The Kennedy Pharmacy Innovation Center supports educational opportunities for pharmacy students to engage in entrepreneurial and innovative practice-based project development. The annual KPIC Business Plan Competition challenges students in the Pharm.D. program to create the blueprint necessary for buying an existing independent community pharmacy or developing a new pharmacy concept.
The National Community Pharmacists Association (NCPA) considers “community pharmacies as ‘laboratories of innovation’ for the profession”. This competition is intended to facilitate the development of the business planning process, develop creative practice models for the community pharmacy setting, and ultimately result in more pharmacy entrepreneurs.
Students participate in teams of up to four students to submit a written business plan. Three teams of finalists are selected to participate in a final live presentation in order to be eligible for awards. Finalists conduct a 20-minute formal presentation before a panel of judges, simulating a presentation to a lending institution or group of interested parties. Teams are evaluated on the business plan, as well as their presentation skills. The winning team represents USC in the Good Neighbor Pharmacy NCPA Pruitt-Schutte Student Business Plan Competition.
2023 Business Plan Competition
2023 KPIC Business Plan Competition
- January 13: List of team members due to Pamela Hite by email.
- March 10: All application materials and complete business plan due electronically by 5 p.m. to Pamela Hite by email.
- April 11: Final in-person presentation event at 6:30 p.m.
Prizes: The first place prize is a $1500 scholarship for each team member, the second place prize is a $1000 scholarship for each team member, and the third place prize is a $500 scholarship for each team member.
What is a business plan?
According to the Small Business Administration:
“A business plan precisely defines your business, identifies your goals, and serves as your firm’s resume. The basic financial components include a current and pro forma balance sheet, an income statement, and a cash flow analysis. It helps you allocate resources properly, handle unforeseen complications, and make good business decisions. Because it provides specific and organized information about your company and how you will repay borrowed money, a good business plan is a crucial part of any loan application. Additionally, it informs sales personnel, suppliers, and others about your operations and goals.”
How many students can help prepare the business plan?
Any number of students can help prepare the business plan. However, only 4 members of the team are allowed to participate in the competition and live presentation in order to be eligible for awards.
Can I participate with less than 4 team members?
Yes, teams with less than 4 members may apply.
Can students in their final year of pharmacy school participate?
Yes, as long as the student will have graduated within 6 months of NCPA’s annual meeting.
Where can I find resources about developing a business plan?
Resources will be sent to teams who register. Additional information can be found on the NCPA website.
Is there a length requirement for the business plan?
Business plans should not exceed 40 pages in length to include appendices and references. The plan should be comprehensive yet succinct and be able to satisfy the scrutiny of a loan provider.
What is involved in the final presentation?
The finalist teams are selected from the submitted written business plans. Finalists provide a 20-minute formal presentation before a live audience and panel of judges. The presentation will simulate a presentation to a lending institution or group of investors.
How are finalists evaluated to determine the winner?
Teams are evaluated on the written plan, as well as their presentation skills.
Students, faculty and staff can find additional information on the KPIC Intranet page.