I love coordinating the Business Plan Challenge. I admire the entrepreneurs’ optimism, passion and energy as they create their own jobs. It’s exciting to see new businesses forming that could be economic engines for South Florida in the future.
This year’s Challenge, now in its 14th year and sponsored by Florida International University’s Pino Global Entrepreneurship Center, brought in a record number of entries in both the Community and FIU Tracks — 115 and 45 entries, respectively. The 41 entries in the high school track were as creative as always — about 40 percent of them from one very spirited class at Ransom Everglades.
The Challenge entries reflected the diversity that is South Florida. There were culinary creations, medical products and services, mompreneur businesses, fashion concepts, green products and services, software for various industries and Latin America-focused businesses. There were lots of technology plans, particularly in the FIU Track. In the High School Track, it was apps, apps and more apps.
And, as has been the trend the past few years, many of the businesses and business ideas submitted reflected the economy. Most were simpler with lower startup costs than entries from earlier years. Bootstrapping rules. I saw quite a few construction and real estate-related ideas in the pack, as well as lots of lifestyle solutions to help people live more simply and/or frugally.
Another bright spot: More women than ever before entered — nearly 40 percent of the entries in the adult tracks were women-led businesses. That’s a vast improvement from just two years ago, when only one out of every 10 plans was by a women, and it mirrors a national trend.
What’s next in the Challenge? The entries in the FIU and High School Tracks have been judged, and the Community Track judging is underway. We’ll announce the semifinalists next Monday in Business Monday and MiamiHerald.com/business. Then we will announce the finalists on April 23, and we will also kick off our People’s Pick video competition that week. We’ll announce and feature the top three winners in each track, plus the People’s Pick winners, on May 7. If you would like the judges’ feedback on your plan, email me after the contest is over, May 7, and I will be happy to oblige as best I can. Follow me on Twitter @ndahlberg and #mhbizplan to keep up with the latest developments in the contest, too.
Which brings me to the part of this job I hate: Bringing the bad news to those who do not win. But now you’ve got a great business plan written, and true entrepreneurs will carry on with their ventures, proving us wrong with their successes. And that makes South Florida the big winner.