The world is changing and money is tight. A growing number of college students are battling rising tuition and housing costs, as well as food insecurity. 75% of students have some sort of side hustle to make ends meet1 and only 11% will go into debt for education2. For that reason, GMAC has created the “Mind Your Biz” contest to help ease some of that financial stress while also enabling future business leaders to get started.
Now through November 30th, GMAC is going to help 20 students across the US get their businesses off the ground. Starting with the back of a napkin, we want US college students to use their problem-solving skills and access to MBA students, professors, and faculty advisors to connect the dots between entrepreneurship and a graduate business education.
What do students need to do?
- Grab a napkin and start doodling their idea!
- Tell us why they want to get this business started and any info to share their plan
- Take a pic of the napkin and submit it on gmat.com/biz2019
How about judging and (the best part) prizing?
- A panel of judges will review each submission for originality, creativity, and appeal
- Every few weeks, 5 winners will be chosen to win a $500 prize package
- Round 1: winners selected on 9/27
- Round 2: winners selected on 10/18
- Round 3: winners selected on 11/8
- Round 4: winners selected on 11/30
- 20 winners will be awarded:
- $300 in cash for startup costs
- $50 Moo gift card for flyers, biz cards, etc.
- Brief strategy session with marketing firm (up to one hour)
For more information on the competition, visit gmat.com/biz2019.
Here’s where you come in!
Share this opportunity with your undergrads (and increase your chances of getting your school featured on the competition’s website):
- Post on your school’s social sites (especially Facebook or Instagram), distribute to your connections in student organizations, or include as part of an outgoing email.
- Email this flyer to list-servs for undergrads and student organizations.
- Email or print copies of this flyer for your colleagues in the business school, Undergrad Admissions, Undergrad Advising, Student Life, and Career Services.
We are very excited to introduce this contest to an entrepreneurial generation that is already dabbling in the business world. This program will help even more students get a taste for business and innovation, connecting graduate business education with entrepreneurship, financial independence, and career success.
We hope to see submissions come from your school and best of luck to all!
1 State of the Student, Chegg, 2018
2 How Youth Plan to Fund College, College Savings Foundation, 2017
Key Initiatives Director, Americas