Each member of the winning team was awarded $100, with second and third place teams winning $50 and $25, respectively.
Menlo College students are required to enroll in an introductory business course during the first semester of their freshmen year. For the business plan competition, students are divided into teams, and the best group from each of the 10 freshmen class sections compete in the finals, explained Deborah Brown McCabe, associate professor of marketing at Menlo College.
The winning team was from Ms. McCabe's class.
The business plans were ranked by a panel of judges, including Gary Kremen of CleanPower Finance, Michael Tomars of the Securities and Exchange Commission, Lukas Biewald of Crowdflower, and Simon Glinsky of the Glinsky Group.
Scores were based upon the competitive advantage proposed, research, reasonableness of financials, vision, creativity, and marketing.