DENTON (UNT), Texas - UNT’s College of Music will be hosting their annual Music Entrepreneurship Competition where music students can create and submit business plans in hopes of winning a cash prize. More than $19,000 in cash prizes will be awarded for winners to launch or expand student businesses.
Competition founder Fabiana Claure, director of career development and entrepreneurship in music, encourages students to participate. She says this is something that can be transformative for their careers.
“Creating that business plan while in school, putting it on paper and having a tangible version of their idea can help them take action and confidently pursue their goals,” Claure said. “It can give them somewhere to start, not to execute by themselves, but with their immediate circle of peers and faculty mentors, as well as their external support system. It’s a way to raise funds and get people to partner with them and even attract new clients.”
The competition is split into two classifications – graduate and undergraduate – and is open to College of Music students or other UNT students collaborating with a music student.
To develop business plans, students can use a variety of resources, including a comprehensive online resource guide curated specifically for the competition, existing music entrepreneurship courses, competition workshops and faculty mentorship. Plans must include summary statements, business descriptions, market analyses, operations statements and financial information.
“I want students to approach this with an adventurous spirit and to see this as something that will allow them to explore their entrepreneurial imagination to try to figure out what would they like different in their industry,” Claure said. “That is how most businesses are started.”
A panel of judges consists of musicians and business people, including the guest judge and artist-in-residence for the competition, Angela Beeching, internationally renowned career development expert and author of “Beyond Talent.”
Business plans must be submitted no later than March 17. From each classification, three finalists and four honorable mentions will be announced April 9. Finalists will pitch their business plans during the grand finale on April 22. The event will be open to a live audience in the College of Music’s Recital Hall. Alongside the judges, the audience will have the opportunity to ask questions and vote on their favorite business plan. The awards ceremony will follow.
For more information, visit http://career.music.unt.edu/competitions/entrepreneurship.