InTheKnow and BetMarket Win 10th Annual Business Plan Competition A panel of alumni judges rated eleven teams on the viability of their business ventures.
“Our success definitely gave us confidence in our vision, its viability, and the skills we have to take it to the next level.” ~ Gabby Moore ’20.
On December 6th and 7th, 2019, students enrolled in the BUS 399 Entrepreneurship capstone course competed in Washington and Lee University’s 10th Annual Business Plan Competition.
The Fall Term capstone course was taught in three sections by Rupert H. Johnson, Jr. Professor of Entrepreneurship and Leadership Jeffrey Shay and Associate Professor of Business Administration Marc Junkunc. Eleven teams, four from Junkunc’s section and seven from Shay’s sections, competed for cash prizes.
A panel of alumni judges rated the teams’ business plans on thoroughness, professionalism, potential for attracting the financing sought, and the overall potential for the business venture to be successful.
The Business Plan Competition began with a mentoring session on Friday, during which alumni provided students with feedback on their written plans and advice for their presentations. They allowed students time to adjust their presentations before Saturday morning, the culmination of the competition.
On Saturday, judges assessed each team’s presentation and business plan viability before choosing the winning teams from the two groups.
BetMarket, an application that facilitates peer-to-peer online sports, was the winning team of Professor Junkunc’s group.
“The most important lesson this experience taught me is how much a business idea can change and grow from its inception onward,” said Max Lehman ’20. “Going into fall semester, I thought I had a pretty solid idea of what BetMarket would look like and how it would operate. However, as my team began writing the plan, we came up with a bunch of awesome ideas to improve the company.”
First place in Professor Shay’s group was InTheKnow, a low-price, fast, and anonymous STI testing service accessible to college students.
“Our success definitely gave us confidence in our vision, its viability, and the skills we have to take it to the next level,” said Gabby Moore ’20. “We have talked about traveling to a few larger entrepreneurship pitch competitions in the spring, so we will have to see where that takes us!”
BUS 399 Entrepreneurship is a capstone course designed to expose students to a strategic perspective on business challenges in entrepreneurial firms. Shay is teaching two sections of the course this winter, which will end with another competition in April 2020.
Professor Junkunc’s Section
Winning Team: BetMarket
Max Lehman ’20
Andrew Brouse ’20
Andy Whicker ’20
Dani Murray ’20
BetMarket facilitates peer-to-peer online sports wagers through its mobile application in the growing number of U.S. states where sports wagering has recently been legalized. Users can create their own custom betting odds and amounts and post them to a “BetFeed” to be accepted by others. The application offers social features that allow users to message each other, compete with friends on leaderboards and bet directly against one another. BetMarket offers a free service and premium subscription pricing.
Professor Shay’s Sections
First Place: InTheKnow
Gabby Moore ’20
Kaitlyn Brock ’20
Kaitlyn Fitzsimmons ’20
Katie Martin ’20
InTheKnow (ITK) is a low-price, fast, and anonymous STI testing service accessible to college students. ITK’s custom vending machines dispense state-of-the-art STI testing kits in convenient locations on college campuses. After students receive a kit from a machine, they collect their sample on their own time before mailing it directly to the lab for testing of chlamydia and gonorrhea. Once a student is emailed with their results, they have the option to schedule a video consultation with a doctor to seek any necessary treatment. InTheKnow will launch in Boston before moving into the D.C. market once incorporated as an LLC.
Second Place: AquaGarden
Stuart Ayer ’20
Sydney McGrew ’20
Evy Verbinnen ’20
AquaGarden makes eating local and organic possible with a revolutionary aquaponic system simple enough for novice gardeners, a network of fellow gardeners, and top-notch customer service. The company achieves this by offering a kit that contains the materials to assemble a small-scale aquaponic garden easily. Beyond the kit itself, AquaGarden will provide an online community for aquaponic gardeners and ongoing customer support.