A big idea can earn big money. That’s what two School of Law students learned when they won second place and $2,500 in the Crotty Center for Entrepreneurial Leadership’s inaugural, university-wide Business Plan Competition.
George Limbert (3L) and Adrian King (who graduated in January) constituted one of five finalist teams in the competition. All other finalists were students from the School of Business Administration. The winning teams were announced March 28 during the Annual Entrepreneurship Dinner.
“We have a good idea and we don’t want to come in fifth place, but we’re going to go forward with this no matter what happens,” Limbert said before the results were announced.
Their product is called Life Stories Fun Boxes (a name that is still in the working stages, they say). It has potential for development as books, computer software, and a board game, but the basic idea is the same for all three: elderly customers use them to recall and extract biographical information, which can then be compiled (using more of the team’s products), into a scrapbook.
With the computer software, a database compiles the information into a scrapbook, which can be stored and printed out as many times as the customer chooses. With the board game and books, participants are prompted to answer questions in written form (eg: draw a picture of the first house you ever lived in, write three words that describe your feelings during the Vietnam War) so that the information generated is also documented and can be compiled into a scrapbook.
The team conceived of their idea by investigating hot areas in business (scrapbooking and products that build memory/fight dementia) and then finding holes in those markets (the combination of the two).
They also had some personal stock in creating their products; they both count close relationships with grandparents of great value. King said his grandmother lived to be 101 years old, and Limbert said his grandfather has been recording his memoirs for years.
“This is an opportunity that taps into a latent need the elderly and their families have,” said Jay Janney, SBA Associate Professor of Management and Marketing. “If there is one thing the elderly fear, it is losing mental faculties. Those of us who had parents with Alzheimer's know how difficult that can be. So when people see this, they see it as something they have been searching for. I felt that way--had this been on the market ten years ago, I'd have bought one for my mother.”
Adhering to contest rules, the product represents Marianist values. “It allows people to carry on family traditions and values; it strengthens family relationships,” King said. “And also, hopefully, our product will play a small role in combating an epidemic,” Limbert added.
Though neither have an MBA, Limbert earned his bachelor’s in business and accounting from OSU, and King has worked previously in the hotel and software industries. As for their legal educations, they said it already has helped them set up an LLC for their company, and will come in handy as they begin to deal with patents and business contracts for their company’s future.
In preparation for the contest, King and Limbert took advantage of seminars that Janney offered to educate teams on how to write a business plan and deliver a two-minute elevator pitch.
“At the elevator pitch I saw some great ideas not make it because the presenters couldn't convince us the ideas were good. They got nervous, they lost confidence, etc,” Janney said. “But when I saw George and Adrian present, I knew they could sell their ideas. They were finalist round caliber.”
King said that it took him and Limbert about three months to think up the idea and write the business plan. He happened to be studying for the bar at the same time. “The word ulcerous comes to mind,” he said when recalling those months.
The team plans to have some of their products online in two months time. Then, gradually, they said they will approach traditional retail markets by purchasing mailing lists of their elderly demographic, advertising in magazines, and even marketing their products to nursing homes.
“We just ran an article in the Dayton Quarterly about the business plan competition--the day it arrived I had an email from an alumnus wanting to buy one,” said Janney. “It's that type of idea that just resonates with people.”
“It has been great working with George and Adrian,” Janney said. “I am pleased they made it to the finalist round, because it reinforces an idea we have been promoting--great ideas are all over campus. Innovation isn't a function of any one school, but is integral to everyone. We hope next year's contest will draw even more students from outside the SBA. And I think George and Adrian's success has helped us with that.”
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