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From left: Griffin McGrath and Chris Lupfer |
McGrath is majoring in entrepreneurship in the School of Business and plans to continue his studies in Quinnipiac's MBA program. Lupfer is majoring in interactive digital design in the College of Arts and Sciences.
Eleven student teams representing six different universities participated in the finals, which were held at the Omni New Haven Hotel on December 5. The finalists in the competition were selected by experienced start-up investors from among 40 plans submitted by students from Connecticut universities and colleges.
The winning business plan was selected by the judges based on the criteria professional investors would use, including the probability of success and the skill of the management team.
McGrath and Lupfer's entry, "ActiveOwl," an online social network destination for active adults and wired seniors, was selected as the winner in the Venture Enterprise category. The students received an unrestricted grant of $1,000 to assist in launching their business. In addition to the funding grant, a trophy acknowledging the team's accomplishment was presented to Quinnipiac.
"I feel honored to have been selected as one of the winners this semester," said McGrath. "This is really the top of the food chain in regards to business competitions, and as a student of entrepreneurship and a past competitor, it is a very humbling and rewarding experience."
Lupfer commented that the process really "encouraged students to use their creativity and research to develop a plan for a real business." The students' adviser for the business plan was management professor Dale Jasinski.
McGrath and Lupfer plan to continue working on their business plan throughout the Spring 2009 semester and prepare for the next competition, in which the winner receives over $60,000 for business-related expenses. Depending on the outcome of the next competition, the students may launch the site by the end of the spring 2009.
The Collegiate Business Plan Competition, now in its 11th year, is administered by the Entrepreneurship Foundation with support provided by the Connecticut Department of Economic and Community Development (DECD), Connecticut Innovations, and Warbros Venture Partners. Graduate and undergraduate students attending college in Connecticut are eligible to participate.