UK Venture Challenge helps college entrepreneurs refine their ideas

March 1, 2015

150228UKVenture0178Mark Manczyk explained his idea for re.3, a company that would sell sustainable consumer goods, Saturday at the UK Venture Challenge. His presentation won first prize, a $1,500 scholarship, and he will go on to the next level of competition.  The second-place winner was Phillip Gordon, below. Photos by Tom Eblen

 

It takes more than a good idea to create a successful business. But the best way for an entrepreneur to start is to make his or her idea as good as it can be.

That is the focus of the University of Kentucky’s Venture Challenge, a competition for student entrepreneurs. The fourth annual challenge was held Saturday morning at the William T. Young Library auditorium.

Ten teams pitched business ideas to a panel of three judges, who chose three winners to share $3,000 in scholarship prizes. The first- and second-place finishers advanced to regional and state competitions sponsored by the Kentucky Cabinet for Economic Development.

“It’s a great exercise, because learning how to develop ideas is so important,” said Randall Stevens, a Lexington technology entrepreneur who was one of the judges.

“Rarely is your first idea the one that’s going to make it.”

Judging with Stevens were Shirie Hawkins, director of UK’s Bluegrass Small Business Development Center, and George Ward, executive director of UK’s Coldstream Research Campus.

The winner, who received a $1,500 scholarship, was architecture student Mark Manczyk, 23, of Taylor Mill. He pitched his idea for a company called re.3.

150228UKVenture0030The company would sell consumer products with short use cycles — such as non-prescription sunglasses and iPhone cases — that are made by environmentally sustainable methods. The added touch would be that once a product had outlived its usefulness, the company would take it back for recycling.

The judges liked his idea because it was a creative approach to an issue that consumers are increasingly concerned about.

“It’s all about ‘Can you build that brand?'” Stevens told Manczyk, suggesting that he consider a “subscription club” sales model to better engage customers for repeat purchases.

“I think that was a fantastic idea,” Manczyk said afterward, because it could help create a customer community. “It’s about rethinking recycling: the object is in some ways less important than the idea of being able to continually recycle and reuse.”

The second-place winner’s business idea also came from a personal passion, which developed after Phillip Gordon was pickpocketed in Spain. Gordon wants to create Nomad Apparel, a line of travel clothing with a zippered and radio-frequency-protected pocket for safeguarding credit cards and other valuables.

Gordon, 22, from Louisville, has designed jeans with a special secure pocket. He wore a prototype to his presentation, which got high marks from the judges.

“It really gave me an opportunity to hone my presentation skills and public speaking,” Gordon said of the Venture Challenge.

Taylor Deskins and Jessica Shelton pitched an idea for a stock market-themed bar in downtown Lexington, where drink prices would fluctuate throughout the night to engage patrons. They had seen a similar place in Spain.

After they presented, Stevens suggested that rather than open their own bar, they first develop and market the concept to existing bars to use perhaps once a week, as a way to gauge the concept’s popularity with less investment.

Maged Saeed and Alexander Hamilton pitched The Bar Hop, a smartphone app that would leverage social media data to help users decide which bar to go to based on how many of their friends were there and the ratio of men and women in the place.

The students also envisioned tie-ins with ride services, such as Uber and Lyft, and functions for buying drinks. The judges thought it was a creative idea, but was trying to do too many things. Focus on the core idea, they said, and build from there.

Afterward, Saeed and Hamilton spent some time talking with Ward, whose business career has focused on the hospitality industry. He had several suggestions for rethinking their app to increase its likelihood of success.

Warren Nash, director of UK’s Von Allmen Center for Entrepreneurship, pointed over to them and smiled.

“That’s what I like,” he said. “Watching the after-discussions, talking about how do you get there, how do you make the connections.”

Sponsors of the UK Venture Challenge include UK’s Gatton College of Business and Economics and Innovation Network for Entrepreneurial Thinking, as well as the Bluegrass Business Development Partnership, a collaboration of UK, Commerce Lexington and the Lexington-Fayette Urban County Government.

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