Business Plan Competition winner to be announced Wednesday morning

The winner of this year’s Business Plan Competition will be announced at the monthly meeting of the City of San Angelo Development Corp. board at 8:30 a.m. Wednesday, April 26, in the City Council chambers at the Convention Center.

The competition was open to entrepreneurs looking to launch local start-up businesses and existing business owners wishing to expand. Advisers from the Angelo State University Small Business Development Center and students from the ASU College of Business are guiding and aiding contestants in drafting plans.

A business plan is a comprehensive document that offers an organized view of a specific business idea. Plans should reflect the vision of a market opportunity and serve as a blueprint for developing the proposed business.

In the competition’s first phase, entrants submitted a business overview that addressed market need for the proposed service or business, target customers, competitive advantages and revenue generation. The 10 semi-finalists submitted a draft business plan that included an operations plan, market and financial analyses, a sales strategy and a management profile. Those selected moved to a third phase involving a final business plan.

Judges may award a second-place prize of $20,000 cash and a third-place prize of $15,000 cash, plus in-kind rewards for each. The $60,000 in total cash prizes are being made available from 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.

The competition is coordinated by the ASU Small Business Development Center, The Business Factory and ASU’s College of Business.