PRESENTED by both Cal State San Bernardino’s Inland Empire Center for Entrepreneurship (IECE) and the Tech Coast Angels, the Student Fast Pitch Business Plan Competition gives students throughout the campus the opportunity to jump-start their entrepreneurial dreams by presenting their business venture in a 90-second elevator pitch to a panel of investors and entrepreneurs.
Students entering the competition, now in its 4th year, go through a multi-phase process of selection, coaching, mentoring, and presentation. Interested students develop a brief description of their proposed or existing venture which is screened and evaluated by a selection committee consisting of entrepreneurship faculty, angel investors, and local entrepreneurs.
the Student Fast Pitch Competition gives students throughout the campus the opportunity to jump-start their entrepreneurial dreams
Up to 15 student entrepreneurs are selected to attend a series of coaching sessions that prepare them to make an initial fast pitch to a panel of angel and venture investors. Each fast pitch is judged for the quality of the presentation and its investment potential.
The panel of judges is coordinated by the Tech Coast Angels (TCA), California's largest angel investor network, with over 300 members that provide seed and early-stage capital in the range from $250,000-$2,000,000. Since 1997, TCA members have invested over $65 million in more than 100 Southern California companies together with $650 million from venture capital co-investors.
Based on the presentations made at the qualifying event on campus, five student ventures are selected to pitch their business plan at the final event, held in conjunction with the Center’s annual Spirit of the Entrepreneur Awards program. Students present to an audience of more than 500 entrepreneurs and business leaders from inland Southern California, with the audience voting to select the top three most promising ventures.
The Benefits of Participating in the Business Plan Competition
Besides competing for the event’s cash prizes for the top three finishers ($10,000), students gain valuable experience and confidence from the process. As one student noted, “from start to finish the fast pitch business plan competition really helped me to focus and refine my business concept in a short period time. The coaches really pushed me to think more deeply about what the business opportunity really was and gave me excellent feedback that took my pitch to another level.” Another student commented, “When the time came to make my pitch, I was well prepared – the practice sessions and coaches feedback gave great insight into how to present my business in a compelling way.”
“The coaches really pushed me to think more deeply about what the business opportunity really was and gave me excellent feedback that took my pitch to another level.”
Beyond gaining confidence, improving communication skills, and receiving great feedback on their business venture, students experience tangible outcomes from the competition. Take VaNae Hamilton. After winning the inaugural fast pitch business plan competition, a local entrepreneur invested in her startup medical software venture – immediately following her presentation! With an impressive showing in the 2007 competition, all five finalists were invited to present at another Tech Coast Angels event, where they took the top three spots.
The first place finisher - Felix Zuniga of Armada Business Services, a new venture that provides business services to independent owner/operator truck drivers – was invited to make a full presentation of his business opportunity at a Tech Coast Angels deal-review screening session. In his quest to raise $500,000 to launch the venture, Felix’s fast pitch was a key tool that helped open the door to potential investors.
