HIGH POINT, N.C., April 13, 2015 – The Center for Entrepreneurship at High Point University has announced five finalists for its fifth annual business plan competition. This year’s winners will compete and potentially win up to $15,000.
The finalists will present their business plans to a panel of judges consisting of local business leaders, entrepreneurs and investors at 5 p.m. on April 23 in Norton 101.
“Our five finalists have an incredible opportunity in front of them to launch their companies right now,” says Kathy Elliot, assistant professor and director of entrepreneurship. “The primary objectives of the High Point University Business Plan Competition are to promote the creation and development of new ventures, to provide university support and funding to the most innovative business ideas from students and provide student entrepreneurs with direct exposure to possible mentors or investors.”
The finalists and their business plans are as follows:
Kristopher Hovland intends to create a company called ComfortTek. The company will provide unique portable lap desks in the lucrative PC gaming market. The customer base is strong and growing in terms of games, however, the collateral equipment they require lacks the features gamers need. These features include special lighting, peripheral holders, fans for cooling, cup holders, as well as USB ports and power outlets. Hovland already operates a company called Tekiture, which designs and manufactures desks for computer games.
Ken Fobian developed a plan for Resistance LLC, which creates painting supplies to make life easy. Each product is layered with a special coating that repels paints and other liquids from its surface. Consumers save valuable time by significantly reducing the clean-up process. They are able to reduce expenses from the longevity and durability of each Resistance product. The current product line includes paint buckets, paint roller frames, paint trays and booties.
Clara Osmont is developing an app called Tattle Tail that notifies you when someone has taken a screenshot of your text messages on your smartphone, tablet or laptop. There will be two versions of Tattle Tail, the basic free version and the upgraded version that will give you details about who has taken the screenshot. The app will produce revenues through ads and upgrades. According to Forbes, the app industry as a whole is worth $100 billion and still growing. While demand and usage is still increasing, the need for privacy and caution among the target market of young people may not be keeping pace.
Emily De Lena and Sara Katherine Kirkpatrick will create the Track Rabbit which addresses the need athletes have to pace themselves during their practices. Currently, they use watches, verbal signals and teammates to attempt to keep on pace. Track Rabbit solves this problem in a unique way. The device will allow a runner to actually see a computer generated line in order to know what time or distance they have beat. The primary target market for this product will be athletes in colleges and universities.
Lindsay Ryan believes the fashion industry is always working to stay abreast of the newest trends and accessories. Bows are a classic and timeless accessory, and have yet to be made into boot compatible accessories until now. She hopes to create a company called Puddle Jumper Bows which would offer a wide range of bows that clip easily onto various styles of boots turning a once boring piece of your wardrobe into a fun and versatile fashion statement. The bows will be marketed to girls and women between the ages of 14 – 27 and will be piloted mainly throughout the South.
All students who entered the competition were challenged to submit a comprehensive written business plan, followed by oral presentations to judges who are familiar with early-stage and start-up businesses. The finalists’ plans will be evaluated on multiple criteria, including financial feasibility, uniqueness of the product or service and clarity of the business model.
The competition is sponsored by HPU’s Phillips School of Business, the Center for Entrepreneurship and BB&T.