Young entrepreneurs and several important St. Louis business organizations were on the edge of their seats when the Skandalaris Center for Entrepreneurial Studies announced the finalists for its Social Entrepreneurship and Innovation Competition (SEIC) on March 30 at a special ceremony held at Graham Chapel.
Co-sponsored by the Youthbridge association and the Skandalaris Center, the SEIC was launched at Washington University at the beginning of the fall semester.
The competition is comprised of four deliverables, or stages, that represent the normal process of starting up a new business. The finalists are currently finishing their business plans, which will be submitted later this week. Final presentations will be given on April 27.
“At each stage, the competitors are judged and receive feedback from judges on their deliverables,” said Rosemary Gliedt, center manager of the Skandalaris Center. “At the elevator pitch competition we had judges representing service providers, practitioners, academics, investors and foundations. Those will be the folks also evaluating the business plans and the final presentations.”
The finalists are competing for a $65,000 of funding for their projects. Finalists include: Meds & Foods for Kids, a company that will distribute nutrient-rich peanut butter paste developed at the University; Panda Athletic Club, a full-service boxing gym for underprivileged teens; and ArtWorks Enterprise, an organization that will sell products such as note cards and calendars designed by at-risk teenagers who are artists’ apprentices. The remaining five finalists include Build St. Louis, the Haven of Grace, La Loba Life Services, Redevelopment Opportunities for Women and the Wyman Center’s Peak Performance Profile Initiative.
Although most of the founders of these ideas are not students at the University, the competition has benefited the University as well as the St. Louis community.
“We’ve seen participants learn as they attend workshops and think about their ventures, and the ideas of sustainability and social value,” said Gleidt. “They are learning to collaborate with each other and share more information more openly, which helps each of them move their ventures forward.”
Gleidt is also impressed with the generosity of the donors in the St. Louis community.
The YouthBridge Association donated $500,000 to provide five years of seed funding for the competition. As a result, the YouthBridge Association was made a partner with Washington University for the competition. The University has also matched this donation, with the help from community partners.
In a 2005 press release, Jim Cullen, long-time board member of the YouthBridge Association, expressed his excitement about the partnership with the University.
“We believe a partnership with Washington University is the perfect way to extend our mission of serving children at risk or need,” said Cullen. “We have a history of successfully working with and funding new approaches to youth-related social problems. Working with Washington University allows us to discover new ways to leverage our resources and expertise to help others.”
The participation within the St. Louis community is well appreciated; however, Gleidt feels that more students at the University ought to participate in the competition.
“The folks in the community, and we at the Skandalaris Center, would love to see increased student involvement,” said Gleidt. “The community knows the great reputation our students have in learning, leading and serving the community, and the competition participants are eager to engage more students in their ventures.”