$20,000 in startup support services and cash grants
Deadline: Thursday April 16. Finalists will be posted Tuesday, April 21 by 5:00 pm.
The first step in the entry process will be to create a user name and password. This will enable you and your team members to return to revise your draft summary prior to submitting. The judges will only consider information contained in the online application. Do not send supplemental material.
Finals (3-minute PowerPoint pitches plus Q&A.) Parents, classmates and friends are welcome to attend.
Spring Semester: Friday, April 24, at 1:30 pm. Finalists may present a Business Plan Executive Summary or a Business Model Canvas. (See next page for judging criteria.)
Business Plan Competition Prizes: All entrants will receive candid feedback from a business financing expert on their on-line executive summary. Press releases announcing the finalists and winners will be sent to the media. Cash and cash-equivalent service awards are granted to the student companies; trophies are awarded to the schools. Checks will be made out to the company and winners will need to provide an FEIN or SSN of the team leader. Categories:
- Best Business Plan or Business Model – Venture Enterprise ** $500 to team; trophy for school
- Best Business Plan/Model – Service Business ** $500 to team; trophy for school
- Best Business Plan/Model – Social Enterprise $250 + 3 months co-working space worth $750 ; trophy for school
- Best Consumer Product $500 +$1000 design/ engineering services + $500 BigE Booth; trophy for school
- Best Oral Presentation $500 to team; trophy for school
- Best Online Submission (written Executive Summary) $500 to team; trophy for school
In addition, reimbursement vouchers totaling $10,000 will be distributed among one or more finalists that the judges feel would utilize the grants most successfully. Only actual expenses to launch a business in Connecticut are eligible. Additional awards include free $2250 in pre-paid incubator rent, $500 in pitch coaching and $2500 in legal services.
- Teams must have a faculty adviser from the submitting institution .
- The team leader and primary presenter must be a student at a Connecticut college or university during the current academic year. (Entries may be submitted by individuals or teams.) In keeping with the spirit of the competition to foster entrepreneurship, neither plans written for outside companies as student projects nor plans written on behalf of a company not student-owned and conceived are eligible.
** Service businesses typically are smaller, have a limited or local market, and serve small businesses or consumers. Venture enterprises are generally higher risk, scalable, and require more capital but have higher potential returns. This is often a judgment call as many businesses have characteristics of both. The decision of the judges is final.
- Cliff and Dolores Ennico
- Lafir Thassim
Competition administered by the Entrepreneurship Foundation (203) 540-5903 Roer@EntrepreneurshipFoundation.org
JUDGING CRITERIA – SUBJECT TO CHANGE
Semi-final (Online) Questions
Business Planning Questions (CORRESPONDING BUSINESS MODELING TERMS ARE IN CAPS)
- Product or Service brief description (10 words or less) PROBLEM AND YOUR SOLUTION
- Product or service full description, including UNIQUE VALUE PROPOSITION (how it is better than alternatives)
- Development Stage of Product
- Size of Target Market in Dollars and Number of Prospective Customers **
- Market Validation. How you know enough people will buy your product (with its features and price) to earn a profit?
- Sales and Distribution Plan (MARKETING AND DISTRIBUTION CHANNELS)
- Competitive Analysis: names of important competitors and their strength and weaknesses
- Barriers to Entry (what prevents others using your idea). Your UNFAIR ADVANTAGE over competition.
- Finance (REVENUE STREAMS and COST STRUCTURE). Who pays you and what it costs to produce.
- Management Team and Relevant Experiences
- Amount of Capital required to launch business (KEY RESOURCES)
** Include evidence to support claims