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The 2016 New Venture Competition

The 2016 New Venture Competition


[ Music ]>>Idea is only 1%, like business people say. 99% is implementation. So this competition helps
you implement your idea. Right from business model canvas, which
is like an overview of your company, to a 10-page business model and a business
plan to a final pitch presentation, which we can actually take out to
Venture capitalists and seed funders, as well as all these people who want to invest
in your business, it’s very, very helpful.>>We have learned so much. I mean, I didn’t know how to do so much of this, but I feel so much more confident,
I’ve learned so much. If you can get this experience through something
else, even if you’re not a business student and sitting in those big classes,
you’re still getting that knowledge.>>It’s a lot of work, and you
have to come into it knowing that. But if you’re willing to put that
effort in, able to put in that energy, and you like honestly want to do
well, you will take so much out of it.>>To get to work with a lot of great mentors,
you get to work amongst a really great group of students who are all driven by
the same reasons of entrepreneurship. While their ideas are different,
everybody is really supportive in making sure they can help each
other move their ventures forward.>>The new Venture program seems to me as
sort of a focal point for bringing in people from different disciplines of study
here at GW, having them collaborate in multidisciplinary ways to bring forth an
idea that potentially might be market-changing and beneficial to the community at large.>>Whether you make it to the first round or
the last round, even writing out the plan is such an essential part of the start-up. The access to the mentors and the resources that
the GW Office of Entrepreneurship works with you to organize is an incredible opportunity
that you could not get at any other school.>>I think even if you know nothing about
business, I think the way that Lex and the team put it together, they
coach you up from the very beginning. They show you what a business plan looks
like, how to get your idea into that format and how to continue throughout the process. So I think whether you know a lot or nothing,
I think it’s a great opportunity for people to take on and see if your
idea is worth something. [ Music ]>>I have the honor of announcing the first
place winner, and it is Homegrown Farms.>>Homegrown Farms has won first place
at the GW New Venture Competition. It’s a crazy, incredible feeling. I think we’re all in a bit of
shock and relieved and happiness, and it’s just been the culmination
of a lot of work. It’s a lot more real now, now that we
have these great big checks in our hands.>>So we just won $32,500 in
three different categories.>>So we’re very excited.>>We’re over the moon.>>At the very least, like,
if you shoot for first and you don’t make it past the first
round, you’re getting a lot of experience, you’re getting a lot of connections.>>I think this was the best experience
in the four years I’ve been in college. This resource is only available through people
at GW, so we should make full use of that.>>You don’t have to be a business student. You do not have to be a graduate student. You don’t have to follow that cookie cutter
idea of people that compete in this competition. It is a lot of work, but it is so worth it
because we know we can actually change lives. [ Music ]

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