Elevator Competition
Another nationally recognized event at the Babcock School is the Elevator Competition. The competition was first held in 2000 and has been held every year since at the Wachovia Center in downtown Winston-Salem. During this competition, MBA students with an interest in entrepreneurship pitch their ideas to a venture capitalist while riding in an elevator for two minutes. The student must also supply a detailed business plan and prepare a formal presentation of their business venture. The objective is to earn more time to present their ideas formally to a panel of venture capitalists, which chooses the winners. The winning team wins $5,000 in cash, $40,000 in professional services and the opportunity to meet with a venture capital group to explore possible funding for their business plan.
Past participants have included MBA students from Babson College, Carnegie Mellon University, Yale University, Duke University, Hong Kong University of Science and Technology, New York University, Peking University, Purdue University, University of Arkansas, University of Chicago, University of Michigan and Wake Forest University.
In 2010, Wake Forest launched a blog site to track the progress of the event.
Read more about this topic: Babcock Graduate School Of Management
Famous quotes containing the words elevator and/or competition:
“The cigar-box which the European calls a “lift” needs but to be compared with our elevators to be appreciated. The lift stops to reflect between floors. That is all right in a hearse, but not in elevators. The American elevator acts like the man’s patent purge—it works”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“The praise of ancient authors proceeds not from the reverence of the dead, but from the competition and mutual envy of the living.”
—Thomas Hobbes (1588–1679)