ATLANTA – The best and the brightest of future business leaders congregated in Atlanta this weekend for the Opportunity Funding Corporation’s Innovation & Entrepreneurship Business Plan Competition, or OFC Venture Challenge. More than 300 students on 21 teams either from historically or predominantly Black colleges competed, presenting proposals that ranged from construction and land surveying improvements to the mass production of Jamaican ginger.
The University of the West Indies at Mona, Jamaica was awarded first place, with Savannah State University taking second, and Fayetteville State University placing third. Although only one team could walk away with the top prize, discussions among students showed that each of them walked away with a sense of accomplishment.
The University of the West Indies team members presented a strategic plan for the development of the Jamaican Ginger Factory, which would surpass global market competitors through the use of greenhouse gas in ginger production. Judges were impressed with the operational structure and general marketing strategies. Taja Simpson, a member of the West Indies team and a first-time participant in the competition, stated she was “happy to be a part of such a great event and have the chance to meet students from across the nation.”
Ericka Williams, a member of the Savannah State University team, looked forward to the empowerment that the competition has given her and her school. “The biggest takeaway from this weekend,” she said, “is that I can set a milestone for my school, and set the bar higher next year.”
Participating teams, comprised of MBA graduate students, had been preparing since last September, and developed a full business plan, complete with operating, financial and manufacturing components, and presented their plans to a panel of six judges. Each five-member team had 15 minutes to deliver their presentation, and then faced 15 minutes of difficult questions from the panel. Many teams benefitted from having an interdisciplinary group consisting of students concentrating in finance, administration and marketing. Three teams advanced to the last round of the competition, which took place Saturday, with the winner receiving the $15,000 championship prize. One member from the winning team will go on to compete in the Global Venture Labs Investment Competition, formerly known as the Global Moot Court Competition in Austin, Texas.
Coinciding with the competition, which is one component of an annual 3-day conference sponsored by the Opportunity Funding Corporation (OFC), were the National Policy Forum on Minority Entrepreneurship Education and the HBCU Dean/Faculty Development Seminar.
OFC was established in 1970 as a nonprofit that helped to attract capital investments into impoverished African-American communities. The organization helped generate direct loans and investments that brought in over $66 million for 184 minority owned businesses across 35 states. In 1984, OFC added a for-profit entity, OFC, Inc., that has funneled capital into minority communities and explored a range of models to determine best practices for investing in these communities.
