Forbes Pitch Competition

Competition Founders

The combined backgrounds of the founders inspired the creation of this business plan competition for engineering students.

Charles H. Forbes, who earned his B.S. in mechanical engineering and M.B.A. from the University of Michigan, was a flexible and forward thinking small business founder who led with his core values:

• Honesty and trustworthiness are extended and expected in return
• As members of the corporate family, employees are treated respectfully with an understanding of their individual needs and desires
• Customers have unique problems that can be innovatively solved
• As many attempts as needed are made to ensure customer satisfaction with the product

Janet Phillips Forbes ’40 was a supporter of the University of Rochester for eight decades:

• Employed after graduation as Eastman School of Music Concert Bureau Manager, followed by Alumnae Secretary and Field Representative
• Advocated for the creation of a new position at the University to become the first admissions director for the College for Women (Prince Street campus)
• Served in many volunteer leadership capacities including on the Board of Governors, Alumni Council, Memorial Art Gallery Women’s Council, Trustees Council, Student Affairs Committee, Board of Trustees and Life Trustee

Endowment

Prior to selling Forbes Products Corporation in 1986, Charles and Janet made several gifts of appreciated company stock to the University. The gifts were for two purposes:

• Renovations to the Admissions Office
• Establishment of the Charles and Janet Forbes Entrepreneurial Award

The first award was presented during the 1989–1990 academic year. For twenty years the Dean of the School of Engineering and Applied Sciences coordinated the competition. In 2010 its name was changed to the Charles and Janet Forbes Entrepreneurial Competition and its management was transferred to the Center for Entrepreneurship, which later became the Ain Center for Entrepreneurship and Innovation.

The endowment continues to generate funds for annual prizes of:

• $5,000 – 1st place
• $2,500 – 2nd place
• $1,000 – 3rd place

Eligibility

• Applications must be submitted online.
• All competition participants must currently be enrolled undergraduates or grad students at the University of Rochester. Only active UR undergraduate or grad 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 above.
• The business model canvas must be in the idea, development, or start-up stage.
• 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.

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 model canvas, executive summary and slide deck for a manufacturing or technical business (often based on their senior design projects). Prize money is awarded for outstanding projects. Applications must be submitted online (see below).

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 a business model canvas for their manufacturing and/or technical ideas. Finalists will be invited to pitch at the competition event in late April or early May.

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 Rebecca Crocker with any questions about the application process.