Key Takeaways
- The CEO Business Plan Competition at South Dakota Mines challenges entrepreneurs to pitch their ideas for a chance to win $14,000 in prize money.
- The competition showcases innovative ideas from students, including drone technology, AI-powered platforms, renewable diesel innovations, and smart sensors.
- The winners of the competition include StageFlight, Sum-IT, TruDiesel, and SlumpScan, each addressing real-world challenges through bold design and inventive thinking.
- The competition provides valuable feedback, camaraderie, and financial incentives for students to pursue their startup goals.
Introduction to the CEO Business Plan Competition
The CEO Business Plan Competition at South Dakota Mines is an annual event that challenges entrepreneurs to pitch their innovative ideas to a panel of expert judges for a chance to win $14,000 in prize money. Now in its 12th year, the competition is the state’s longest-running university-sponsored business competition. The event provides a platform for students to showcase their innovative ideas and receive valuable feedback from industry experts. This year’s competition featured a range of innovative ideas, including drone technology, AI-powered platforms, renewable diesel innovations, and smart sensors.
Innovative Ideas and Winners
The winners of the competition included StageFlight, a Rapid City-based drone technology company that reimagines aerial coverage for live entertainment, broadcasting, and large venues. The company, founded by Isaac Adsit and Gage Waterhouse, developed smart unmanned aerial systems designed specifically for safe, compliant operation over crowds. Other winners included Sum-IT, an AI-powered platform that transforms how disability claims are prepared and evaluated; TruDiesel, a company that developed advanced cold-flow additives and a multitiered filtration system for renewable diesel; and SlumpScan, a handheld sensor and software platform designed to bring data-driven precision to small-scale concrete work.
Benefits of the Competition
The CEO Business Plan Competition provides valuable benefits for students, including feedback from industry experts, camaraderie, and financial incentives. According to Jacob Vostad, a senior chemical engineering major, "Competitions like this allow students to get valuable feedback from people who have been in the entrepreneurship industry for decades." The competition also provides an opportunity for students to develop their business plans and pitches, with assistance from the Small Business Development Center and mentoring from local business leaders and South Dakota Mines entrepreneurs-in-residence.
Impact of the Competition
The CEO Business Plan Competition has a significant impact on the students who participate, as well as the community and industries they serve. According to Beth Lambeth, associate vice president of research-innovation and entrepreneurship, "All these ideas reflect not only what’s possible in the lab or the classroom, but what can truly make an impact in our communities and industries." The competition provides a platform for students to showcase their innovative ideas and receive the support and resources they need to bring their ideas to life.
Conclusion
The CEO Business Plan Competition at South Dakota Mines is a unique and valuable opportunity for students to showcase their innovative ideas and receive feedback, camaraderie, and financial incentives. The competition has a significant impact on the students who participate, as well as the community and industries they serve. With its focus on innovative ideas and entrepreneurial spirit, the CEO Business Plan Competition is an event that is sure to continue to inspire and support the next generation of entrepreneurs and innovators.