Welcome to the 2020 Intercollegiate Wine Business Invitational, brought to you by Tim Hanni, MW and Wine Business Education. This is the third year of the competition, which takes place online, and pits teams of wine and hospitality students from around the world against each other to compete for the title!
HOW IT WORKS
1. Register Your Team (as whole class or groups of 5-6 students)
2. Assign Roles (CEO, Winemaker, Marketing, Sales, etc)
4. Submit Project by Deadline (Including Business Plan, Financials and Label design)
5. Wait to Hear if you WON! (2019 WSU Winners below)
Tues Sept 1-14st - Pre Launch - Links, instructions, timeline, grading criteria and expectations available on IWBI website. Complete Registrations, finalize teams, ideas, biz plan template and rules. Each school to determine specific launch day according to schedule.
Tues, Sept 15th - IWBI Launch - User and Admin access to WBE Financial Workbooks
Thurs, Oct 1st - LAST CALL! - Deadline for Registrations
Weds, Nov 25 - Final project submissions - Business Plan, Label and Financials submitted
Fri, Dec 4th - Announcement of awards - Congrats to our 2020 WINNERS!
EACH TEAM SUBMITS
Business Plan – Including mission, vision and goals of the winery, outline sales and marketing strategies and conduct a competitive analysis for their wine. (view template)
Financial Plan – Teams use our proprietary calculators to work up cost of goods, wine FOB selling price, plus distribution and pricing financials for selling wine in retail, online and restaurants.
Wine Label – Both front and back labels including the wine and winery name, verbiage, label graphics,and legal information.
SUPPORT FOR FACULTY AND STUDENTS
1. The program works with a variety of class types.
2. Direct collaboration with Tim Hanni, MW for support and communication of program. For students, and faculty.
3. Faculty roles are simple - introduce program and monitor ongoing progress.
4. Advisor determines if (entire) class vs. (individual) team participation.
5. All resources and tutorials for teams provided by us.
The elements of the competition are set up in a way that each participant on a team, regardless of their general wine knowledge, can focus their attention on various elements of product ideation, brand development production costs, packaging development and decisions, and supply chain costs and considerations in a fun business while also learning to work together as a team to create the business plan, financials and final packaging of their team project for evaluation by the judging committees. Individuals are encouraged to further explore and research any processes, wine vernacular, or procedures from beginning to end of the wine supply and value chains, from the areas of viticulture, grapes, wine production, aging and cellaring, packaging, marketing, distribution and sales. The team can then discuss and employ critical thinking to determine if this might be a process suitable for their project in achieving their financial goals and product quality.
Past "Grand Prize" Winners
5,000 cases / wine of their choice. The origin can be any state or region giving the opportunity for schools in different states to create a product demonstrating their pride in local wines. The wine sales and distribution are up to the team, with considerations for logistics, costs, taxes, distributor markups necessary to achieve the target price point.
- Separate panels of industry experts, journalists, etc. will judge each component of the competition: Business Plan, Financials, Label
- Evaluation parameters will be finalized by each panel of judges and our committee
- Evaluation with constructive comments and scoring based on 100 points will be returned for review and grading by faculty
- Awards will be given in each category with Grand Prize for best overall project
Understanding the wine supply chain and learning what the financial effects of key decisions at any point along the supply chain has on cost of goods, pricing and marketing a wine. The additional benefit is learning more about, and gaining a greater appreciation for, wine language, viticulture, winemaking and more detailed aspects of what truly goes into the production of a bottle of wine.
Wine Business Education (WBE) Financial Workbooks
Resources for Team Research
- Grape Crush Report for researching grape prices (COG calculator), pricing data, and supply/demand trends (Business Plan)
- Alcohol and Tobacco Tax & Trade Bureau (TTB) for label requirements and details, market data, etc.
- Video tutorials
- Weekly webinar Q&A (Hanni to conduct, recorded for viewing later by all teams)
- Wine & Vines market data and general information
- Teams will conduct independent research for their projects.
|Winning teams (Grand Prize, Best Business Plan, Best Wine Label, Best Costs of Goods Financial) receive a decanter trophy generously provided by Riedel, The Wine Glass Company|
For more information, contact: Tim Hanni MW, 707-337-0327, firstname.lastname@example.org