Better Idea: Lt Gov.’s Entrepreneurship Challenge for high school students — pitch business, win prizes

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NKyTribune

This video encouraging participation in the LGEC competition also includes a familiar Northern Kentucky face. Did you recognize it? (Answer at bottom of story.)

Lt. Gov. Jenean Hampton has announced an Entrepreneurship Challenge aimed at engaging high school students throughout the Commonwealth in regional competitions leading to a state competition next April. Student teams will develop a business plan, then a live pitch, hoping to win a portion of the $80,000 in prizes.

“The goal of the LGEC is to get entrepreneurship in front of students as an exciting educational experience and as a viable path to a rewarding career,” Hampton said.

The Lt. Governor is partnering with the Kentucky Innovation Network and Junior Achievement to offer the competition.

Here are answers to your questions:

• WHAT IS THE LGEC?
◦ The Lieutenant Governor’s Entrepreneurship Challenge (LGEC) is a tiered business pitch competition for Kentucky high school students grades 9-12. It is intended to introduce students to a realistic competitive business environment, as well as promote business ownership and lifelong
learning.

screen-shot-2016-10-23-at-8-32-18-pm

• WHEN IS THE LGEC?
◦ Wednesday, February 1 Intent to compete due, online.
◦ Wednesday, March 1  Application completed, online.
◦ Monday, April 10 – Thursday, April 13  Regional Competitions, Zones 1-5.
◦ Saturday, April 29 – State Competition.
The regional competition hosts include:
· Murray State University for Zone 1
· Western Kentucky University for Zone 2
· Georgetown College for Zone 3
· Berea College for Zone 4
· University of Pikeville for Zone 5

• WHO CAN PARTICIPATE IN THE LGEC?
◦ Students grades 9-12 in Kentucky.
◦ Public, private, and homeschool students are eligible.

• WHAT DO I NEED TO DO TO BE CONSIDERED FOR LGEC?
◦ Form a team of at least 2 to 4 students who are interested in creating a product/service and starting a business.
◦ Find 2 adult advisers who can commit to coach and advise the development of your ideas. Apply to be a mentor here.
◦ Plan and prepare to compete in your zone’s regional competition.
▪ The top two winners from each regional competition will advance to the state competition.
▪ There will be a total of 10 teams advancing to the state competition with first, second, and third place winners.
◦ Submit an intent to compete form here
▪ This form is due by 2/1/17.
▪ Any forms received after 2/1/17 5 p.m. EST will not be eligible to compete.
◦ Review the full application requirements and build your business plan.
▪ Business plans should cover all the elements you are expected to include in your pitch presentation to judges.
▪ Completed business plans due by 3/1/17.
▪ Any plans received after 3/1/17 5 p.m. EST will not be eligible to compete.
▪ Business plans are evaluated for a score that will be used in combination with the score of the team’s pitch presentation.
◦ Compete in one of the LGEC regional competitions and see if your team advances to the state competition!

• WHAT IF I DON’T HAVE ANY ADULTS TO SERVE AS ADVISERS?
◦ Seek out a teacher at your school who can help.
◦ Contact your local Kentucky Innovation Network office for suggestions.
◦ Meet with local entrepreneurs in your community to see if they would help.

Rick Jordan

Rick Jordan

• WHAT IF I WANT TO SERVE AS AN ADULT ADVISER FOR A TEAM?
◦ Contact a high school in your area to see if any teams need help.
◦ Contact your local Kentucky Innovation Network office for suggestions.
◦ Volunteer to work with Junior Achievement and advise a team from there.

• WHY SHOULD I CARE ABOUT THE LGEC?
◦ You have the opportunity of a lifetime to walk away with significant prize winnings (over $80,000 split among top 3 teams at the state competition) for scholarships to post-secondary institutions* in Kentucky.
*Post-secondary institutions include: two-year colleges or universities, four-year colleges or  universities, technical colleges or universities, and trade schools.

Answer to video question: Rick Jordan, Director of Special Projects for the Kentucky Education and Workforce Cabinet. He and his family live in Walton

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