Ross Students Have Just Four Days to Create and Launch a Business - Follow It Live
The 2014 Ross Impact Challenge has begun!
This year during the annual challenge, our new MBA students have just four days to develop a start-up business focused on increasing the odds that Detroit school children will become successful entrepreneurs. Then, that business will become a reality with the help of a crowd-funding campaign developed by Ross BBA students.
Monday morning, Ross MBAs were divided into six groups to develop six different business concepts, each focused on helping encourage an entrepreneurial spirit in Detroit kids.
Students heard from a variety of Ross professors and business leaders to help them frame the challenge and organize their thinking. Today, students will split up across the city of Detroit to engage community leaders, business owners, parents, and youth to generate a set of new venture concepts, which they will polish into pitches on Wednesday.
On Thursday, each team will have 10 minutes to pitch their idea to a panel of judges, who will select one of the six concepts for launch.
Our BBA students will then have all day on Friday to develop a social media buzz plan and a Kickstarter campaign to help successfully launch the business.
It’s undoubtedly going to be a stressful and intense welcome for our new students. But it will also be formative, as we prepare them to become leaders who will make a positive difference in the world.
STAY TUNED — THIS POST WILL BE UPDATED AS THE CHALLENGE PROGRESSES.
Our students have been scattered across Detroit to meet with business leaders, Detroit students, and community members to gain valuable insight into their potential business ventures.
Lesson of the day from Ross’ Scott DeRue, director of the Ross Leadership Initiative, was to “delay solutions. Use this time to observe the challenges and opportunities that exist in the Detroit entrepreneurial space. Ask questions. Observe.”
You can watch too — follow the #RossImpact tag to hear what our students are learning from six different locations across the city of Detroit.
Six students, each developing a competing business venture for Thursday’s final round pitch competition, have jointly started @NewRossVenture — the Twitter account for what will become the real-life business our BBA students will be raising funds for over the next few weeks.
The six groups are putting final touches on their pitches for what they think should become the @NewRossVenture. We’ll be live-tweeting the pitches during the final round, which begins shortly after Noon ET in Blau Auditorium.
Congrats to Mo'Tech — the winning idea from Section 6 of the Ross MBA class of 2016!
On Friday, a winning plan will be selected and implemented, with the winning Kickstarter campaign launching sometime in the next few weeks.
Teams of Ross students will then spend the next several months incubating and launching the business - helping it come to life in Detroit.