Geckos have become household names when it comes to helping consumers save 15% on car insurance in a matter of minutes, courtesy of insurance giant GEICO’s advertising. But for a group of full-time Boston College MBA students, the eponymous animal might also be the inspiration for a new synthetic adhesive material based on the suction cups in their unique feet.
The annual Business Planning and Entrepreneurship competition, held last Friday at Boston College, capped a semester-long effort by 17 MBA teams who either worked on plans for ideas they thought of themselves, or created them around those hatched by other entrepreneurs. The winning group, Team Geck Squad, based their efforts on an idea submitted in September by serial entrepreneur Rana Gupta.
“Every member of our team was immersed in the project, which led to great discussion, idea generation, and ultimately, a business plan that we were very proud of,” says team member Kevin Killelea. “Everyone brought a unique set of skills and perspective, which supported our efforts in every stage of the project and ensured that we considered every potential issue and/or opportunity.”
Killelea added: “Our team also benefited from great leadership and organization within the team. Member Bethany Marullo did an incredible job leading and managing the group, and every person made sure to complete tasks on time in order to keep the process moving forward.”
The project Team Geck Squad worked on was one of 30 submitted by entrepreneurs or small businesses worldwide, and across diverse industries, who hope to build their business or idea with the help of Boston College’s MBA students.
Entrepreneurs such as Gupta license the students to write the business plans free of charge, although they maintain all intellectual property rights. In recent years, 60-70 percent of work done by Boston College MBA students has been adopted by entrepreneurs who end up taking their concepts to market. While each plan is different, in general, the content will address strategic analysis, development of a pro forma financial statement, a comprehensive marketing plan & risk assessment.
“All 100 of our MBA students did an outstanding job this semester,” says Adjunct Lecturer Greg Stoller, director of the University’s MBA Business Planning course. “They demonstrated the art of the possible in helping develop and grow the ideas of these young businesses. Any future success of these companies will be owed, in part, to the dedication of these talented and tireless MBA students. That’s why these companies take part in the BC MBA competition every year. I sincerely tip my hat to the collective efforts of our students.“
(Sean Hennessey of the Boston College Office of News and Public Affairs helped contribute to this article).
