The 38th Annual Wharton Whitney M. Young, Jr. Memorial Conference The truth is that there is nothing noble in being superior to somebody else. The only real nobility is in being superior to your former self. Conference attendees enjoy the honesty and humor of panelists as they disucss the challenges and rewards of entrepreneurship. Deniss Walcott, Chancellor of the New York City Department of Education, shares key insights from his experience in education and community development. Professional connections are made as conference speakers and attendees engage in conversation after an inspiring panel on entrepreneurship. It is better to be prepared for an opportunity and not have one than to have an opportunity and not be prepared. A second year Wharton student presents a talented Philadelphia high school senior with the WMY Future Leaders Scholarship to aid her college tuition. CEO of Darden Restaurants, Clarence Otis, Jr., shares valuable insights about his journey to managing a multi-billion dollar full-service restaurant company. Our ability to create has outreached our ability to use wisely the products of our invention. Outstanding top executives, including Wharton alumna, Valerie Mosley, discuss how to define your own path for success and the role of Leadership from a woman's perspective. Attendees mingle at the cocktail hour and enjoy live band entertainment while preparing for the dinner & evening gala

15th Annual New Venture Competition

Overview

The African American MBA Association (AAMBAA) of The Wharton School at the University of Pennsylvania is once again hosting the New Venture Competition as part of the 37th Annual Whitney M. Young, Jr. Memorial Conference being held at the Westin Philadelphia on February 5th, 2011.

The primary purpose of the New Venture Competition is to provide entrepreneurs of African descent the opportunity to present their ideas for growth companies to a panel of experienced entrepreneurs, angel investors and venture capitalists. Please join us for this exciting event as three entrepreneurs present their ideas to judges and compete for $17,500 in prizes. Judges will award the following prizes:

  • Grand Prize: $10,000
  • Second Prize: $5,000
  • Third Prize: $2,500

Click to view Application Process »

Who Should Apply?

The competition is open to African-American entrepreneurs, entrepreneurs of African descent, and teams containing at least one African-American founder or person of African descent. Entrepreneurs are not required to have any affiliation with The Wharton School and/or the University of Pennsylvania, but all Stage III finalists are required to register for the Conference.

Only new early-stage/start-up companies are eligible. Businesses that have over $150,000 in revenue will not be allowed to compete. There is no limit to the as to the maximum or minimum number of people on each team.

How to Apply?

Phase I: Submission of Executive Summary

Due Date: December 6, 2010

To enter the New Venture Competition, an executive summary of your business plan must be submitted to the New Venture organizing team. The executive summary should provide the judges with a brief description of your concept/product, feasibility, target market, financial sustainability and management team..

Please observe the following guidelines before submitting the executive summary:

  • Maximum length: You may submit a total of 2 pages, including appendices and exhibits. Plans exceeding 2 pages will not be considered
  • Recommended font type: 12 pt Arial double spaced
  • Please submit the document in Adobe PDF format
  • Executive summaries must be submitted electronically prior to the deadline stated to be considered valid
  • Please submit all documents to: wmynewventures@wharton.upenn.edu

Phase II: Selected teams invited to submit a complete business plan

Due Date: December 22, 2010

The top semi-finalist teams from Phase I will be notified by January 4th and are invited to submit a full business plan. The business plan is the key to launching a new venture. It is a critical tool for communicating to potential investors, strategic partners and key employees how you will implement your new venture and why you think it will succeed. It can serve as an operating tool that helps you manage your business with your specific goals in mind. It is also a vehicle for obtaining feedback and input from valued experts..

A business plan must include the following:

  • Executive summary
  • Company description
  • Product/service identification
  • Market, competition and competitive advantage
  • Management team and organization
  • Operations
  • Financial structure and projections
  • Documentation and discussion of intellectual property

Phase III: The top 3 applicants from Stage II will be invited to present at the WMY Conference on Saturday, February 5th, 2010

Stage III finalists will present their business plans at the New Venture Competition during the 37th annual Whitney M. Young, Jr. Memorial Conference, held on February 20th, 2010. Finalists will be provided with assistance to improve their presentations before the conference. Each finalist is guaranteed a prize and must be registered for the conference. Entrepreneurs who are not selected for the final presentation are encouraged to attend the WMY Conference and use the opportunity to network with their peers and investment professionals in attendance..

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Sponsors
The Boston Consulting Group Credit Suisse McKinsey & Company Accenture American Express Bain and Company Bank of America Barclays Capital Citi Deloitte Deutsche Bank Exelon Fidelity Morgan Stanley UBS Booz & Company Johnson & Johnson J.P. Morgan

AAMBAA     The Wharton School, University of Pennsylvania Sponsored by the African American MBA Association of the Wharton School