CENTER FOR ENTREPRENEURSHIP AND INNOVATION

ANNUAL GVSU BUSINESS PLAN COMPETITION

ABOUT THE COMPETITION

The Center for Entrepreneurship and Innovation’s (CEI) Annual GVSU Business Plan

Competition is a springboard for new ideas and a funding opportunity for dedicated

students who aspire to launch their businesses. Each year more than 50 Grand Valley

State University students apply to the competition for a chance to win a portion of the

$10,000 prize money.

The top seven competitors pitch their business ventures to a panel of mock investors

following three elimination rounds. The businesses with the greatest potential are

awarded seed capital as follows:

THE COMPETITION

¤ Serves to stimulate and nourish the entrepreneurial spirit at the

collegiate level.

¤ Seeks to encourage entrepreneurially oriented college students

to develop and grow new ventures based on their own ideas.

¤ Provides participating students with forums in which they can develop

skills in pitching their ventures to investors and receive constructive feedback

for increasing the probability of successfully launching their ventures.

¤ Gives students the opportunity to learn what it takes to successfully

launch a new business.

¤ Benefi ts students by providing networking opportunities to share ideas and

strategies with faculty members, business leaders, and investors, and the

chance to receive feedback and mentoring from experienced entrepreneurs.

¤ Develops critical skills in students, such as evaluating opportunities, creating

marketing plans, preparing fi nancial plans, and pitching to investors.

Photo: GVSU President Thomas Haas is pictured with contestants for the Annual GVSU Business Plan Competition 2012.

$5,000FIRST PLACE

$3,000SECOND PLACE

$1,500THIRD PLACE

$500SOCIAL MEDIA BUZZ AWARD

1ST 2ND 3RD BUZZ

FIFTH ANNUAL GVSU BUSINESS PLAN COMPETITION WINNERS, 2012

FIRST PLACE: BAHRS, LLC

BAHRS, LLC, a new venture started by

Miles Smith, was the fi rst place winner in

the business plan competition in March

2012. Smith’s company seeks to solve a

chronic problem for fi shing enthusiasts with

its proprietary product: The Break-away

Coupling. This piece of hardware is designed

to prevent the loss of fi shing lures. The break-

away lure hook is designed to separate at a

predetermined tension so users lose the hook

but not the lure.

Miles also won the regional business plan competition hosted by West Michigan

Colleges and Universities Group in April 2012. The regional competition is a

tournament of champions amongst the winners of seven local collegiate business

plan competitions who compete for $5,750 in prize money.

The judging panel at the 2012 business plan competition shown (left to right): Jason Pliml, Michigan Small Business and Technology Development Center; Tim Streit, Huron River Ventures; Merrill Guerra, Michigan Venture Capital Association; Bill Holsinger-Robinson, BHR Consulting; and Tim Syfert, Grand Valley State University.

SECOND PLACE: DESIGNER VENTS

Designer Vents, developed by Sam

Rasmussen, Jon Rasmussen, and Bo

Anderson, offers an alternative decorative

solution for users who want to customize the

air return vents in their homes. Customers

can choose from specially designed vent

covers in a variety of images. Through laser-

cut technology, self-expression can take the form of an inspiring word, a collegiate

logo, or a silhouette, for example, that’s transformed into a stylish vent cover.

This idea has the ability to revolutionize the vent market with a new product segment

that allows customers to add a personal touch to their living spaces. To encourage

sustainability, customers can return their used vent covers to Designer Vents for

reuse or recycle purposes.

Designer Vents also was chosen by CEI to represent Grand Valley in a national

competition hosted by Texas Christian University in April 2012. The three

entrepreneurs have complementary skills in the fields of marketing, management,

and finance.

BAHRS, which stands for Break-Away Hook Release System, has received support

from numerous Grand Valley departments and divisions, namely the Seidman

College of Business, the Center for Entrepreneurship and Innovation,

the Technology Commercialization Office, and the Seymour and Esther Padnos

College of Engineering and Computing. In addition, BAHRS has other significant

partners, including Ann Arbor SPARK; Tiger Studio; Michael A. Tawney and

Company, P.C.; and Price Heneveld LLP. Smith’s original product was patented

through Grand Valley’s Technology Transfer Office.

Smith, CEO and founder of BAHRS, is an international business and management

major with a minor in Spanish at Grand Valley. In addition to the business plan

competition at Grand Valley, Smith has competed in regional and statewide business

plan competitions. He got his start at CEI’s Annual Idea Pitch Competition at Grand

Valley in Fall 2010. Smith is the first Grand Valley student to access the State of

Michigan’s economic development fund from the Michigan Economic Development

Corporation (MEDC) with his business plan. In 2011 he applied for and was awarded

a $50,000 microloan from the state’s preseed fund and is using this money to

develop his prototype and file for new patents.

THIRD PLACE: AL&S SOLUTIONS

Thad Cummings placed third with AL&S (Augmenting

Logistical and Sustainable) Solutions, LLC. The company

sells and distributes environmentally friendly, compostable

utensils and dishes to caterers and food service providers.

It also provides trash pickup for compostable trash, which

is taken to a compostable waste manager for processing.

The finished product is a rich compost that gets sold back to the original company.

AL&S Solutions is committed to strengthening sustainability in Michigan. At the

time of the competition, the company had 23 customers in West, East, and

Northern Michigan with annual revenues of $200,000. Its customers include

several recognizable Michigan businesses such as Zingerman’s in Ann Arbor

and Amway in Grand Rapids.

AL&S Solutions was created with a social purpose. Its goal is to create capital from

a closed-looped system for disposable products, then use that capital to create a

501(c)(3) to support grassroots organizations within the community. The company

also contributes to the well-being of society by donating 25 percent of its profits to

local communities.

SOCIAL MEDIA BUZZ AWARD: CONVERJ

Ryan Skonieczny scored 1,144 “likes” for his business,

Converj, on the CEI Facebook page earning him the Social

Media Buzz Award. To earn this distinction, the top seven

contestants compete for one month to discover who can gain

the most community support. Converj is a service-oriented firm

that will help businesses manage their social media platforms,

improve their Internet presence, build their online brand, and provide clients with

analytic-driven research and feedback from their online customers. Skonieczny has

several clients who are already utilizing his services.

Photo: The 2012 business plan competition took place at the Charles W. Loosemore Auditorium in DeVos Center at Grand Valley State University.

Kathy Crosby, CEO of Goodwill Industries of Grand Rapids, was the keynote speaker for the 2012 business plan competition.

A HISTORY OF SUCCESSThe Annual GVSU Business Plan Competition has produced a number of notable

undergraduate student-run businesses in its fi ve-year history.

¤�2011 winner, Luke Richard, earned more than $10,000 in seed capital for

G.R. Greens, his organic, hydroponic produce greenhouse in Cedar Springs.

His most recent funding — $5,000 — came from Start Garden, a new investment

fi rm in Grand Rapids.

¤�2010 winner, Joe Pohlen, launched his company, JTP Management, and now

rents multiple houses to college students along the Lake Michigan Drive corridor.

¤�2009 winner, Tyler Way, operates his custom shoe and apparel label, T.Way

Collection. Notable clients include Lebron James, Chris Paul, and Tayshaun

Prince. His shirt designs can be found in Grand Valley’s University Bookstore.

Because there is a strong entrepreneurial spirit within the Grand Valley community,

CEI works to provide programs like the Annual GVSU Business Plan Competition for

students who are passionate about their start-up businesses. Entrepreneurship is a

viable career choice and a catalyst for economic growth, and Grand Valley students

have shown that their ideas can be very successful. University resources and

community partners are waiting to support the next great idea.

TOTAL FINANCIAL COMMITMENT TO DATE: $60,000Several CEI staff members at the 2012 business plan competition (left to right): Ulandra Reynolds, Chelsea Blair, and Paul Sapp.

COMPETITION FAST FACTSSince the initial competition in 2008, the Annual GVSU Business Plan Competition

has helped launch 11 businesses. For a quick summary of the competitions and the

competitors over the years, see the breakdowns below.

NUMBER OF PARTICIPANTS AVERAGE CLASS MIX (100%)

AVERAGE ACADEMIC CONCENTRATION MIX (100%)

AVERAGE BUSINESS MIX (100%)

2008

212009

272010

382011

542012

58 Freshmen: 3.5% Sophomore: 11.7% Junior: 40.1% Senior: 36.4% Graduate: 8.3%

Nonprofi t: 15.2% For profi t: 82.6% Social venture: 2.2%

Business: 48.3% Liberal Arts: 19% Public, Nonprofi t, and

Health Administration: 10.3% Sciences: 9.5% Engineering: 3.4% Other: 9.5%

NEW BUSINESSES LAUNCHED

AL&S SOLUTIONS, LLCThad Cummings, natural resource management major¤ Compostable utensils and recycling system¤ Clients include Amway Grand Plaza, JW Marriott, and John Ball Zoo Society¤ Received $6,500 in funding¤ Received $5,000 from Start Garden, June 2012, for a compatible idea based on closed-loop urban farming; Growing Health Farms, LLC, involves growing organic vegetables (mainly lettuce and microgreens) and raising fi sh year round in Michigan.

BEANILLARob Conley, computer and information systems alumnus and Brent Reame, biomedical science alumnus¤ Online retail company specializing in vanilla spice sales ¤ Grew from 150 customers in 2006 to more than 2,000 in 2010¤ Products available for purchase at www.beanilla.com

BAHRS, LLCMiles Smith, marketing major¤ Fishing industry lure technology¤ Finalist in 2011 Accelerate Michigan Innovation Student Competition

JTP MANAGEMENTJoseph Pohlen, business major¤ Residential housing management¤ Expanding into multistory apartment leasing¤ Received $5,000 in funding in addition to private investments

SAVE INDIA’S YOUTHNicholas Popma, public and nonprofi t administration major¤ Nonprofi t to provide a safe haven against human traffi cking in India¤ Board of directors named in Fall 2012¤ 501(c)(3) approved in Fall 2012¤ Recipient of Young Nonprofi t Professionals Network Leadership 2012 Edison Award

T.WAY CUSTOMSTyler Way, advertising and public relations alumnus¤ Custom sneaker and apparel design¤ Clients include LeBron James, Chris Paul, and Tayshaun Prince¤ Received $5,000 in funding

URBAN LIBERTYMichael Hyacinthe, business major¤ E-commerce apparel retailer targeted toward military personnel and veterans

¤ Patent pending¤ Received $83,000 in funding

COLLATERAL GRAPHICSCody Rivers, computer science major¤ Entertainment poster sales¤ Executing trial sales since Summer 2012 on GVSU campus¤ Launched website and began actual sales Fall 2012

DESIGNER VENTSJon Rasmussen, marketing alumnus, Bo Anderson, marketing major, and Sam Rasmussen, management major¤ Novelty custom laser-cut air vent covers¤ Competed in 2012 Ventures and Values Business Competition at Texas Christian University¤ Sold approximately half of company equity¤ Received $4,000 in funding

G.R. GREENSLuke Richard, philosophy major¤ You-pick organic, hydrostacker greenhouse¤ Built greenhouse in Cedar Springs¤ Personally invested approximately $50,000 in the business¤ Received $15,000 in funding¤ Received $5,000 in 2012 from Start Garden

GET INVOLVED

When businesses get involved

with the business plan competition,

students gain exposure to successful

entrepreneurs and mentors, the

tools and resources they need to

launch new businesses, and the

opportunity to try new ideas. The

business community gets direct

access to potential employees

who can execute ideas, gather

information, make decisions,

manage resources, and innovate.

To learn more about CEI,

the Annual GVSU Business Plan

Competition, or how to get

involved as a sponsor,

call (616) 331-7582 or

email cei@gvsu.edu.

Grand Valley State University is an affirmative action, equal opportunity institution. It encourages diversity and provides equal opportunity in education, employment, all of its programs, and the use of its facilities. It is committed to protecting the constitutional and statutory civil rights of persons connected with the university. 1/13

© Grand Valley State University 2013

In the Seidman College of Business

401 Fulton Street West, Suite 272 CGrand Rapids, MI 49504 Phone: (616) 331-7582 Email: cei@gvsu.edu

www.gvsu.edu/cei

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