The University of Alabama’s annual celebration of student entrepreneurship and innovation, the Edward K. Aldag, Jr. Business Plan Competition, returns April 14 with additional prize categories.
Also new this year is additional funding for innovative, technology-focused student and faculty/staff business concepts thanks to a generous contribution from the Alabama Power Foundation.
Held at the Bryant Conference Center on the UA campus, the competition, now in its fourth year, has helped infuse dozens of budding companies with the resources needed to go into business.
“As we grow the entrepreneurial community here in Tuscaloosa, this competition is key in identifying nascent ideas that, with some capital and coaching, can enter into the marketplace,” said Dr. Theresa Welbourne, executive director of the Alabama Entrepreneurship Institute.
University of Alabama students, either as individuals or as part of a team, will compete for a grand prize of $50,000 and additional prizes worth more than $100,000. Students pitch their business ideas in front of a panel of judges. Winners from the first round compete in a second.
New for this year is a series of special awards made possible by the Alabama Power Foundation. The Alabama Power Foundation Innovative Technology Awards for students offer three cash prizes totaling $10,000 ($5,000 first prize, $3,000 second prize and $2,000 third prize) for the most groundbreaking technology-focused ideas.
Those three awards come with a scholarship for up to two members per winning team to attend the summer Crimson Entrepreneurship Academy. Students stay in Tuscaloosa and work on their business at The EDGE in Tuscaloosa. Participants will receive individual coaching and will be part of a learning program designed to sharpen their entrepreneurial skills and hone their business concepts.
Previous winners of the Aldag competition include outdoor recreation and travel platform Trips4Trade and video game developer High Five Studios.
The Alabama Entrepreneurship Institute, a unit of UA’s Culverhouse College of Business and partner with the Office for Research and Economic Development, organizes the Aldag competition.
“The Alabama Entrepreneurship Institute plays a key role in enhancing our communities through their efforts to promote entrepreneurship and innovation among students and faculty,” said Mark Crews, Alabama Power Western Division vice president. “Through the support from the Alabama Power Foundation, we are pleased to partner with UA to expand the competition and highlight technology-focused ideas. We strongly believe that these types of initiatives greatly impact the advancement of our state.”
Get Started
New this year is a separate pitch competition just for UA faculty and staff. The first deadline for both student and faculty/staff competitors is March 11 when the intent to compete is due.
To prepare for the competition, AEI is hosting a series of events and workshops to help develop ideas and pitch skills prior to the competition. Details about the competition, including upcoming workshops and guidelines, are available at entrepreneurship.ua.edu.
The Edward K. Aldag Jr. Business Plan Competition is made possible with an endowed gift from Aldag, who is a class of 1986 Culverhouse alumnus, and the founder and CEO of Medical Properties Trust of Birmingham.
Now an established tradition, the community business plan competition is moving to its own day, April 28, and will take place at The EDGE. Watch for more information on it.