[00:00:02.27] JANET DUDLEY-ESHBACH: Salisbury University, a Maryland university of national distinction. Since its creation as a state normal school 90 years ago, Salisbury University has been known for our distinctive programs in teaching, nursing, social work, and the liberal arts. And now we have a growing reputation as a center for entrepreneurship. Yes, entrepreneurship.
[00:00:26.18] CHRISTY WEER: It is critical that we educate our students to be leaders in the business community, while also creating and supporting small businesses, boosting economic development, and meeting workforce needs. The Franklin P Perdue School of Business is establishing itself as a launching pad for aspiring entrepreneurs in Maryland and the region.
[00:00:44.18] WILLIAM BURKE: Like many successful ventures, SU's entrepreneurial efforts started small. Almost 30 years ago, we began an annual business plan competition that has evolved in 2015 to SU's first Entrepreneurship Week. Multiple awards providing vital opportunities for SU students and promising entrepreneurs from across the region.
[00:01:03.26] - Highlights of the unique event include the Ratcliffe Shore Hatchery. Created in 2013 by the Philip E and Carol R Ratcliffe foundation, this five year, $1 million program provides $200,000 annually to support new companies or ventures that will start within six months and potentially employ several people within the first year. Winners are mentored by already successful CEOs on the Shore Hatchery board.
[00:01:34.38] ROMEO CLARKE: In the student competition, all majors are invited to vie for up to $100,000 in cash and prizes. First, the entrepreneurs present an invest in my idea poster describing their business proposal. In addition to the awards and prize money, those with the best ideas proceed to the Gull Cage. In this round, participants pitch their business idea and answer questions from judges, all in just five minutes. The top four contestants win prize money and move on to the last competition. The Bernstein Award named after SU alumnus and benefactor Richard Bernstein whose son, Kevin, serves on the Shore [INAUDIBLE] board and as a judge in the student competition. The finalists present their full business plans for a chance to win the $10,000 grand prize.
[00:02:28.49] - Also part of the week is a casting call for ABC's acclaimed show Shark Tank hosted for the second consecutive year by SU. Aspiring participants come to campus to tape a short video that will be considered for casting. It's a huge draw for those dreaming of success.
[00:02:42.62] Beyond Entrepreneurship Week, other business minded efforts are catching on in Salisbury. Launch SBY was established last year to assist local entrepreneurs in networking and the Small Business Development and Technology Center plays an important role in facilitating a large number of startups for SU every year. Next fall, SU will host the Young Entrepreneurs Academy for middle and high school students. All of this could not be possible without the tremendous creativity, enthusiasm, and support from SU's faculty, staff, members of the business community, and our generous donors.
[00:03:13.67] - These competitions build on Maryland's economic and small business development efforts. They provide unparalleled real life experience for students and for those who receive funding, perhaps even a career. Bernstein winners have gone on to establish successful technology, food service, art, glass, and eco-friendly lawn care companies in the state. While the Shore Hatchery has already funded ventures including marina management, online fund raising, Scooter, stroopwafel cookie sales, tablet mounts, digital mobile solutions, lead paint technology, and several products use patent pending magma bond diffusion processes. Frank Perdue would be proud, indeed, of all that has been accomplished by SU's Perdue School of Business.
[00:03:54.50] JANET DUDLEY-ESHBACH: These are just some examples of the innovative programming available to the excellent students of Salisbury University and members of our surrounding community. Every day we strive to meet the goals of the university system and the state of Maryland while providing our students with the very best academic education and opportunities for experiential learning. For these and many other reasons, Salisbury continues to build upon its reputation as a Maryland University of national and increasingly international distinction.