EDITORIAL: Creating the future
New Venture Competition benefits business-minded students and state
More than $75,000 in seed money was awarded to Central Michigan University student businesses Friday during the New Venture Competition, continuing a tradition of investment and innovation.
In its fifth year, the competition promotes entrepreneurship, collaboration and creativity. It inspires and helps support the next generation of business owners and inventors in Michigan and for that, it should be celebrated.
The New Venture Competition was created through a partnership between the College of Business Administration and the Isabella Bank Institute of Entrepreneurship. This sets a good example to competing teams for what business cooperation looks like. If the goal is to foster teamwork and make connections within Michigan communities, the origins of the competition have already accomplished that.
It is not uncommon to hear lawmakers and politicians urge young college graduates to stay in Michigan, to help "reinvent" the state. With New Venture, CMU is producing real examples of people who want to build businesses and services that will actually benefit Michigan residents.
Siblings Samantha and Joseph Pina were given the $10,000 Most Impact on Michigan award this year for creating a 3D replication system called Revolve Replication, which will be used by jewelers.
Other teams were granted awards for different accomplishments, including the Best Technology, Best Social, Best Lifestyle and Spirit of Entrepreneurship awards.
According to the competition's website, more than 30 businesses are operating as a result of entering the competition. That number alone speaks to the ability of this program to produce realistic, successful innovations that will benefit Michigan's people and economy.
Finally, the nature of the New Venture Competition fosters collaboration and cooperation between students from different departments and educational backgrounds. Having more diverse opinions and expertise will almost certainly create a more successful team. This also teaches students how to work and get along with other students they might not have much in common with.
Students participating in New Venture also receive a dose of real world experience related to their career of choice. In the seven months leading up to the competition, they hone their time management and organization skills and improve their ability to meet deadlines.
These, along with problem-solving skills, are all practiced outside the classroom in preparation for New Venture, giving students a real taste of how to function without classmates or professors.
Michigan lawmakers have made it clear they want young people to contribute their ideas and innovations to the state. The New Venture Competition both prompts creative and successful businesses and prepares students to be the ones to make them.
