Competition :: Process
The Wharton Business Plan Competition is a three-phase process that allows participants to enhance their understanding of starting a business and to develop their business ideas in collaborative and competitive environments. The Competition culminates in the Venture Finals, in which the Great Eight finalists compete for the top three prizes.
Teams must register on the WBPC website. Each phase’s submissions are posted through the website. Teams do not need to register or participate in Phase I to compete in Phase II. Phase II participation is mandatory to move on to Phase III.
Phase I - Advisory Phase
Requirements: Brief Business Concept
Deadline: November 14, 2008 at 2p.m. (EST)
Phase I is a non-competitive, optional phase that encourages teams to develop and submit business concepts for evaluation. Business concepts are reviewed and critiqued by judges with entrepreneurial experience, but are neither scored nor ranked against each other. Judge feedback allows teams to further develop their business concept into a business plan for the following competitive phases.
Phase II - Competitive Phase
Requirements: Executive Summary
Deadline: late January
As the first competitive phase, Phase II requires students to submit a more detailed description of the business concept, its potential market, and likely competitors. These business overviews are read by venture capitalists, entrepreneurs, and industry experts, who rank the feasibility of the proposed businesses. At the end of Phase II, 25 semi-finalists are selected through a rigorous judging process.
Phase III - Semi-Finals Phase
Requirements: Full Business Plan
Deadline: mid March
Phase III invites the 25 semi-finalists to describe their concepts in a full business plan. The process of putting together a full business plan encourages students to detail all aspects of launching, growing, and managing a new venture. At the end of Phase III, eight finalists (the “Great Eight”) are selected to present their plans before a panel of judges at the Venture Finals, where cash and in-kind prizes are awarded.
The Venture Finals
Requirements: Presentation Before Judges
Event Date: late April
The premier event of the WBPC, the Venture Finals is a unique opportunity for the “Great Eight” finalists to present their business plans to distinguished judges, who will select the winners. The Venture Finals attracts an audience of over 200 venture capitalists, entrepreneurs, industry specialists, attorneys, local business leaders, alumni, students, and media representatives. All finalist teams make a live interactive presentation to convince the panel of judges of their business’s viability. After these presentations, the judges adjourn and deliberate. The entire audience convenes for a reception followed by the awards ceremony.
New at the 2008 Venture Finals will be the addition of an Elevator Pitch Competition and People's Choice Award. While the judges are deliberating Grand, Second and Third prizes, each Great 8 team will deliver a 1-minute Elevator Pitch on their business concept. Following the pitches, the audience will select the winner of the inaugural People's Choice Award.
