UGA students compete in the Venture Prize Competition to win $10,000 toward entrepreneurship

By Laari Ruby
Feb. 20, 2024

Winner of the 2023 UGA Venture Prize Competition competition Valeria Brenner, owner of Thryft Ship, holds her first place prize check, Feb. 16 2023.  The annual competition is scheduled to take place again on February 22.. (Photo/Terry College of Business)

The UGA Venture Prize Competition, scheduled for this Thursday, gives students the opportunity to pitch their business idea to a panel of judges for the chance to win up to $10,000. 

The competition, supported by the UGA Entrepreneurship Program and sponsored by Floor & Decor, allows students to practice pitching a business idea and convince an audience it can be successful. 

According to the website, the UGA Entrepreneurship Program works to create an entrepreneurial mindset in students by providing comprehensive academic courses and experiential learning opportunities such as the Venture Prize Competition. 10 groups are competing this year, including existing businesses such as Detail Dawgs, Ox Sox, and Fire Truck Rentals of Atlanta. This year’s competition will feature pitches from businesses using AI technologies and planning expansion projects. 

Laari Ruby on Twitter: “The first pitch begins at 5:42 by Sean Snarey for his business TLS. The mission of the company is to revolutionize the poultry industry through technological advancements and use of artificial intelligence. / Twitter”

The first pitch begins at 5:42 by Sean Snarey for his business TLS. The mission of the company is to revolutionize the poultry industry through technological advancements and use of artificial intelligence.

“Every student would say it’s an opportunity… It’s getting them out of their comfort zone and getting them more comfortable speaking in front of groups,” said Bob Pinckney, director of entrepreneurship at Terry College of Business.

Judges of the competition are looking for a viable business plan that has potential to scale up, and whether the $10,000 prize money will impact the business plan in the long term. The pitch that places second will receive $5,000 and third place will receive $2,500. 

Laari Ruby on Twitter: “Judge Justin Ernest described the decision-making process for the winner, saying “There’s really two qualifications. Is the business viable and can it scale? Then number two what do you use $10,000 for and will the $10,000 make a big dent in the business plan in the long term?” / Twitter”

Judge Justin Ernest described the decision-making process for the winner, saying “There’s really two qualifications. Is the business viable and can it scale? Then number two what do you use $10,000 for and will the $10,000 make a big dent in the business plan in the long term?”

Last year’s winner, Valeria Brenner, won with her company Thryft Ship. Brenner used the $10,000 prize to expand Thryft Ship’s operation and launch a premium subscription feature, which was detailed in the pitch. 

Thryft Ship is far from the only business that began in the entrepreneurial program that has become and remained successful. Pickney said 55 to 60 percent of companies that win a competition through the entrepreneurship program remain in business five years later. 

The competition takes place 5:30 -8:30 p.m. in Studio 225. Students of all majors and focuses are welcome to attend. 

Why I wrote this story

This story was relevant to the business beat because it covered UGA students with existing businesses in the area or students with ideas who are looking for funding. This assignment taught me how to research and cover and event live, while also preparing for interviews with only 10 minutes to do so. This was a great way to learn how to manage multiple deadlines in a few days and write quickly.