There is something to the saying, ‘The third time’s the charm.’
Jacob Jordan King believes that after he and his teammates were named winners of the 2023 National Community Pharmacy Association’s Business Plan Competition.
The journey began last spring when the team won the local competition sponsored by the Kennedy Pharmacy Innovation Center. It was King’s third time competing, and he knew this time they could go all the way.
Joined by Fay Hussain, who had also competed since her first year in pharmacy school, and first-time presenter CharLeigh Steverson, the team created “Blue Ridge Apothecary.” Building off King’s and Hussain’s experience and Steverson’s expertise in compounding and innovation, the team focused on ensuring the mission and vision of their pharmacy matched how they want to be viewed as practitioners.
In the next round of competition, held virtually, the team secured a spot among the top three in the nation, making it the second consecutive year for the College of Pharmacy to claim that distinction. Their success earned them a spot in the nationals at the NCPA Annual Convention in Orlando.
“It was so surreal when they announced us as the winners,” King says. “We were up against two very strong teams in UGA and UT-Austin. Winning made all the effort and work we put into this so worth it.”
Patti Fabel, executive director of KPIC, emphasizes that winning such a challenging competition not only reinforces the demanding work of the students, it provides invaluable benefits.
“It is a difficult competition,” Fabel says. “The teams put together a 50-page plus document on a topic that they do not have much experience in, including marketing, location analysis, financial statements and staffing.”
In addition to the experience of developing a comprehensive business plan, the students gain extensive networking opportunities and exposure to like-minded individuals.
Fabel notes that KPIC has unique resources to provide students, including coordinating assistance, templates and guidance throughout the competition.
"We have dedicated faculty and staff available to offer advice, as well as mentors who are experienced pharmacy owners," Fabel says. "The depth and breadth of resources we provide are unparalleled."
KPIC founders Lou and Bill Kennedy established the center to help prepare students to be entrepreneurs and innovators. Bill Kennedy, pharmacy alumnus from 1966, serves on the Advisory Board and provides input on the entrepreneurial needs within the pharmacy community.
“We are always happy to support the education and growth of any student,” Kennedy says. “The champions from the business plan competition are no exception. Congratulations to these entrepreneurs!”
We are seeing so much innovation and new technologies in pharmacy now ... By competing, you are better equipped and prepared for these changes.
Students who are intimidated by the idea of owning their own pharmacy can know that the resources provided by KPIC can help them achieve that goal.
“The business plan competition, the resources we provide, and the connections we give them help them realize that their dream is a little closer to reality than they first thought,” Fabel says.
Hussain feels the competition put her creativity and entrepreneurial skills to the test.
“We are seeing so much innovation and new technologies in pharmacy now,” she says. “By competing, you are better equipped and prepared for these changes.”
Hussain encourages students to put aside their hesitation about entering the competition.
“You will not learn the skills that you acquire anywhere else in the curriculum,” she says. “Even if it seems intimidating, just do it. You will not regret it.”
Steverson credits the entire team for their success, including their coaches and local judges who provided valuable insight, including Fabel, mentor Jordan Ballou and KPIC Program Coordinator Pamela Hite.
“Everyone gave us great feedback that we were able to implement into our presentation at the national level, which helped set us apart from the other teams,” she says.
Steverson is considering the possibility of owning her own pharmacy, and the competition helped spur a deeper passion for independent pharmacy.
“I have always held a special place in my heart for independent pharmacy. As somebody who is passionate about advocacy, especially advocating for the profession, independent pharmacy is one of the areas of pharmacy that needs advocacy right now,” she says. “I already respected independent pharmacists a great deal, but this enriched that even more.”
King, Hussain and Steverson are not done yet. They will give it one more try, hoping to build on their success and bring home another championship in 2024.
Topics: Pharm.D. Program, Kennedy Pharmacy Innovation Center