By: Anthony Wilson, Public Information Officer
This year’s San Angelo Business Plan Competition is offering $70,000 in cash prizes to budding entrepreneurs, plus in-kind products and services.
The competition is open to anyone looking to launch a local start-up venture and to existing businesses wishing to expand. Advisers from Angelo State University’s Small Business Development Center and students from the ASU Norris-Vincent College of Business will assist contestants in drafting plans.
A business plan is a comprehensive document that provides an organized view of a specific business idea. Plans should reflect a vision of a market opportunity and serve as a blueprint for the development of the proposed business.
In the first phase of the competition, an overview that addresses market need for the proposed business, target customers, competitive advantages and revenue generation will be due by Aug. 5. Selected semi-finalists will submit a draft business plan that includes an operations plan, market and financial analyses, a sales strategy and a management profile by Oct. 14. The final plan will be due by Nov. 11. Winners will be announced Nov. 20.
Judges may award a grand prize of $40,000, a second-place prize of $20,000 and a third-place award of $10,000. Winners may also receive in-kind rewards. The cash prizes are being funded by the City of San Angelo Development Corp., which administers the half-cent sales tax for economic development. Winners may be eligible to apply for the Business Factory incubator program.
Potential contestants can get more information in the SBDC’s offices in the Business Resource Center, 69 N. Chadbourne St., by calling 325-942-2098, at angelo.edu/business-plan-competition or by emailing firstname.lastname@example.org.
The competition is coordinated by the ASU SDBC, the COSADC and ASU’s Norris-Vincent College of Business.