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NOTE TO JOURNALISTS: To arrange coverage of the competition, or to arrange to receive information and a photo of the winner, contact Kate Walker, (765) 494-2073. February 19, 1999
STAKES HIGHER FOR 1999 ENTREPRENEURIAL COMPETITION AT PURDUE
WEST LAFAYETTE, Ind. -- The 12th Annual Burton D. Morgan Entrepreneurial Competition at Purdue University will pit student entrepreneurs against each other for a $20,000 first prize and the chance to get their business off the ground.
The finals of the competition are free and open to the public and will be held from 1 p.m. to 5 p.m. Saturday, March 6, in the Krannert Auditorium. Five finalists chosen from the original field of 45 entries will present their business plans to a panel of four entrepreneurs and venture capitalists. The winners will be announced later that evening. The annual contest is open to all Purdue students.
The competition is sponsored by entrepreneur and Purdue alumnus Burton D. Morgan, the Krannert School of Management, the Schools of Engineering, and the School of Science. The total prize purse of $30,000 is up from $8,000 in years past and provides for a $5,000 second prize, $2,000 third prize, $1,000 fourth prize and a $500 fifth prize.
Morgan, founder of six corporations and president of Basic Service Co., an idea-development company, started the competition to develop student appreciation of the role of the entrepreneur in a market economy. Students develop plans that include everything necessary to start and maintain a small business. Marketing plans and strategies, manufacturing designs and processes, industry analysis, and financial considerations are just a few of the areas judges focus on. Most of the final presentations also feature product or technology prototypes and demonstrations.
The past two winning plans are in production and are successful small businesses. One is "The Automated Locker," a school locker for disabled students by Kirby Goedde of Evansville, Ind. The other is "YourWay Cereals, a bulk food stand allowing grocery shoppers to concoct their own mix of cereal flakes, fruit and nuts, by Edward Maurer of Latrobe, Pa.
krw/BurtonMorgan.99/9902f32
Source: Shailendra Mehta, Krannert director of entrepreneurship and business outreach, (765) 5703; [email protected]
Writer: Kate Walker, (765) 494-2073; [email protected]
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