Prize money doubled for 2013 Pirate's Pitch

The third annual Seton Hall University Venture Fund Compe­tition, Pirates Pitch 2013, is back and prize money is double this year, according to the Director for Entrepreneurial Studies Susan Scherrik.

Scherrik said this year winners will receive $10,000 for the most innovative business ideas.

Also new to this year's compe­tition is that Pirates Pitch will now accept video submissions, instead of just written submissions, ac­cording to Scherrik.

"To enter, students acting alone or in teams of up to five stu­dents submit an original business idea," Scherrik said, "outlined in a two- page executive summary, or in a two-minute original video."

Scherrik said the contest will be sponsored by iStart, a technol­ogy platform for collegiate busi­ness plan competitions developed by the Kauffman Foundation.

The competition aims to help students launch their own busi­ness, or if a student already has a business idea in progress, this could potentially take that idea to the next level, whether it be through professional advice or funding, according to Scherrik.

Scherrik said all students are allowed to enter the contest, grad­uate or undergraduate, and the contest consists of three rounds.

"In the first round, students will submit an original business idea or a plan to expand their ex­isting business," Scherrik said. "A panel of outside judges, comprised of successful entrepreneurs, will then narrow down the field of ini­tial entries to ten semi-finalists."

According to Scherrik, judges evaluate the ideas based on cre­ativity, innovation and the new venture's potential to turn a profit.

"In the second round, the 10 semi-finalist teams will each make a five-minute pitch to the judges, who will then select the five final­ists," Scherrik said. "In the third round of the contest, the final five teams will submit detailed busi­ness plans and make 10-minute presentations to a panel of judges on Pirates Pitch Day."

According to Scherrik, Pirates Pitch Day is schedule for April 24.

"This is an awesome opportu­nity for our students with entre­preneurial spirit to shine," Scher­rik said.

For more information or to ap­ply go to http://www.shu.edu/go/pirates-pitch.

Lindsay Rittenhouse can be reached at lindsay.rittenhouse@student.shu.edu.