Photos courtesy of Lyle Quillin
The videos are uploaded and the contestants await the judges’ decision.
Many students who participated in the Lyles Center Student Venture Challenge wait to hear whether or not they’ve made the final cut. The idea was to create a video, also known as an elevator pitch, which is a short description explaining what the business is and why an investor should fund the plan.
The deadline to submit a video was Feb. 15 at 11:59 p.m. Students were required to submit a 90-second video to YouTube explaining their idea and it’s money-making potential. With so many schools competing, the competition was stiff.
“We got 175 submissions which is just leaps and bounds over what we’ve ever gotten before,” Associate Director Genelle Taylor from the Lyles Center for Leadership and Entrepreneurship said.
Students from colleges such as Fresno City College, Porterville, Madera Center, Merced and a few others were allowed to compete. The challenge pays $5,000 for the first place winner, $2,500 for second and $1,000 for third.
The Lyles Center Student Venture Challenge was created to inspire and assist entrepreneurs to take the steps needed to begin a business. Those that already have an operating business are happy to compete for free money.
Business entrepreneur major Lyle Quillin is the operations manager for Cal Services. Cal Services started last April with the purpose to simplify the lives of people by taking case of the most important household services.
“I’d really like to invest in the field and marketing efforts as well as supplies and equipment to really bring the business to the next level,” Quillin said.
Cal Services specializes in cleaning cars, windows, pools and rain gutters. Pressure washing and lawn services are also available.
“I entered the challenge to win the $6,000 to expand my company,” Quillin said. “I need to buy another truck and equipment for expansion, and also I need cash for sales and marketing efforts.”
The top 20 contestants were announced March 1 on the website www.lyleschallenge.com, 16 of the 20 semifinalists are Fresno State students.
Quillin is one of the 16 semifinalists from Fresno State to make the top 20 contestants.
“I’m totally stoked that I made it into the top 20,” Quillin said.
The 20 finalists will move onto the next round in which they will participate in three workshops this month and prepare a 10-minute PowerPoint presentation. The 10 judges will select five students who will submit a 15-minute presentation to compete for the grand prize, which shall be awarded on Saturday, April 30 to one lucky person.
While the semifinalist portion is over, the public can still cast their vote for “People’s Choice” award until Friday, April 29 at noon. The results will be named the following day.
The winner for “People’s Choice” award will win $1,000 cash prize.
Contestants had the option to upload their video to YouTube and list it as public or unlisted.
Fresno City College student Rick Castaneda is an inventor and didn’t disclose the product information fearing he would give somebody a head start as he is in the process of patenting his idea.
Castaneda is one of two semifinalists from Fresno City College to land a top 20 spot. Two semifinalists are students at the College of Sequoias.
“I really don’t want to get into specifics, that’s why I listed it as unlisted,” Castaneda said.
The challenge is to make it sound interesting with only 90-seconds time and convince the investor that the idea will generate big returns on their investment. According to the Entrepreneur Daily Dose, President Barack Obama said that the United States will overcome the economic adversity and entrepreneurs will be a major factor.
The Lyles Center helps develop business owners and will provide mentoring for elementary school children to college students.
“Anybody within our student hatchery or a student that wants to start a business has a good idea and is coachable,” Taylor said.
Students are welcome to stop by the Lyles Center to fill out an application, take part in a workshop or apply for an internship.