First-year MBA candidate Tamara Rajah is out to solve the problem of finding good-quality women's business apparel that doesn't break the bank.
"There's a lot of men's businesswear available, but not women's. And even if it is available, it's not very affordable," she said.
But Rajah's British-based tailoring company will soon aim to fill the gap in this market - especially if she has $20,000 extra dollars in her briefcase.
A finalist in this year's Wharton Business Plan Competition, Rajah and seven other teams will compete for the grand prize of $20,000 to use in turning their plans into real-life businesses.
The finalists are "a wonderful cross-section of industries, from retail to biotech and information technology," senior associate director of Wharton Entrepreneurial Programs Megan Mitchell said.
Foodilly Chocolate Factory, another finalist and the winner of the Gloeckner Undergraduate Award - an award given to the highest-ranking undergraduate team in the competition - also hopes to turn its idea into reality.
"We are basically trying to create a retail concept where consumers can come and create their own candy bars," said Wharton senior Michael Tolkin.
His source of inspiration? Willy Wonka, his love for candy and the significantly increasing trend in customer personalization.
Just like at create-your-own eateries such as Cold Stone Creamery and Cereality, customers will be able to choose the ingredients they want in their candy bar, Tolkin explained.
Meanwhile, first-year MBA candidate Raymond Aronoff, through his Internet-based portal software Vektor, will set about to improve collaboration, communication and information sharing for engineering and manufacturing industries.
For all the teams taking part, the competition has meant more than a simple opportunity to develop a business plan.
"It has allowed us to meet the necessary contacts and begin the necessary steps to make [a concept] a reality," Tolkin said.
One of the main goals of this competition is "to provide an educational experience to potential entrepreneurs," Mitchell said.
All eight finalists will be required to present their business plans to a panel of judges to convince them of their plan's viability and worth.
The judges include experienced entrepreneurs, venture capitalists, business development professionals and representatives from the competition's sponsors, Johnson & Johnson and Schering-Plough.
The other finalists are Angiologix, CircuMed Biopharmaceuticals, Energetica, Nantronics and NP Solutions.
The final round will be held April 24.
