50 companies entered for a chance to win Fintech's Business Plan Competition today, April 28, 2018. 8 teams had the opportunity to pitch their business plans at the competition, and Band.it was awarded first place and a $15,000 prize.
Band.it, one of the only undergraduate teams in the competition, had a chance to showcase aspects of its business plan, including its ongoing internship program and its sales goals. Band.it had previously won a $25,000 prize from UF's 2017 Big Idea Gator Business Plan Competition (check it out here: https://news.warrington.ufl.edu/entrepreneurship/camera-accessory-earns-top-honor-at-big-idea-competition/).
The judges at the Fintech competition said that the Band.it team members had the most thorough materials and "dotted their I's and crossed their T's." The team was also commended for being very professional, especially for such a young team.
The $15,000 prize will be used to improve packaging for the purpose of stocking the Band.it in more stores and to improve manufacturing quality in order to allow for larger sales volumes. Remaining prize money will go toward the marketing budget in an effort to continue to create strategic marketing plans and hire more interns.