Food and AgriBusiness Entrepreneurial Initiative @ UGA
Think of it as the CAES Shark Tank...
Do you have a great idea? Expand your leadership and business skills through a team-based competition of the development of a new food product, new agricultural technology, or a new food or agricultural-related business! Take advantage of funding, seminars, and faculty mentorship through the college's FABricate entrepreneurial initiative.
Who can compete?
- Individuals or teams of up to 5 UGA students; at least 50 percent of team members must be CAES students.
- Interdisciplinary teams are encouraged.
- Graduate students will compete in a separate category.
- Each team must have a faculty mentor but can additionally include external constituents as advisers.
What's the prize?
There will be a public judging event consisting of 10-minute presentations from each group followed by five minutes of questions. There will be one winning team for each category, and each team member will receive $1,000.
Additionally, the winning food product team will have the option to compete in the Flavor of Georgia contest.
What are the categories?
- New Food Product: any new, original food product. Products should have a high potential for being marketed and sold on a commercial basis. The actual food item must be developed and presented at the final competition.The winning team will have the option to compete in the Flavor of Georgia contest.
- Agricultural Technology: any type of new product or service that would be used in a business related to agriculture. For this category, the actual item does not have to be developed but teams are encouraged to develop a prototype or proof of concept, if possible, depending on the nature of the project. Proposed products or services should have potential for being manufactured and sold on a commercial basis.
- Agricultural or Food-related Business: ideas for new businesses that involve food or agriculture. Proposal should include ideas for businesses that do not currently exist, that are creative and enterprising. Business in this category will likely be experience or service related.
- Graduate Students: A separate category built specifically for graduate students that can include products developed as part of a graduate program.
What is the timeline?
FABricate Contest Timeline
October 18: Q & A Open House
Conner Hall, Room 307 from 6-7:30 p.m.
The following experts will be available to answer your questions and assist with the development of your FABricate proposal:
- Mr. Bob Pinckney, Director, UGA Entrepreneurial Programs
- Dr. Brady Brewer, Assistant Professor, Agricultural and Applied Economics
- Dr. Jose Reyes, Associate Professor, Food Science & Technology
- Dr. Rakesh Singh, Professor and Department Head, Food Science & Technology
- Mr. Ian Biggs, Sr. Associate Director, Start Up Programs, UGA Vice President for Research
- Dr. Kirk Kealey, Director, UGA Food Product Innovation and Commercialization Center
- Dr. Joshua Berning, Associate Professor, Agricultural and Applied Economics
October 24: Pre-proposal Due
Drop off at 102 Conner Hall before 5 p.m.
Pre-proposal should include
- list of team members and their major, college, and year
- faculty mentor
- description of project
- evolution of idea
- budget to develop project to present at final competition (up to $1,500)
Maximum of two pages
November 1: Pre-proposal Presentation
Conner Hall, Room 307 from 6-8 p.m.
Teams will give a five minute presentation and answer questions from the judges. Up to three teams per category will be funded for up to $1,500 to further develop their ideas and continue in the competition.
February 1: Progress Report
Tell us how far along you are with your project.
March 15: Final Competition
Suggestions for Success
- Seek the help of faculty as well as industry mentors.
- Create a bussiness plan (see sample below)
Teams are not required to submit a business plan, but preparation of one will greatly enhance your preparedness for the final competition. Below are some things teams may wish to include in their plans.
- Keys to Success
- Product/service description
- Pricing strategy
- Distribution strategy
- Target market advertising strategy
- Sales Forecast
- Production process
- Physical plans
- Balance sheet
- Income statement
- Break-even analysis
- Relevant business ratios