All submissions must meet the eligibility criteria: 18 years or older except for the Youth Category; student or collegiate student must provide ID; Eligibility includes Micro Enterprise Program participant, business located in the City of Wilmington, State of Delaware or the business owner is a City resident and be current on federal, state and local business taxes. Finalist must be prepared to provide a 15-20 minute presentation and must agree to meet and attend educational seminars. In addition, finalists must be present at the Award Presentation Luncheon on Thursday, October 7, 2010.
To open a business is very easy; to keep it open is very difficult. (Chinese Proverb)
The Mega BIZFEST Business Development Competition expects to give out monetary award of working capital and/or up to a value package of $10K for your business. This will be split between 4 categories in the competition - 1) Emerging (up to 4 years in business); 2) Existing Business ( 4 to 8 years in business) and 3) Established Business (8 or more years). Participants will need to identify and determine which category their application falls into, as the organizers will not do this. The entrants in Category #1, Emerging, including those who are writing a plan for concept, must write a business plan that covers what it takes to make their business successful or their concept a reality. Entrants in Category #2, Established Business and Category #3, Existing Business, must write a business plan to address business elements such as markets, operations, barriers, distribution etc. All businesses should include the financial data and other relevant requirements as indicated in the Business Development Competition brochure.
Problems can become opportunities when the right people come together. (Robert Redford)
Deadline July 31, 2010 The EXECUTIVE SUMMARY - Document of NO MORE THAN 2 pages describing your business, (Introduction, Marketing, Operations and Finance). The Executive Summary and completed application must be submitted for Round 2 consideration.
Deadline September 13, 2010The SUBMISSION - Chosen entrants from Round 1, will be notified by mail and asked to submit no more than 15 pages, including any and all graphics. The Plan must include: · Original Executive Summary; · 2 pages on Marketing, including your competition, pricing and distribution to reach the targeted market · 2 to 3 pages on Operations, including short bio's of management team, and information on your building operations · A Financial section to include a 1-year projected monthly cash flow statement, a 2 year projected annual Income Statement and pro forma Balance Sheet of current assets and liabilities. Existing businesses must also submit their 2009 Income Statement and Balance Sheet. You may include an appendix of, in addition to the plan, sample photos, relevant news articles, letters of support, etc. However, the submitted Plan, including the Executive Summary, must not go over 15 pages. Those selected to proceed will attend a Presentation workshop (Round 2a)
Round 2a
September 22, 2010PRESENTATION WORKSHOP - Finalist chosen from Round 2, will be notified by mail and will attend a mandatory pre-presentation workshop
Round 3
October 6, 2010THE PRESENTATION ROUND Finalist chosen from Round 2a, will present their plan to a panel of judges.
Awards
October 7, 2010THE AWARD CEREMONY Winners chosen will be announced at the Awards Luncheon on October 7, 2010
All finalist will be expected to attend.
Entering a business plan competition may just help you get the publicity you need to find funding and actually get your business started and or running more effectively.
Business submissions will be judged on the basis of your strength of concept, your understanding of the true cost of starting and growing the business, the creative method you use to reach your target-market, and how you utilize technology within your enterprise.
How did others become successful? What did it take? How can you position your business to be highly successful? Join with us as we hear notable entrepreneurs that have built successful enterprises. Hear stories of entrepreneurs who have been there, done that and can tell you their stories of rising to the top. Learn strategies and tidbits in an informal setting that is designed for Q & A format. Find out what it took to get to the top and what it takes to continue to stay at the top. Bring pencil and pad to obtain information on how you to can reach and obtain success.
Attend this resourceful conference and find many ways to be highly successful in today’s competitive environment.