April 26, 2000
The finals of the second annual Krause Foundation Business Plan Competition, a competition designed to encourage Citadel cadets to become involved in launching new real-world business ventures, were announced at a banquet Thursday, April 13. The prestigious competition awards a total of $30,000.00 in scholarships to the top four teams:
1st Place: NRS Home Networks: Scott Nixon, Joseph Rohe, and Jimmy Swartz. This business would install "smart house" systems which provide for central control of heating, cooling, lighting, alarm, and entertainment systems.
2nd Place: Web Marketing: Dustin Poplin, Steven Hicks, and Jimmy Foushee. Web Marketing provides marketing services for those involved in the wedding and special events industry.
3rd Place: two teams tied for third place: GetIt2Day.com (Justin Drach, Curt Gobely, Todd Morgan, and Khaled Khatib. Provider of same day delivery of items ordered via internet. And Bargain.beer.com (David Anderson, Michael Davis, Mada Sudiana). Provides internet advertising and price information for beverage businesses and entertainment venues.
The competition is funded by a generous grant from the Krause Foundation of Los Altos, Calif. Bill Krause, founder of Storm Technology and 3Com, Trustee of the Foundation, and current chair of The Citadel Advisory Board, was an electrical engineering major in the class of 1963 at The Citadel. As a successful entrepreneur he recognized that students from all fields of study have viable business ideas, hence the development of a competition which includes all academic majors and all academic year groups. This competition has been a hit among the Corps30 percent of last years competitors were from disciplines other than business. This year cadets represented biology, computer science, electrical engineering, civil engineering, English, history, and education, as well as business.
Six teams of three to four members each competed in the preliminary competition. Four teams competed in the finals. The judging panels were composed of members of the business community and the faculty. The final judging panel included Mr. Krause and Mrs. Gay Krause of the Krause Foundation, Mr. Ray Johnson, retired Du Pont Corporation vice president of manufacturing, and Noel Thorn, CEO of The Thorn Company.
Each of the student teams had an advisor from the business community or the college faculty. The proposed new ventures ranged from consulting services to Internet businesses and were judged in the preliminary round for market attractiveness, competitive advantage, strength of management, implementation plan, and economic value. The final round judges rated the plans on the quality of the new business concept, potential for financial success, and the formal presentation of the plan.
The competition was developed and administered by Lt. Col. Michael Alford, Department of Business Administration, The Citadel, with support from Department Head Col. Mark Bebensee.