Reflections from Past Winners of the Private Practice Section’s Student Business Concept Contest
By Chris Wilson, PT, DPT, CHES
Another great Private Practice Section (PPS) Annual Conference has come and gone. In 2013, I was lucky enough to attend as the winner of the Student Business Concept Contest; and in 2014, I attended as a Private Practice Section member as well as an owner. Serving on the Membership Development Committee, I had the privilege of meeting and interacting with this year’s winners firsthand (as well as the fast-moving, newly formed student special interest group leadership). I was reminded of how much impact the Student Business Concept Contest had on me and thought it was a great time to reach out to other past winners and see if they had similar experiences.
First, let’s talk a little background. Every year since 2006, PPS has sponsored the contest with up to two students winning an all-expenses-paid trip to the PPS Annual Conference. Destinations have previously included the Broadmoor in Colorado Springs as well as other resort-type destinations in New Orleans and Orlando. The financial value of the conference is estimated at $2,000 but the real value to the innovative students (who are selected based on their unique and complete business concept proposal) is found in the experiences they have.
In 2008, Travis Orth won. At the time, it was a much different contest—less about a business concept and more an essay contest about the future of private practice physical therapy. While Travis is still working toward a goal of opening a multidisciplinary clinic with superior patient care, he notes specific benefits of winning the contest; in particular, meeting the PPS president at the time, Steven Anderson. Anderson is the president of Therapeutic Associates and thanks to their meeting, Travis landed his first job and had numerous other offers based on connections he made at the PPS Annual Conference. His advice to current students: “Talk to as many people as possible, just take in the whole experience!”
In 2009, Jeff Donatelle won the essay contest by describing his aspirations to be a private practice owner. Jeff was smart to solicit the advice and editing skills of a mentor at the private practice in which he was finishing a clinical rotation. He notes that attending the Annual Conference as the student winner exposed him to innovators and forward thinkers who dominate the Private Practice Section. It galvanized his resolve to work in a private practice physical therapy setting as well as instilling in him a unique understanding of the value of the Physical Therapy Political Action Committee (PT PAC) for which he has led successful fundraising campaigns. He notes that it was a great experience and actively encourages today’s students to submit nominations.
In 2010, Mike Giunta was the first winner of the Student Business Concept Contest in its current format. His unique model revolved around incorporating community events such as food and clothing drives with wellness and fitness initiatives. Mike was also one of the first to bridge his idea into a real product that his clinic sponsors regularly. Like Jeff, he notes a primary benefit of winning the contest was the value derived in a unique networking opportunity. And, like Jeff, he also secured his first job outside of physical therapy school through connections made at the Annual Conference. One unique value proposition he notes is that simply taking the effort to apply is a great exercise in thinking outside the box. He notes that developing a mindset of young professionals who think outside the box is critical to the future of the profession.
In 2012, Justin Lee was selected as one of the winners for his concept RevoPT. It was a unique way to create custom home exercise programs with smartphone technologies. Justin and his partner Michael Wehrhahn were further along than most in selling the concept, having won some other awards and investors along the way. They approached the Annual Conference as an opportunity to sell their product and, in hindsight, view that as a mistake. Like the other winners, Justin noted the real value is likely the connections made, and he was unable to make as many connections because of his focus on selling his product. However, he did gain a better appreciation for the business mindset and business considerations of private practice owners as a result of his participation. His big takeaway: You need to understand your value proposition and be able to articulate it in a way that is meaningful to your target audience.
In summary, there are a great deal of benefits from both submitting and winning the contest. In addition to an all-expenses paid-trip to a fantastic destination, you are also developing an outside the box mentality, establishing a unique network of mentors, gaining a unique understanding of the business side of physical therapy, and possibly securing a great position after you graduate. Applications are due July 2015, so start developing your concept now and submit at www.ppsapta.org/c/StudentContest.cfm.
Chris Wilson, PT, DPT, CHES, is a PPS member and owner of thinkPT. He can be reached at chris.wilson@thinkpt2.com.