1. Concept
The Scheinfeld Center for Entrepreneurship & Innovation at Santa Barbara City College hosts a two-tiered business plan and pitch competition: The Scheinfeld New Venture Challenge. The competition is open to SBCC students and other undergraduate college students in Santa Barbara County, as well as area high school students to promote youth entrepreneurship. The competition serves as a capstone experience for community college students studying entrepreneurship and as a capstone experience for high school students participating in high school entrepreneurship programs and academies in Santa Barbara County.
2. Justification
The Scheinfeld Center was the first to offer a local business plan competition that serves community college and high school students alike in our area. The Scheinfeld New Venture Challenge provides an opportunity for local area high school and community college students with common interests and goals to interact, network, prepare for a competition, and potentially advance their business ideas. This program promotes and bolsters the pathway from area high school entrepreneurship programs to SBCC’s entrepreneurship program and builds awareness of the Scheinfeld Center and SBCC’s Entrepreneurship Program among students. Diversity is welcomed among students and business ideas, and students are given equal opportunity to be recognized regionally for their entrepreneurial spirit and skills.
3. Event Summary
The Scheinfeld New Venture Challenge has two tiers of competition: high school and collegiate. Students first submit their business plans and applications according to uniform guidelines that promote consistency in presentations and judging. Community executives, bankers, investors, and entrepreneurs are invited and selected as volunteers to judge the applicants’ business plans, and up to ten (10) finalists from each tier are identified to compete as finalists. Each finalist will submit their pitch deck according to the submission requirements outlined in the official rules. The pitch competition takes in person at SBCC where other students, parents, mentors, and our community can celebrate each finalist’s success.
4. Sponsored Awards
The winning students receive various levels of cash awards (or other opportunities) depending on the awards raised and participating sponsors. Current awards total $15,000 for cash and various opportunities.
5. Management
The competition rules, organization and coordination are managed by Julie Samson, the Director of the SBCC Scheinfeld Center with oversight of the Dean of Educational Programs at Santa Barbara City College.