lastname@example.org.
The University of Alabama, the state’s oldest and largest public institution of higher education, is a student-centered research university that draws the best and brightest to an academic community committed to providing a premier undergraduate and graduate education. UA is dedicated to achieving excellence in scholarship, collaboration and intellectual engagement; providing public outreach and service to the state of Alabama and the nation; and nurturing a campus environment that fosters collegiality, respect and inclusivity.