UMaine Alums Organize Business Competition for Student Entrepreneurs
Three 2010 University of Maine graduates are partnering with the Maine Business School and the Foster Center for Student Innovation to create the first annual Maine Business Challenge, a competition to financially assist student entrepreneurs from UMaine to start a business.
The winner will receive a $5,000 cash award and $5,000 in consulting services, according to Owen McCarthy, who earned a degree in biological engineering and now works in a technical sales role with Ashland Inc., a Fortune 500 chemical company in New England.
“Our initial statement as to why we started the competition was to give collegiate entrepreneurs the support to transform their business dreams into a reality,” the Patten native says. “Additionally, the competition strives to contribute to the long-term growth of Maine’s economy and the mission of the University of Maine as a partner with the state of Maine. We want this challenge to enable and inspire others with a long-term mission of helping to fuel and drive small business in the state of Maine.”
In addition to the business school and innovation center, other collaborators are James Morin of Lewiston and Matt Ciampa of York, Maine. Morin received a biology degree and now works for Stryker Orthopaedics in the central to southern Maine area, and Ciampa, who earned a bachelor’s in financial economics, is pursuing a master’s degree in financial economics at UMaine. He also works with UMaine’s School of Economics’ Knowledge Transfer Alliance, a free business consulting service for Maine companies.
The three have pledged $5,000 of their own money to launch the competition, and are actively soliciting additional contributions to sustain what they want to be an annual event.
“Matt, James, and I all feel very passionate about both the state of Maine and the University of Maine,” says McCarthy. “Our experiences at the university were such that we wanted to find a way to give back to our alma mater as soon as possible. The UMaine Business Challenge gives us this opening.”
The challenge, modeled after a more established business plan competition at Rice University, which started out with $10,000 in prizes its first year and now, 10 years later, gives out over a million dollars in prizes, McCarthy says.
Competition rules are simple, says McCarthy. Business plans can be a new enterprise or one that improves upon an existing one. “They have to come up with a better way to do something” in the latter category, he says.
The competition begins this month with the competition launch and the “intent to participate phase.” In January, official applications will be announced. From January through April, the project will arrange preparatory events, including speakers. The challenge culminates in April with a panel of judges rating and scoring the proposals.
Prospective competitors are invited to email umainebusinesschallenge@gmail.com with their intent to participate and get additional information.
“The money and services going to the winners of the UBC is not a hand out,” says Morin. “It’s an investment – an investment in an innovative and creative person who we believe will change the course of economic prosperity in the state of Maine by providing jobs and services for Maine residents. We hope, on the macro scale, that this program spreads like a wildfire, further motivating all entrepreneurs and talented students and individuals to come to this state to see their dreams come to fruition.”
Jesse Moriarity, Foster Center coordinator, praised the concept for the business challenge and expects it will be a success. UMaine has helped many students, faculty and staff with business planning and development through the Foster Center and other entities on campus.
“Finding the funding needed to help students take their ideas and make them a reality is often a challenge,” she says. “This competition will give them the opportunity to take their ideas to the next level.”
Jason Harkins, assistant professor of management in the business school, calls the Maine Business Challenge “an incredible endeavor being undertaken by alumni who truly care about the entrepreneurial spirit of Maine and the students at the University of Maine.
“Their generosity in both money and time is incredible and provides University of Maine students with an excellent opportunity to develop their business ideas in a supportive environment,” he says.
Contact: Owen McCarthy, (207) 447-2177; Jesse Moriarity, (207) 581-1427