First Prize= $3,000
Second Prize = $2,000
Third Prize = $1,000
Fourth Prize = $500
Additional $2,500 available after 6 months.
The Cangialosi Business Innovation Competition (CBIC) was established in 2014 by a generous pledge from Greg Cangialosi ’96. It is designed to attract the real entrepreneurs at UMBC, the ones who know they are going to start a company or social venture in the future. You’re the ones this entrepreneurship program was designed for! Are you ready to start living your dream?
We are pleased to announce we will have two tracks in our 2023 Competition. Students are encouraged to enter ideas in either the Technology and Innovation track or the Social Impact track. Cash prizes up to $5,000 will be available to winners in both tracks!
What is the CBIC?
The CBIC is an opportunity for UMBC students who are serious about starting a business or social impact venture in the future.
Who Should Participate?
Any UMBC student (full or part-time, graduate or undergraduate) with a dream of launching their own business soon.
The CBIC will give you “real world” experience. You’ll be paired with a business mentor and you’ll get helpful feedback and guidance. You’ll also get connected to the local entrepreneurial ecosystem.
Winners also get:
- Free legal services
- Accounting advice
- Membership at the BWTech UMBC Incubator
- Fundraising advice and Pitch practice with experienced entrepreneurs
IMPORTANT NOTE: Students may only submit 1 idea into the competition, and may only be included on one entry, either as an individual or a team member.
To enter the first stage of the competition, complete the business plan template and candidacy application form This business plan will be reviewed by a panel of qualified experts for quality of the business plan (e.g., feasibility, market opportunity, etc.) and the expressed level of interest and motivation the applicants have to actually build/launch a business. Deadline for submission is March 6th, 2023 at 1pm.
Candidates selected to proceed to Stage 2 will be notified. They will be paired with a business mentor to help polish their business plan. They will also be provided with additional coaching and introduced to UMBC resources and regional support programs.
Individuals/teams that complete Stage 2 will be invited to present their business plans to a final panel of judges on April 20th, 2023 from 7-9pm. The top winners in each track will receive up to $3,000. Additionally, they will be awarded with prize packages designed to support the launch of their business. Prizes could include business advisory services as affiliate members of BWtech or other local incubators, the opportunity to pitch their idea to the local angel investment community, free access to regional business support programming, and more. An additional $2,000 is available to the finalists in each track after a 6 month review of their progress. The team that has made the most progress towards their venture will be the winner. We reserve the right to not award this additional amount if no progress has been made by any team in a given track.