Want to see your ideas grow? The registration date for the First Annual Michigan Tech Business Plan Competition is approaching. Wednesday February 3 is the registration deadline for the competition, hosted by Michigan Tech’s Institute for Global Learning and Entrepreneurship, the School of Business and Economics and the Michigan Tech SmartZone. Michigan Tech graduate and undergraduate students as well as Finlandia University students are eligible to enter.
If you have an idea for your own business a Business Plan Competition is a great way to get you started. A Business Plan forces you to think through the process of starting a business. What exactly is your product or service, who will your customers be, how will you get to them, how much money will it take to get started and, most importantly, is the market large enough to make your business profitable? These are some of the questions a business plan will answer. If you will have to borrow money for your business you will have to have a business plan for your bank or investors.
Never written a business plan? No problem, all you need is the IDEA! Everyone who signs up for the Business Plan Competition will be invited to four training sessions on how to write a business plan. You will be taken through every step of the process and during the last session you will be able to have your plan reviewed by professionals familiar with business plans so they can give you suggestions before your plan is submitted to the judges.
What do you have to have to enter the Business Plan Competition? Nothing more than an idea or dream about a company you would like to start. The deadline to enter is February 3, 2010, at 5:00 PM. Simply send an email to firstname.lastname@example.org with the name of your team, the team members and their email addresses and a one paragraph summary of your business idea. The completed business plans will be submitted by April 2, 2010, and the top ten will be selected to go onto the finals. During the finals each team will have five minutes to present their plan to the judges and the judges will have ten minutes to ask questions. Then the judges will select the winner.
Ten teams will be selected to present their plans to a panel of judges. Prizes will be awarded to first, second, and third places and are as follows
First Place: $1,500 in cash plus $500 worth of consulting services from a local attorney Mary Waddell, from Vairo, Mechlin, & Tomasi, PLLC, who specializes in setting up corporations, $500 worth of consulting services from a local CPA, Joe Daavettila, who works with many startup companies, $500 worth of consulting services with The Marketing Department, free office space in the Michigan Tech SmartZone for three months a value of $600 and from Delta Business Solutions of Houghton a copy of Quickbooks accounting software and four hours of consulting to set up your accounts and training on Quickbooks. The total value of the first place prizes is $4,100
Second Place: $500
Third Place: $250
- Wednesday Feb 3, 2010 by 5:00 PM Deadline to submit “Intent to Compete” and team members
- Friday April 2, 2010 at 5:00 PM Deadline for submission (electronically) of completed Business Plan
- Friday April 9, 2010 Notification of ten finalist who will move forward
- Friday April 16, 2010 at 6:00 PM Final Presentations and selection of winners
More information about the competition is available on the Business Plan Competition website.