PioBiz Competition

Have you ever wondered?

• What if there was a product that solved the _______problem?
• What if there was an organization in our community that _______?
• What if there was a quicker (easier, cheaper, simpler, environmentally friendly) way to ______?
• What if an existing product was modified to save space, time, energy, or money?
• What if we combined ______ with _______ to create ______?
• What if there was a non-profit organization that assisted _______?
• What if I turned my passion into a business that __ ____?

And the list goes on!

Well, wonder no more. Get to work! Put your great ideas into action. Enter the PioBiz Competition to win up to $3,000 in cash and access more funds, experts, and mentors that can assist you to turn your vision into a reality.

What is PioBiz?

PioBiz is a business start-up competition consisting of three rounds: Problem/Solution, Proof of Concept, and Business Plan.

Who can compete?

Any full-time, current, or recently graduated (in December 2023 or after) Marietta College student may compete in PioBiz alone or as a member of a two, or three-person team. The second and third team members do not have to be MC students or alumni. However, all students or alumni members of a team must have an ownership stake in the proposed business. Each team may enter each round of the competition with up to three ideas. Only the MC members of a team may serve as the team leader or make presentations. The non-MC members of a team may only participate in the Q&A segment of the presentation with judges. Only the leaders of the winning teams will directly receive the award money.

What types of ideas qualify for the competition?

Any idea that potentially results in the establishment of a new for-profit or non-profit business will work. The exceptions are:

• Proposals to buy franchises or distribution centers of existing companies.
• Business ideas that are not appropriate for a college-sponsored competition.
• Proposals to establish a business that has already been in existence for more than a year with revenue of $10,000 or more.

Do we have to participate and win in the previous round of the competition in order to compete in the next round?

No. However, the experience that you gain and the feedback that you receive from participating in the previous round of the competition definitely increases your chances of winning in the next round of the competition.

What are PioBiz Workshops?

To prepare you for the competition and increase your probability of success, we encourage (but do not require) you to participate in the following PioBiz workshops. 

Workshop 1: Problem/Solution

Workshop 2: Proof of Concept

Workshop 3: Business Plan

Do we have to participate in PioBiz workshops in order to compete?

No, but participating in PioBiz Workshops increases your chances of winning an award by:

• assisting you in identifying marketable business ideas,
• providing you with the opportunity to meet your potential business partners,
• familiarizing you with simple templates that guide you through your thought and planning processes,
• briefing you on a variety of methods to test the validity and feasibility of your proposed goods or services,
• informing you about resources that the Entrepreneurship Program makes available to you,
• walking you through the components of the required business plan.

Also, if you are pursuing a certificate, minor, or major in Entrepreneurship, you may count participating in the PioBiz workshops toward the required hours of out-of-class entrepreneurial activities.

What are some online resources that we can use to improve our pitch? 

We recommend the following online resources: 

• 5 Pitch Mistakes Entrepreneurs Make, and How To Fix Them, with Brendan Baker
• How to Pitch your Startup in 3 Minutes
• How to Win a Pitch Competition (Quick Guide), by Stacie Shaw

For more information, contact Dr. Jacqueline Khorassani, Senior Director of Entrepreneurship and Career Development, in Thomas 201. You may also email entr@marietta.edu.

PioBiz Round 1: Problem/Solution

• Workshop
  • September 19, 2024
  • 7:00–8:00 p.m.
  • Thomas 327
  • Register here to attend this workshop
• Application Deadline
  • November 16, 2024
  • Before midnight
  • Apply here
• Competition Day
  • December 5, 2024
  • 4:00-6:00 p.m. (setup at 3:30 p.m.)
  • The Gathering Place
• Competition Format
  • Poster Presentation
• Awards
  • Top five business ideas win $120 to $200 each

Note: Only the leaders of the winning teams will directly receive the award money.

Round 1 of the PioBiz Competition simply consists of identifying a problem that is worth solving and describing your solution (your product or service). Your proposed solution must potentially lead to the establishment of a for-profit or non-profit business organization. 

On the day of the competition, your team will be provided a stand where you can attach a poster to display the problem and your proposed solution. 

Note: The Worthington Center for Teaching Excellence will print all 3 ft. by 4 ft. competition posters that have white backgrounds for free. For more information on how to submit your poster, contact Dr. Khorassani at khorassj@marietta.edu 

On the day of the competition, be prepared to interact with judges and community members effectively.  The competition judges and the other members of the community will jointly determine the winners in Round 1 of the PioBiz Competition.  Each judge assigns a score between 0 to 100 points to each project.  Each member of the community will be provided with 100 PioBiz dollars to invest in their favorite projects. The projects with the highest total points will win the competition.

Key Components of the Posters

1. Problem: A clear description of the problem
2. Customer Segment:  Who has this problem? Define the characteristics of your typical customer.
3. Why is the problem worth solving?
4. Existing Alternatives:  How do your target customers currently solve the problem? Describe the nature of the competing products or services.
5. Solution: A clear description of your product or service and how it solves the problem.
6. Unique Value Proposition: What is the advantage of your product or service over the alternatives? Why should people buy your product?

You may include a variety of visual aids such as tables, graphs, charts, prototypes, and pictures on your posters

Poster Template 

Email Dr. Jacqueline Khorassani at khorassj@marietta.edu.

PioBiz Round 2: Proof of Concept

• Workshop: February 27, 2025, from 7:15–8:15 p.m., Thomas 327. Register on Handshake
• Application Deadline: April 13, 2025, before 11:59 p.m. Apply here
• Competition Day: April 24, 2025, from 3:00 p.m. to 5:00 p.m., in Thomas 124
• Competition Format: 7-minute pitch followed by a 5-minute Q&A with judges.
• Awards: The top 3 pitches win $200 to $400 each. 

Notes: Only the leaders of the winning teams will directly receive the award money.

In this round of the PioBiz Competition, participants must provide compelling evidence that their proposed product or service is desirable, feasible, and viable. Here's how you can showcase each dimension:

• Desirability: Demonstrate that there is a genuine need for your product or service by conducting thorough primary and secondary research to identify and validate market demand.
• Feasibility: Present a clear and actionable production and distribution plan, showcasing how your product or service can realistically be developed and delivered to your target audience. To strengthen your case, you can also create and present a prototype that illustrates the functionality and practicality of your idea.
• Viability: Highlight the financial sustainability of your idea by accurately identifying and explaining the key sources of costs and revenue, ensuring a credible path to profitability.

Key components of the presentations

1. Problem: Problem Statement: Provide a clear and concise description of the problem your product or service aims to solve.
2. Customer Segment: Identify who experiences this problem. Define the characteristics of your target customers, including demographics, behaviors, and preferences.
3. Solution: Clearly describe your product or service and how it addresses the identified problem.
4. Proof of Need:
   1. Share the results of secondary research to demonstrate overall market demand and the potential demand for your specific product or service.
   2. Report findings from primary research such as surveys, interviews, or focus groups that validate the problem and the need for your solution.
5. Existing Alternatives: Analyze how your target customers currently address the problem. Describe competing products or services, focusing on their nature, availability, and pricing.
6. Unique Value Proposition: Highlight what sets your product or service apart. Explain why your solution is superior to alternatives and why customers will choose it.
7. Prototype and Experimentation: Present a prototype or mockup of your product/service, if available. Discuss the outcomes of any experiments or tests conducted to validate your assumptions and refine your offering.
8. Key Resources: Outline the critical resources (e.g., human, financial, technological) you already possess and those required to launch or scale your product or service.
9. Cost Structure: Break down the key fixed and variable costs associated with developing, producing, and delivering your product or service.
10. Revenue Stream: Describe how you intend to generate revenue, including pricing models and potential revenue sources.
11. Road Map and Next Steps: Provide a timeline that outlines your planned actions, milestones, and key objectives moving forward.

You may include a variety of visual aids such as tables, graphs, charts, prototypes, and pictures in your pitch presentation.

Useful Resources to Support Your Project

To help you think critically about your business idea, we recommend exploring the Business Model Canvas (BMC). The BMC is a strategic tool that provides a clear and concise framework for analyzing and designing your business model. By breaking your project into key components—such as customer segments, value propositions, revenue streams, and cost structures—you can gain deeper insights into how your idea creates, delivers, and captures value. Using the BMC can also help you identify gaps and opportunities, ensuring a more robust and comprehensive approach to your project.
Here are some useful online resources to get you started:

• AI-Powered Business Model Canvas Generator: Explore this innovative tool to generate a tailored Business Model Canvas for your idea. The tool leverages AI to guide you through each component and offers practical suggestions to refine your model.
  Visit the AI Business Model Canvas Generator
• Strategyzer's Business Model Canvas Guide: This comprehensive guide explains the BMC and its nine components in detail, providing practical examples and tips for application.
  Visit Strategyzer's BMC Guide
• Video: How to Use the Business Model Canvas: A beginner-friendly video tutorial on using the BMC to design and refine business ideas.
  Watch on YouTube 
   

Presentation Components

PioBiz Round 3: Business Plan

• Workshop: TBD
• Application Deadline: TBD
• Competition Day: TBD
• Competition Format: Up to 15 minutes, followed by 15-minute Q & A with judges.
• Awards: Up to $3,000 will be allocated among the top 2 plans

Notes:

1. Awards over $500 will be distributed within one year from the competition date, based on the winners' progress in implementing their business plans. If sufficient progress is not made within a year, the remaining award amount will be forfeited.
2. Winners who drop out of Marietta College before they graduate will not receive the remainder of their awards.

In this round of competition, you will develop and submit a full business plan. We will be using the Business Plan Template available at https://www.score.org/resource/business-plan-template-startup-business

Business Plan Components

Company Description	Competitive Analysis	Distribution/Place
Product/Services	Positioning Statement	Operational Plan
Market Research/SWOT	Promotions Plan/Budget	Management Org Chart
Customer Profile	Pricing Strategy	Financial Plan

The Key Parts of the Presentations

In general, your presentation must contain the main components of your business. Specifically, you must ensure that the following items are covered in your presentation. Note that many of the items below are very similar to PioBiz Round 2, but you should answer the questions in more depth.

1. The project (product or service) name, the names, majors, and graduating class of team members
2. A clear description of the problem that your proposed product or service will solve and the reason this problem is worth solving. Who is this product or service for? Who is your target audience?
3. What qualifies you to produce the proposed product or service? What are the resources/expertise that you already have, and what are the resources that you need?
4. Describe the nature of similar products or services that are currently available on the market, and the reasons your proposed product or service is better.
5. How do you know that your business idea is feasible? (For example, do you have a visual reference? Have you built a prototype? Have you had any customers already? What types of research and experiments have you conducted? What do the results show? How have you adjusted your plans based on what you have learned?)
6. How did you arrive at your financial plan? Specifically, where did your cost and revenue numbers come from? When do you expect to make a profit or cover your total cost? Elaborate, by describing the type/nature of the research that you have conducted.
7. Describe your next steps. What will happen if you don’t win the PioBiz award? What will you do if you win the award?

For more information

Contact Dr. Jacqueline Khorassani in Thomas 201 or email her at khorassj@marietta.edu.