Students planning to enter the fifth annual Fowler Business Concept Challenge have the opportunity to compete in an additional category this year: social venture concept.

The category allows both undergraduate and graduate students to compete in the same division during the Nov. 15 contest. Social venture submissions must be business ideas that specifically aim to benefit a community.

David Deeds, Schulze chair of entrepreneurship, said the category was created to accommodate larger numbers of social venture projects, a national trend in business plans. Deeds said the “doing well by doing good” division holds a $5,000 first prize.

Sophomore Kyle Andrews said he plans on submitting an idea that will provide backpacks to children who have been hospitalized. He and group members, sophomores Madison Bosshart and Bobby Mason, met with Mayo Clinic representatives Tuesday night to detail the business plan.

Andrews said he is eager to submit his idea, which he called Holding HOPE, and will have to think about whether he will compete in the social venture or undergraduate category.

“You do see a lot of businesses incorporating this social element, and I think it will be interesting to see where students end up sending their ideas,” Andrews said.

Senior Austin Nash participated in last year’s challenge and said he plans to enter again once he’s focused his idea. Nash said he thinks the new category will diversify the ideas brought to the judges’ table.

“I think it’s really in the spirit of the Fowler competition … it shows how our students can do well for themselves and the community at the same time,” Nash said.

The graduate and undergraduate categories will operate under the same guidelines as past years, and the grand prize for each category will remain at $10,000. Awards are also given to the best presentation. This year’s finalists will present to the judges on Nov. 15.

Nash said he expects to spend countless hours on research before he submits a five-page pitch.

“I’ll have to do a lot of primary research, secondary research, looking at markets and figuring out how I can make my idea better,” Nash said. “It’s great that it has to be concise enough to fit on just five pages, but it also makes it difficult to tell them why you’re the best person to sell your product, and why it should win.”

Deeds said only a handful of students have applied thus far, but he expects “a flood of submissions” by the Oct. 28 deadline. Last year, the competition drew more competitors than ever before.

Deeds said the competition is open to any St. Thomas student regardless of age or major, and he said he would appreciate seeing more students from other fields apply.

“I’d love to see more students from arts and sciences, from music and from engineering getting involved,” Deeds said. “We get absolutely brilliant entrepreneurs and investors, and this advice is coming from people who really know what they’re talking about.”

The Fowler Frenzy, which will be held all night Thursday in the Anderson Student Center, aims to help students develop ideas into proposals. Now in its third year, the event used to be held on the Minneapolis campus, but Deeds said he hopes the switch to the St. Paul campus will attract more undergraduate contenders.

“I was fortunate enough to get to go to the Frenzy last year, and listening to six hours of advice was crucial in helping me,” Andrews said. “Using those skills they teach, I know I’ll have a lot to think about before I turn in the final idea.”

Anastasia Straley can be reached at stra0669@stthomas.edu.