Phase I: Advisory PhaseThe goal of Phase I is to allow
students to test multiple ideas, or refine one specific business idea through
input external sources. In Phase I, each team submits a brief description of
its venture idea (500 words or less) to the Wharton Business Plan Competition
online IdeaScale community. After a submission period closes, teams are
expected to review ideas submitted to the community, voting up and providing
comments on the venture ideas listed.
Benefits of ParticipatingParticipants will have the opportunity not only to receive
peer feedback on their own ideas, but also to see the types of ideas and
feedback generated by others within the University of Pennsylvania
entrepreneurial community. A select group of external reviewers – most of whom
have judged and/or participated in the WBPC in the past – will also be invited
to participate in the review process. All feedback should very valuable in
fine-tuning a business concept or choosing the strongest of multiple business
concepts. The feedback can also assist your preparations for Phase II of the
Social mixers take place at various locations on campus after the Phase I deadline and are designed to match individuals with business ideas with potential team members. Mixers are a great way to network, to discuss an idea or to find a team to join. Check the Schedule of Events page for the dates, times and places of WBPC events.
Workshops will be held before and after the Phase I submission deadline. These workshops will focus on the process of generating good business ideas, recognizing opportunities, and thinking through the early stages of developing a business idea.
Phase 1 timeline
Teams are invited to submit ideas to the online community from Monday, November 5th
through Wednesday, November 14th (at 5:00PM EST). After November 14, the online community will
not accept new idea submissions. From November 15 through November 29,
participants will be expected to review and provide feedback on as many ideas
in the community as possible.
What to Submit for Phase I
Teams should describe their business
concept in 500 words or less. Submissions should touch on: the proposed product
or service; target audience; the competitive landscape; and a plan for
execution. Submissions may also contain one or two fundamental business issues
with which the team is concerned and seeking outside input from the community.
How to Submit
Visit the registration page of the WBPC website and create a User Profile. Using the username and logon you have created, log on the Phase I online community and begin submitting ideas. Your ideas and comments will all be associated with the username you create; keep that in mind when creating your account!