Of the 450 applications received after the start of the Young Entrepreneurs in Franchising Global Competition arriving from 46 different countries worldwide, 50 winners between the ages of 18 and 35 will be welcomed today in Las Vegas at the first NextGen in Franchising Summit.
These winners, bringing some incredible new ideas to the world of franchising, are coming from around the globe to Las Vegas with a travel voucher and conference pass to attend the IFA convention from February 15 – 18 at the MGM Grand Hotel. Five winners will be awarded a grand prize of$1,000 in the form of cash or an academic scholarship. The criteria for judging each participant and his or her ideas focus on: creativity, originality, feasibility, quality, and professionalism.
The opportunity to attend this four day event creates a number of opportunities for winners, including learning much more about franchise business creation and the chance to present winning concepts to franchise leaders that are ready to support budding franchise ideas.
Melanie Bergeron, Chairwoman of the IFA and Two Men & A Truck, Intl. as well as mentor to young entrepreneurs, will welcome winners alongside Lawrence “Doc” Cohen, creator of the Doc Cohen Franchising Scholarship. The Work, Invest, and Build Panel will follow featuring the stories and experiences of eight different franchise leaders, including CEOs, franchisees, and directors in different franchise systems. Future chairman of the IFA Aziz Hashim will then share more about the paths he’s covered in the franchise world, from supplier, to franchisee, to franchisor.
Roundtable discussions covering numerous topics relevant to new entrepreneurs stepping into franchising will take up the last portion of the summit and feature a diverse set of speakers from different areas of franchising. Topics will cover areas such as how to build contacts and connections, legal guidance, and becoming a franchisee, to name just a few.
Winning concepts of the competition touched on a great range of business ideas, with focuses on the food sector, education outreach, waste management, and some unconventional concepts, including prosthetic limb clinics and specialized dog breeding. Check out the winners and their ideas here.