April 28, 1999
Competing for $30,000 in scholarship money, five teams of four cadets at The Citadel presented entrepreneurial plans in front of a panel of judges on April 15 in the first Krause Business Plan Competition.
The competition is funded by a generous grant from the Krause Foundationa private foundation established by Citadel alumnus and advisory council member Bill Krause, 63, and his wife Gay. Open to cadets of all academic disciplines, the competition was designed to encourage Citadel cadets to become involved in launching new real-world business ventures. Seven of the 20 cadets competing represented academic disciplines other than businesscivil engineering, computer science, education, history, and psychology. Each of the teams was assigned an advisor from the business communityexecutives in-residence at The Citadel and Citadel business faculty.
The proposed new ventures presented by cadets were an international internet business, a retail furniture company, a pool service firm, a firm with innovative household convenience products, and a computer education services firm. The teams were judged by Bill and Gay Krause and Drs. Bob Williams and Ron Zigli of the department of business administration.
The winners of the competition were announced at an awards banquet on April 17 in The Citadel Riverview Room. Winning the first place scholarship award of $20,000 was the POOLPRO team, composed of Cadets Peter Murray, William Stephenson, Bradley Hunnicutt, and Michael Pelland. The second place scholarship award of $10,000 was awarded to the GoSystem(Gosis) teamCadets Patrik Smida, Patrick Mullevey, Brian Chang, and Chris Coggins. And because the judges deemed that none of the teams were losers in the competition, an honorable mentioned scholarship award of $1000 was created and awarded to each of the three remaining teams.