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Innovation Challenge Begins Ninth Year

If you have an idea to start a business, consider entering the CSULB Innovation Challenge. The contest provides support and mentoring as interdisciplinary teams go through the process of creating a business plan, with an eye on winning up to $50,000 in cash and services to turn that idea into a reality.

The Innovation Challenge was introduced by the College of Engineering nine years ago, and now incorporates the College of the Arts, College of Business Administration and Center for the Institute for Innovation & Entrepreneurship. Continue reading “Innovation Challenge Begins Ninth Year”

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Entrepreneurs Get Lesson on Business Plans

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Writing a business plan is critical to understanding all facets of the business, says Bruce Sparks, a senior business advisor for the Long Beach Small Business Development Center.

Innovation Challenge Advisory Committee member Larry Pate compared starting a business without a business plan to taking a cross-country trip without knowing how you’ll reach your destination. “The odds of success of just getting in the car and driving are slim. You might have a fun time, but it will take you a long time to get there.”

Students interested in entering the 2015 Innovation Challenge got a lesson Tuesday in a key part of the competition: creating the business plan. The contest offers $50,000 in seed funding and business services to the winning business idea.

“It’s one thing to have an idea—it’s another to say how you’re going to make money,” said Pate, chief learning officer at Decision Systems International. Continue reading “Entrepreneurs Get Lesson on Business Plans”