![\"Social](\"https:\/\/biznews.fiu.edu\/wp-content\/uploads\/2015\/04\/miami-herald-2.jpg\" "\\"Business")
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Innovation for social good was the leading theme among the six semifinalists chosen in the FIU Track of the Miami Herald Business Plan Challenge, co-sponsored by the College of Business\u2019 Pino Global Entrepreneurship Center:<\/p>\n
\u201cIt\u2019s nice to see people thinking big, solving big issues for the market and delivering proposals that are economically viable,\u201d said John Fleming, Pino Center advisor and one of the judges on the FIU Track.<\/p>\n
Senzu Foods\u2019 founders gave their presentation an added boost, sharing cricket-based cookies with the judges and the other teams participating in the March 30 \u201cShark Tank Forum\u201d at The Miami Herald. The consensus: they tasted good.<\/p>\n
Impressed by the proposals, the judges offered three words of advice: \u201cDon\u2019t give up.\u201d<\/p>\n
It may not have been as fierce as the original \u201cShark Tank\u201d television show, but the FIU Track judges spared little mercy in their questions to the participants.<\/p>\n
\u201cHow are you going to deal with online fraud?\u201d the judges asked Wuelto founder and FIU alumnus Alejandro Gomez. \u201cWhy should consumers buy from you and not Amazon?\u201d added Seema Pissaris, professor at FIU\u2019s College of Business Department of Management and International Business. They also quizzed the Senzu team on their failure to address the required FDA approval and pointed out the need for a food industry expert on their team.<\/p>\n
Money was at the core of the judges\u2019 questions to Relentless Roasters\u2019 Daniel Choiseul, an FIU graduate, asking for details on cost per square foot and revenue per square foot \u2013 neither one covered in the presentation. \u201cIf you can\u2019t explain those two numbers you can\u2019t get anywhere,\u201d said Karlene Cousins, associate professor in the Decision Sciences and Information Systems Department.<\/p>\n
Difficult and demanding.<\/em><\/p>\n The annual Miami Herald Business Plan Challenge tasks contestants with creating a succinct yet detailed presentation of their business concept, the issues it will solve and how the venture will become a success. The ultimate goal: securing investors to get the venture off the ground or grow an existing business active for less than two years.<\/p>\n \u201cThis is real money and I expect you to do real things with it,\u201d Fleming, , co-founder and technology practice lead of Biztegra Partners, told participants as they prepared to make their presentations. \u201cIf you\u2019re taking other people\u2019s money, you\u2019re responsible for it.\u201d<\/p>\n A record 248 entries were submitted for the 2015 competition, now in its 17th<\/sup> year. The six semifinalists selected in each track \u2013 Community, FIU and High School \u2013 all made live presentations before judges and filmed a 90-second video elevator pitch.<\/p>\n Participants in the FIU Track, the majority of them alumni, admitted the challenge wasn\u2019t easy, with tough questions from the judges about costs and business models, competitors, target markets, and marketing strategies.<\/p>\n \u201cIt was tough, but it\u2019s constructive criticism from someone who sees these types of presentations all the time,\u201d Nicolexander Garza, an FIU undergrad who co-founded Senzu Foods with current FIU students Ricardo Delgado and Valerie Yoda, said about the shark tank forum, \u201cThey suggest what areas we need to work on and we learned from their questions to us and to the others.\u201d<\/p>\n Court Buddy co-founders attorney James Jones Jr., an attorney, and Kristina Jones, an FIU alumna, were asked what their critical mass would be, both in terms of attorneys and non-attorney members, how they would attract new lawyers to the service and maintain interest of those already subscribed, and details about the actual costs of running the business.<\/p>\n \u201cThey brought up points that made us realize that we needed to focus more on the business side of Court Buddy,\u201d said James Jones. \u201cIt\u2019s a process that requires our daily attention and dedication to meeting our member\u2019s needs.\u201d<\/p>\n Lessons to be learned.<\/em><\/p>\n The judges described the business proposals as interesting, original and well presented. One of the areas that Business Plan Challenge contestants, and anyone who\u2019s planning to launch a business, must overcome is the \u201cassumption factor.\u201d<\/p>\n \u201cThey have to help me understand the problem and how the business will fill in the gaps,\u201d said Pissaris. \u201cPaint a clear picture of what the market looks like, address the risks and have a plan to mitigate them, describe what makes you well matched to execute the business.\u201d<\/p>\n The presenting teams also need to work on the competitive environment and how to execute the business plan, noted Cousins.<\/p>\n \u201cSome couldn\u2019t explain how their product would be better than competitors\u2019 until they were probed,\u201d said Cousins. \u201cThey have to examine legal and regulatory issues, provide solid information on the return for investors and conduct more sophisticated analysis about the business model.\u201d<\/p>\n The grand finale comes on April 27, when a special edition of The Miami Herald\u2019s Business Monday will showcase the winners \u2013 the judge’s top three selections in each track, the People\u2019s Pick, and the overall 2015 Challenge Champion.<\/p>\n A Closer Look at the semifinalists in the FIU Track:<\/em><\/strong><\/p>\n Court Buddy<\/strong><\/a>, pitched by James Jones Jr. and Kristina Jones. Founded by an attorney, this online legal matchmaking system connects people and businesses with affordable attorneys based on their budgets. The venture offers a-la-carte legal services at a flat rate.<\/p>\n FlowKPI<\/strong>, pitched by Luis Caro, Ernesto Ruiz and Giancarlo Zarrillo. This provider of business software wants to redefine the tools retail businesses rely on to accomplish their sales goals and optimize their potential. Plans include developing software-as-a-service solutions for different industries.<\/p>\n Relentless Roasters<\/strong><\/a>, pitched by Daniel Choiseul Paguaga. A collaborative workspace featuring free Wi-Fi, breakout rooms and specialty coffee caf\u00e9 on the FIU campus would serve as a retail location, roasting facility and educational center focused on entrepreneurship and School of Hospitality-connected activities.<\/p>\n![\"Kristina](\"https:\/\/biznews.fiu.edu\/wp-content\/uploads\/2015\/04\/courtbuddy.jpg\" "\\"Kristina")
![\"Giancarlo](\"https:\/\/biznews.fiu.edu\/wp-content\/uploads\/2015\/04\/flowkpi.jpg\" "\\"Giancarlo")
![\"Daniel](\"https:\/\/biznews.fiu.edu\/wp-content\/uploads\/2015\/04\/relentless-roasters.jpg\" "\\"Daniel")
![\"Richard](\"https:\/\/biznews.fiu.edu\/wp-content\/uploads\/2015\/04\/room-to-care.jpg\" "\\"Richard")
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![\"Ricardo](\"https:\/\/biznews.fiu.edu\/wp-content\/uploads\/2015\/04\/senzu.jpg\" "\\"Ricardo")
![\"Alejandro](\"https:\/\/biznews.fiu.edu\/wp-content\/uploads\/2015\/04\/wuelto.jpg\" "\\"Alejandro")