A business dreamed up by senior Malcolm Johnson, along with his peers in the New Visions Business Academy, took home the top prize at the Junior Achievement Entrepreneurial Summit last week.
Malcolm — along with students from Binghamton, Susquehanna Valley and Vestal — pitched plans for their business La Togue, a local rental service for designer dresses, at the JA Entrepreneurial Summit on Jan. 27.
“It was a great opportunity to see a larger group of ambitious peers in a time when we are forced to avoid groups wherever possible,” Malcolm said. “JA put together a great event and I would love to see it happen again!”
Students developed a Lean Canvas (business plan template) that focused on the following:
- The Problem
- The solution
- Existing Alternatives
- Unique Value Proposition
- Key Metrics
- High-Level Concept
- Unfair Advantage
- Channels of distribution
- Customer Segments
- Early Adopters
- Cost Structure and
- Revenue Stream
Malcolm and his team presented the details of the Lean Canvas in a three-minute presentation to a panel of judges and conducted a Q&A session. The judges advanced their team to the final round where they virtually presented to all the students, mentors and judges at the summit.
All of the participants voted for their top choice at the end and, La Togue came out on top! Each member of the team won a new laptop, courtesy of Ernst & Young. The Event was put on by Junior Achievement of Central & Upstate NY.
Congratulations to Malcolm and all involved!