The Social Venture Plan Competition at Seattle Pacific University stepped up to a new level of innovation and excitement this year.
The Fourth Annual SPU Social Venture Plan Competition (SVPC) Showcase on April 21 had record-high attendance, with more than 500 students and staff, and nearly 100 community judges present to view and vote on the social venture business plans developed by 31 student teams.
"I think the reason people are so positive about this year is that all of the projects had a very strong social enterprise focus," said Don Summers, SVPC coordinator and professor of business and economics. "They all focused very clearly and deeply on some social issue; we've been working at that, and it really happened this year. The projects are getting better and more sophisticated."
Projects were judged in four categories: the significance of the social need being addressed, the ongoing impact of the venture, the chance of the plan being successfully implemented and the plan's financial viability. Idyll Energy Solutions won the grand prize of $2,500 and the People's Choice award for $500, too.
The Idyll Energy Solutions team developed the Switch Strip-a power strip that will disconnect and restore power to appliances based on movement in a room, which would eliminate idle power consumption by up to 60 watts a year in the average household. Over a five-year period, junior business major Allen Klein said the Switch Trip could reduce the nation's carbon emissions by 1 billion, 75 million pounds. Klein and fellow teammates-Kathryn Imler, Mark Cotton, Jamie Durbin, Winslow Moran-Hodge and Kevin McFarland-intend to execute their business plan too. Right now, the team is working on patenting the product and attracting investors.
"The competition was tough this year. There a lot of really great teams, really cool ideas. A lot of people are going to make changes with these business plans," Klein said. "It was cool to see the creativity. It was a huge plus to be up against people who had put so much time into their plans; it made us work harder."
Kinetic Co-Op was the runner-up and winner of the $1,500 Pioneer Award; the team's business would provide opportunities for at-risk youth to gain mentoring, work experience and life skills through employment at an urban community bike shop.
Four honorable mentions and $1,000 prizes were awarded to Cherished, a baby-clothing boutique whose sales would benefit economically depressed areas along the Nile River, Direct Drug Solutions, a prescription delivery system to senior citizens and others with disabilities, Empowering Tech Solutions (ETS) and Seattle Garden Company. ETS would provide low-income youth with life and work skills by working for a computer repair service, and the Seattle Garden Company would promote eating locally by offering design and installation services for home and rooftop gardens.
All the teams started form scratch in January, many with students who are not business-related majors, to create a social venture business they could sell as financially viable at the showcase. Though the general goal is to teach students how to take big ideas and turn them into actionable business plans, these business plans are unique because they do not solely focus on the bottom line.
"The one thing I like most about the competition is we're learning how to make a positive impact with what we're doing. It is very feasible to structure business in ways that will positively change a social issue," Klein said. "It's important as a responsible business person to not only think about how much we can give back to the investors, but also to look at people we directly and indirectly effect with our product."
In addition to seeing plans with a clearer focus on social issues, more of the plans this year are financially viable. Summer estimates about 12 of the business plans, as they exist now, are actionable and four teams are already in pursuit of implementing their plans.
"It circles back to the fact the projects are getting better, and they have the possibility of making a huge difference," Summers said. "All you had to do was walk into the room and you felt a great hope and satisfaction for the next generation of young people. They are so full of positive possibilities and attitudes."
Summers is currently working on expanding the SVPC to a regional, and maybe even a national level at some point. This year, a high school team from Issaquah competed and observers and judges came from as far as Columbus, Ohio.[[In-content Ad]]
