Business ideas drawn on a napkin will be welcomed at Waterville pitch competition
Drawing/ Courtesy Colby College
Applications will require the submission of an image of a napkin-sized drawing expressing an innovative business concept.
An entrepreneurial contest for regional college students invites participants to distill their startup ideas into a simple design, accompanied by a 60-second video pitch.
The Halloran Lab for Entrepreneurship at Colby College, along with Thomas College, Kennebec Valley Community College and Dirigo Labs are putting on their second annual Back of the Napkin Challenge for students from the three colleges.
Applications are due Sept. 27 at 11:59 p.m. The application will require the submission of an image of a napkin-sized drawing expressing an innovative business concept, as well as a 1-minute video of the founder or founding team pitching their idea.
A pitch competition will take place Oct. 17, from 6-8 p.m., at Greene Block + Studios in downtown Waterville.
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Whether it’s a novel product, service or solution to a pressing problem, participants can submit their ideas across various categories, including consumer goods and services, business goods and services, trades and technology operations, social innovation, and health, clean technologies and life sciences.
"This challenge inspires students to unleash their creativity, break free from conventional thinking, hone their public speaking skills and embrace the endless possibilities of an entrepreneurial mindset,” said Jeremy Barron, Colby College’s director of the Halloran Lab for Entrepreneurship.
Entrepreneurial ecosystem
The Halloran Lab for Entrepreneurship offers entrepreneurship training and practical opportunities aimed at helping Colby students create new business ventures or improve existing organizations or programs. The lab provides funding for students to start commercial and social enterprises, mentorship, as well as innovation and maker spaces on campus and in downtown Waterville.
Kennebec Valley Community College is a two-year community college with a 70-acre campus in Fairfield and a 600-acre Harold Alfond Campus. At Thomas College, the Harold Alfond Institute for Business Innovation was established to spur economic vitality in central Maine by nurturing talent to assist in the creation of jobs and wealth for the area.
Dirigo Labs is a regional startup accelerator in Waterville, with a mission to grow mid-Maine’s digital economy by supporting entrepreneurs who are building innovation-based companies.
Impressive ideas
The first Back of the Napkin Challenge held last November and had 18 participants.
“We received an impressive array of ideas," Susan Ruhlin, Dirigo Labs’ managing director, told Mainebiz in an email.
One student from KVCC submitted a fresh concept for a fishing tackle box with an extendable spooler. A Thomas College student proposed a member-based winemaking cooperative, and a Colby College student pitched an app to match volunteers with senior citizens or patients living with chronic health condition who need emotional, practical and health care assistance, especially those living with chronic health conditions.
The four top winners were all Colby Students: Victoria Melehov and her submission Critical Connections, Jacob Choi and his submission P3, Jacob Ju and his submission ChalkoTaco and Alayna Blier and her submission Period CULTURE.
Amazon insights
Finalists must attend the final pitch live to be eligible to participate.
Ten finalists will be selected to their ideas to a panel of judges, which will include Bill Carr, an ex-Amazon vice president of digital media and co-author of “Working Backwards,” which discusses principles and practices at Amazon.
Carr is slated to share insights on innovation, drawing from his experiences at the company.
Entrepreneurial competitions are critical in helping students and community members realize their potential as innovators, said Kim Kennedy, a business administration instructor at Kennebec Valley Community College.
“It’s an opportunity for participants to harness their creativity, take bold risks and turn their spontaneous ideas into viable business concepts,” Kennedy said.
Finalists will compete for a share of $1,750 in prizes. Each category winner will be awarded $250; an overall winner will receive $500. All finalists will receive year-long membership to Bricks Coworking & Innovation Space and a copy of “Working Backwards."
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