Business plan competition run by students, for students

October 3, 2023 5:30 pm
Courtesy graphic
Courtesy graphic

Special to the Reporter

This month, a group of young entrepreneurs, Benjamin Viafore, Nikesh Woerner and Douglas Stovall, will run a business plan competition in partnership with the DECA chapter of Mercer Island High School (MIHS).

Frustrated by the lack of local business opportunities, the trio of students decided to host their own business plan competition to foster a passion for business in their local community. With the help of Jen McLellan, a teacher and adviser at MIHS, along with the Mercer Island DECA chapter, the students created the nonprofit The Seattle Competition for Young Entrepreneurs (SCYE), which will host the competition on Nov. 4.

The SCYE features two rounds: first, participants submit one-pagers outlining their concepts by Oct. 21; second, the finalists will present their ideas and face questions on Nov. 4 in front of a panel of judges.

In order to make the competition as inclusive as possible, it is free to enter for all high-schoolers in the greater Seattle area who can join teams of one to three to compete for the three cash prizes. The winner will be awarded $1,000, with second and third place taking home $500 and $250, respectively. For more information, visit SCYE’s website at thescye.com.

“No business experience is needed,” says Viafore, one of the student organizers of the event. “At SCYE, we believe business plan competitions are great ways to fine-tune your ideas, get awesome feedback, and kickstart your dream projects into reality in a low-risk environment.” As business is not usually taught in the classroom, according to the founders of SCYE, business plan competitions serve an important role in getting students involved in business.

This sentiment becomes more apparent upon viewing their website, where prospective participants can sign up or donate to the nonprofit. Viafore, along with the other co-founders of SCYE, hope that this competition, run by students, for students, will provide more opportunities for young people to become engaged in business, and fuel the next generation of entrepreneurs in the Seattle area.