To be considered for the award, your application to the MBA Program must be submitted on or before the deadline.
Deadlines for competition are as follows:
* Round1: Submit an outline of your plan following the entry guidelines posted on the site. Deadline: February 15, 2010
* Round 2: Faculty selection of semi-finalists. Deadline: March 01, 2010
* Round 3: Public voting on semi-finalists. Deadline: March 15, 2010
* Winner to be Announced on April 01, 2010
The Lally School of Management & Technology is the business school of Rensselaer Polytechnic Institute (RPI). Lally has been recognized globally for its expertise in innovation with focus on the areas of technological entrepreneurship and finance. Respected as one of the top MBA programs in the world, Lally graduates technically sophisticated business leaders who are prepared to guide their organizations in the integration of technology for new products, businesses, and systems. Lally offers MBA, Executive MBA, Master’s and Ph.D. programs. The Lally MBA program prepares business leaders with the skills that are essential for meeting the real-world challenges of running a business in today’s global economy.
The MBA program at Lally creates opportunities for students to explore innovation through the curriculum, faculty research, and experiential activities from Lally’s Centers of Excellence. Coupled with the strength of entrepreneurship support across the Rensselaer campus, Lally MBA students have a wealth of resources available as they explore the innovation continuum from imagination to the successful launch of their idea!
Step 1: Idea submission
Lally faculty will review the venture submissions and promote the most viable ideas to the semi-finals.
Step 2: Public Voting
Public voting will begin on the semi-finalists. The polls will be open for two weeks. Get out there and solicit votes for your projects!
Step 3: Winner Announcement
The finalists will be selected by a panel of regional entrepreneurs and Lally faculty. The public vote will provide a component of the final decision.
Step 4: Scholarship Review
Your MBA application will be reviewed and your scholarship derived from the strength of your application, including work experience, GMAT scores, essays and interview.
Awards
Grand Prize: Scholarship to Rensselaer’s MBA Program
* The individual with the most ingenious entrepreneurial idea to change the world will receive up to a 75% tuition scholarship to attend the prestigious Lally MBA Program.
* Each winner will receive a faculty and community mentor to support the development of their concept during the duration of the MBA Program.
Guidelines
Confidentiality and Intellectual Property Guidelines
* The author of each innovation venture plan will retain all rights to the plan regarding its use at all times prior to and following the competition.
* The Lally School of Management and Rensselaer Polytechnic Institute, the organizers of the Lally Innovation Competition, may make photocopies of the competition entries, including the innovation plan and other documents, charts or material. Students retain all proprietary rights.
For more information and resources on developing plans for small businesses, See the ‘Plan Your Business’ resources under the Small Business Planner at the U.S. Small Business Administration website at www.sba.gov.
Eligibility Criteria
All participants are expected to abide by the rules of the competition. The Lally School reserves the right to disqualify anyone who violates the rules, regulations, or spirit of the competition.
To qualify for the Lally Innovation Competition, contestants and the proposed innovation must meet the following criteria:
* Participants must be eligible applicants for the Lally MBA program. They must have a degree from a 4-year university or college.
* Participants must submit their application to the Lally School of Management & Technology’s full-time MBA Program.
* Participants must be the principal owner of the idea or venture. Contestants may seek advice from mentors or outside experts, but the venture must be entirely led by the individual.
* Participants may submit only one idea per competition round.
* Whether it is a for-profit business or a non-profit organization, the venture must be financially viable.
* The venture must be scalable and anticipate potential growth of the organization.
* The venture, if already established, cannot be more than two years in existence.
* In order to receive the scholarship award, the winner must enroll in the full-time Lally MBA program in fall 2010.
Selection Criteria
The following criteria will be used by the competition judges:
1. Concept – why is this product or service innovative?
2. Innovation Components
* Clear need: does the proposed venture address a significant and pressing social problem?
* Well-defined target: does the proposed venture adequately describe the problem it addresses and define the parameters within which it plans to operate?
* Creativity: does the innovation approach the problem in a creative, exciting, and dynamic way?
* Feasibility: does the initiative aspire towards realistic and achievable goals? How effectively can it be implemented?
* Sustainability: does the proposed venture include adequate strategies for income generation? Does it consider the different dimensions of financial and social sustainability in a conscientious manner?
* Innovation impact: how will the implementation of this innovative venture benefit the community and the multiple stakeholders involved?
3. Suggested Format
* Up to 3 single-spaced pages in length with a maximum of 2 pages of appendices.
* Entries should include:
o An Executive Summary
o A Statement of the Problem
o The Proposed Solution
o Target Audience
o Goals
o Expected Outcome
For more information on Planning for Small business see the ‘Plan Your Business’ resources under the Small Business Planner at www.sba.gov.
Source : http://www.mbacolleges.org/
Republish by : NORBERTUS CITRA IRAWAN,SP - www.competitions.co.nr
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