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.
ABC has “Shark Tank.” Google has Angelpad. And Cal State Long Beach has the Innovation Challenge.
The annual entrepreneurial event, where student teams compete to win $50,000 in funding and services for the best business idea, was started six years ago by the colleges of Engineering, Business, and the Arts.