The university’s Center for Innovation and Commercialization has extended its deadline to Feb. 7 for the Rafael Munguia Business Plan Competition, according to a university official.
CIC Manager Stephanie Mendez said the competition originated at legacy institution University of Texas-Pan American.
“I want to say this is probably the 13th or 14th year of the competition,” Mendez said. “Dr. John Sargent, the late Dr. Sargent, is one that really is a champion of creating the competition. So, unfortunately, Dr. Sargent suddenly passed away, I want to say, two years ago, and with his passing, [the competition was] passed on to the CIC.”
The competition is divided into two categories: a full-time student category and a general category.
If an individual is anything other than a full-time returning student, they fall under the general category. This includes part-time students, staff, faculty, alumni and members of the public.
The purpose of the competition is to get people excited about entrepreneurship.
“You know, we want people to come up with really great ideas, and actually give them the tools and the resources … to pursue those ventures and open businesses,” Mendez said.
Participants submit a business idea along with their application. A group of reviewers evaluates the applications and selects up to 10 finalists in each category to advance to the finale and pitch their business idea.
“We are not going to just be like, ‘OK, people, create a business plan’,” Mendez said. “No, we are going to give people the resources that they need in order to create a business plan.
“Not only that, we are also pairing the finalists with a mentor. So, if you’re a finalist, we will find you a mentor that will be able to guide you.”
For each category, the first-place winner receives $5,000; second place, $3,500; and third place, $1,500.
The prize money comes from a gift from the Blackstone Launchpad foundation, local entrepreneur Rafael Munguia and Russell Adams, an associate professor of international business and entrepreneurship in the Robert C. Vackar College of Business and Entrepreneurship.
Munguia is chief executive officer of Caribella Construction.
To participate, individuals must apply by 5 p.m. Feb. 7 at utrgv.startuptree.co.
The university plans to have tabling events on both campuses to promote the competition and get students signed up.
Interdisciplinary studies senior Angelica Mendez is a Blackstone Launchpad student ambassador for the Edinburg campus.
“Right now, we are learning about the [CIC’s] programs,” Angelica Mendez said. “We have the Rafael Munguia Business Plan competition coming up, and we also have iVenture.”
Angelica Mendez said her role as a student ambassador is to host tabling events on campus, promote programs and opportunities and conduct class presentations.
“We’re also going to start doing events with the community so that we can have our [Rio Grande Valley] community involved,” she said. “Our programs are available both for the community and UTRGV students and staff members.”
Angelica Mendez said the CIC’s programs and competitions are amazing opportunities because a lot of students hope to own a business one day.
“They already have smart, smart businesses on Instagram, for example,” she said. “I think this is a great opportunity for our students, because not only does it involve actual money for them to start and grow their business, but it’s also a learning experience.”
Marketing senior Ruby Gamez is a Blackstone Launchpad student ambassador for the Brownsville campus.
“A lot of students don’t really know that they have this awesome opportunity to win money to start their new business venture,” Gamez said. “And as a business student, I think it’s important to get that word out.”
As a student ambassador, Gamez informs students on how and where to sign up for various CIC programs.
Gamez said the CIC’s efforts to get Brownsville students involved is “amazing, because as a business student, you’ll know … how much UTRGV supports you.”
After the Feb. 7 deadline, judges will inform finalists of their advancement on Feb. 14.
“A lot of people dream of starting their own business and being their own boss, and they have no idea how to start,” Stephanie Mendez said. “Well, this is a great resource. … If you’ve always been dreaming about starting your own business or becoming your own boss, the business plan competition is calling your name.”
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