Back in September, two classmates convinced me to join them on a crazy quest. Merrill Lynch and our Business School, the City University of New York at Baruch College, sponsors an annual business plan entrepreneurship contest. For a small team, write a business plan and then show how you can execute. The contest started with an elevator pitch and an abstract way back in September and 140 teams entered. Over the months you have to write a business plan and then sell it to judges who act like investors. The judges cutoff more teams as the months progressed and eventually there were 10 left for a final pitch two weeks ago.
By some miracle, my team won! Our concept is all about on-line advertising using a behavioral approach on top of demographic slicing. It is easy to implement and we are going to do so (Watch out Google!) We won a $10,000 cash prize (wow!) as well as $20,000 start-up investment for our business. In today's day and age, with technology so cheap, the Internet so ubiquitous, and overseas resources readily available, we can get to a prototype phase with the $20,000. That is the power of Web 2.5.
The best part of winning was being given the "big check" like when you win the Lotto. We took the big check to the bar with us to celebrate, however, the bartender would not cash it.
