New business ideas can win students $10,000 in the second annual "I Can't Believe It's Yogurt -- Believes You Can Do It Too" college entrepreneur competition.
To enter, applicants must submit their business ideas in writing -- 300 words or less -- to various judges. The business idea must be a product or service that can be franchised.
Heather Pace, account supervisor for the "I Can't Believe It's Yogurt" franchise, said the contest gives students the opportunity to express new, business ideas and receive money to help aid and expand those ideas.
The owners of the yogurt franchise, Bill and Julie Brice, founded the chain in 1977 at Southern Methodist University in Dallas. The couple pooled $10,000 in savings to purchase two failing frozen yogurt stores. The Brices saw profits in that investment within three months.
"We know how hard it is to start a business and want to share our success with another budding entrepreneur as well as promote entrepreneurism on the college campus," Mrs. Brice, chief executive of I Can't Believe It's Yogurt, said in a press release.
A survey conducted by the franchise depicted money as a primary problem of beginning student entrepreneurs.
"Of 500 students surveyed, the number one problem for student entrepreneurs is attaining capital, Pace said.
"There are a lot of people who have great ideas," Pace said, "and the opportunity to win $10,000 is extra incentive."
In addition to the prize money, the winner will receive counseling for his or her idea with Mrs. Brice and Arthur Lipper, publisher of Venture Magazine. The winner will also be flown to the Association of Collegiate Entrepreneurs International Conference in San Francisco next March to participate in seminars and activities.
Michael Carrazza, president of the Association of Collegiate entrepreneurs at the University, said he and the club will be looking into the competition.
"There is a good possibility that we will be involved in this contest," Carrazza said. "I will notify club members and hope that anyone else interested in the competition will get involved."
The contest is open to all full-time undergraduates at an accredited college or university. Ten finalists will be selected in November to outline their ideas in a full business plan. The winning entry will be announced the week of February 6, 1989.
