Charles and Janet Forbes Entrepreneurial Competition

Overview

In 1989, Charles and Janet Forbes ’40 provided an endowment to the School of Engineering and Applied Sciences to establish the Forbes Entrepreneurial Award, which encourages current, full-time undergraduate engineering students to consider the commercial potential of topics or processes they are studying.

Charles Forbes was motivated by his belief that engineers, with an appreciation of the business aspects of new ventures, can contribute significantly to a much needed increase in manufacturing and production-oriented industry in the United States. Accordingly, the award was intended to encourage engineering students to augment their academic design projects with a business plan, including the initial organizational, financial, marketing, and production aspects of a company based on their design results.

Eligibility

• Applications must be submitted online. Click the Apply button to the right to access the online application.
• All competition participants must currently be enrolled as full-time undergraduates at the University of Rochester. Only active UR undergraduate students in good standing are eligible to present in the competition and receive prize money.
• At least half of a team’s members must have declared majors within the Hajim School.

Rules

• Teams may consist of no more than five individuals and it is recommended to have at least two members on each team although an individual without team members is eligible to compete.
• All deadlines for the current academic year are listed to the right.
• The business model must be in the idea, development, or start-up stage. Entries for a business that is already earning revenue will not be considered.
• Teams that have previously won prizes in an Ain Center competition may not enter the same competition with the same venture a second time.

Awards

Cash prizes have been made possible by the generous endowment gift from Charles and Janet Forbes ’40.

• 1st Place: $5,000
• 2nd Place: $2,500
• 3rd Place: $1,000

Only students listed in the Team Member section of the Competition Application will be eligible for any prize money awarded. Prize money will be split evenly among all team members listed in the application. No exceptions.

If a competition entry is based on work completed for a class AND if any student(s) who contributed to said work but are not taking part in the competition, they must provide written consent to the Ain Center stating that they consent to use of their work and forfeit any claims to any prize money won.

Cash prizes are not tax-exempt. International students may have additional holds; please contact ISO with any questions.

Guidelines

Students, individually or in teams, compete by submitting a business plan for a manufacturing or technical business (often based on their senior design projects). Prize money of more than $1,000 has been awarded for outstanding projects. Applications must be submitted online by clicking the Apply button to the right.

Mentors are available to students intending to compete in Forbes and meetings can be arranged by contacting the Ain Center at AinCFE@rochester.edu.

Competitors will develop business proposals for their manufacturing and/or technical ideas. Submissions must be received via the online application. Finalists will be invited to submit an additional form with further details prior to the pitch round.

Applicants should be prepared to describe:

• Company overview
• Potential customers and target market
• Value proposition
• Market analysis and competition
• Marketing, sales, and growth strategies
• Company organization and management

Please contact Program Manager Heidi Mergenthaler with any questions about the application process.

Resources

• Download the Business Model Canvas
• Get a tutorial on using the Business Model Canvas
• Attend a workshop
• Meet with an advisor
• Schedule a practice pitch
• Look through our Entrepreneurial Toolbox