Young Minds to Bring Great Ideas to Life through MMC Scholarship Challenge
Binghamton, N.Y. – May 28, 2015 – Students from nearly a dozen area schools join a local business plan competition each Spring hoping that their innovative ideas will flourish at the Greater Binghamton Scholarship Challenge Finals. This year’s was held on May 27 at Binghamton University. Modern Marketing Concepts, Inc., created the entrepreneurial scholarship competition in 2010 as a way to give back to the community both in terms of providing scholarship dollars to students and inspiring new ideas that can help the Binghamton area continue to grow.
Teams of up to six students in grades 9-12 had been working on developing their business plans for the last several months. The teams worked alongside their teachers, MMC Mentors and local Business Advisors to get a realistic business development experience. Mentors worked with the students throughout the entire process, providing guidance with the brainstorming and development of their business plans and helping to keep the students on track to ensure that all of the deadlines were met. Local Business Advisors held workshops for the students focusing on preparing financials, legal advice, marketing techniques, and ultimately all of the components needed to create a comprehensive business plan.
Participation in the competition has grown steadily, nearly doubling in the last three years. This year, 175 students participated. The winning students received scholarships that can be used to start their business or be put towards their college education.
“The Southern Tier’s future depends on innovation, and these students will help our community reach its full potential,” said Dan Babcock, founder and CEO of MMC.
Some past teams have gone on to put their business plans into action. One such team from Johnson City High School developed a non-profit organization called Athletes 2 Athletes, which aims to provide assistance to athletes struggling to pay their medical bills. Athletes 2 Athletes’ main fundraiser is an annual basketball game at which students grades K-8 play against the Johnson City High School staff. Referring to the fundraiser, advisor Joseph Schieve said, “As a teacher and advisor, I saw these students spend many hours outside of school planning, organizing and running this event. From creating promotions, getting sponsors, website development, working with local business leaders and many other activities, the effort they put in was incredible.”
Overall team and individual participants were chosen as champions on May 27 for each of the six categories—consumer products; food services; consumer services; entertainment services; healthcare, human services and education; and science, technology, engineering and math.
There were $4,150 in scholarships awarded at the conclusion of this event.
For more information about the scholarship competition, please visit www.mmcgbsc.com.