By CALLY ANDERSON
Tiger Media Network
Students at Kansas universities with a vision for new products, services, or community non-profits should consider participating in the upcoming Falkner Challenge.
The Faulkner Challenge is a business plan competition where students submit a business plan for a new venture in either the conceptual stage, seed stage or startup stage and compete against other students to take home first place. In 2015, Fort Hays State University hosted the first-ever Faulkner Challenge. This event has been made possible by the generosity of FHSU alumnus Kevin Faulkner.
Students participating in this event can gain valuable skills they can apply to their future careers. Henry Schwaller, an instructor within the Department of Management, can attest to the skills he has seen in students in the past years.
“This event is a great opportunity for students to build strong oral and written communication skills, work in a team environment and create solutions to problems, ” Schwaller said. “The skills that students develop and use in this Challenge will benefit them in their work and community after completing their education at FHSU.”
Beginning today, any student, regardless of their major or background, has the opportunity to submit a business plan.
First-year MBA student Faith Little has participated in this event twice as a part of a team. Examples of her submissions include business plans over a mental health app creation and pitching an environmentally friendly thrift store.
Little encourages students to consider this opportunity because of its impact on her.
“Even if you aren’t feeling 100% about doing the Faulkner Challenge, I encourage you to go for it,” Little said. “My involvement in Hansen Hall and the entrepreneurial competitions during my undergrad years inspired me to pursue my MBA and work on several other entrepreneurial projects.”
Fellow FHSU student Tyler Preisser agrees with Little, saying the challenge benefits students’ futures. He plans to participate again this year after his experience from last year’s event.
“It is such an opportunity to learn to take constructive criticism, to speak in front of people and to build an idea and venture from the ground up,” Preisser said.
The deadline for business plan submissions is Friday, March 8th at 11:59 pm. Students will be graded by a rubric that includes categories on purposefulness, the business model, economic sustainability, and market characteristics, with the full rubric listed on the Faulkner Challenge webpage.
After a review, finalists will be notified by email on March 15th. Final oral presentations will take place on March 30th. The final presentation will take place both on campus and on a virtual platform, allowing all students to compete no matter their location.
The top three teams will each earn a prize. First place is $6,000; second place is $3,000, and third place is $1,000.
Submissions are accepted via email at faulknerchallenge@fhsu.edu. More information can be found at https://www.fhsu.edu/cob/faulkner-challenge/ or by emailing the challenge.
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