The Venture Capital Investment Competition (VCIC) organized by UNC’s Kenan-Flagler Business School is a remarkable series of events that award no money or services to “winning” companies, yet offer an outstanding opportunity for entrepreneurs to win big after the competition.
In this 11-year old event, teams of MBA students from around the world get to watch and evaluate pitches from real entrepreneurs, challenge the entrepreneurs with due-diligence questions, and engage in mock deal-making. The MBA teams are then judged by VCs who ultimately determine which student teams are worthy of a share of the competition’s $10,000 in prize money. (The International Finals are taking place today and tomorrow, April 9 and 10, at UNC in Chapel Hill, NC).
As the VCIC website makes clear, “VCIC is designed first and foremost for the student experience.” And no doubt it is successful in this regard, as 74% of students claim that VCIC was the best educational experience of their MBA careers.
So how does this help entrepreneurs who are looking to finance and grow their companies?
Well, beyond the valuable experience gained in preparing a business plan and presenting it in front of a group of very discerning and perhaps too-demanding MBA candidates, the entrepreneurs presenting at VCIC become very visible to the venture capital firms in attendance to judge the students. Over 100 VC firms have sent representatives to judge the students.
And if the claims of the organizers are to be believed — why shouldn’t they, as the proof is displayed prominently on the website? — 25 percent of companies presenting at VCIC receive venture capital funding after the competition, averaging $10 million. Two in five companies presenting at the International Finals end up receiving funding. Those are rather startling statistics in light of the overall percentage of venture-capital-seeking companies finding success.View all posts by Megan Hurley → This entry was posted in Featured Posts, Spotlight - Competitions and tagged featured. Bookmark the permalink.