Xavier's X-LAB Competition attracts more than 160 applications from business entrepreneurs
The winners of the competition are being awarded free consulting services and assistance
The Xavier Launch-a-Business Competition has drawn 167 entries from applicants competing to obtain free consulting services from the Williams College of Business for help starting new businesses, nonprofits and social enterprises. The applications have been submitted from people who want assistance starting or expanding businesses in fields such as clothing production, restaurant management and medical device manufacturing.
A sampling of the ideas submitted to X-LAB:
- Creating an organization to provide micro-loans to an African nation.
- Developing an online method for helping underweight people gain weight.
- Harvesting a plant that’s abundant in the United States and finding new uses for it.
- Manufacturing novel educational games and devices for children.
- Creating a traveling museum exhibit devoted to an under-recognized segment of the U.S. population.
- Selling healthier dog treats.
Most of the ideas involve service-oriented businesses, but manufacturing and nonprofits are represented. Some applicants submitted multiple ideas. One woman submitted five.
“These are not ‘I’d-like-to-open-a-T-shirt-shop’ ideas,” said visiting professor Joseph Carter, who heads X-LAB. “Most of these ideas are very promising.”
During the next two months, X-LAB will identify the most determined, creative entrepreneurs with the most promising ideas. Then, to boost the local economy, the college will provide advice and other support to the winners.
The winners receive:
- A faculty member or business executive assigned as their business adviser.
- Consulting services for up to a full academic year to assist with the development of a business.
- Access to college workshops, executive mentors and networking events.
- Feedback on the development of a business plan from business professionals.
- A meeting with potential investors.
To guide the entrepreneurs, X-LAB is drawing on the business expertise of the college’s 65 professors, 500 executive mentors and 1,000 MBA students. X-LAB is helping help most of the applicants who don’t win the top prizes by referring them to other resources in the college or to economic development agencies.
The applications are being judged on three overall factors: the viability of the ideas, the potential of the business owners and whether the capabilities of X-LAB are a good match for the businesses. X-LAB is looking for businesses, nonprofits and social enterprises that can grow or make a significant impact regionally or nationally.
Applicants are being screened by faculty members and members of the business community. X-LAB will select at least five applicants for initial support. Winners are being announced in September. More information about X-LAB is available at www.xavier.edu/xlab.
The Williams College of Business, one of three colleges at Xavier University in Cincinnati, is ranked as one of the nation’s best business schools for teaching entrepreneurship. It also has been recognized for its outstanding MBA programs.