Eight competitors will move to the next level of the San Angelo Business Plan Competition, after being pared down from a field of 19 entrants. The eight entrepreneurs will move to round two and closer to the grand prize of $15,000 in cash and in-kind products and services. Entries moving forward were in the manufacturing, technology and service business. The competition was open to entrepreneurs who wanted to launch local start-up businesses as well as business owners who wished to create new ventures as separate entities.
The contestants were assisted with the drafting of their business plans by advisers from Angelo State University’s Small Business Development Center and students from the ASU College of Business. The SBDC is operated from the City’s Business Resource Center.
During the first phase of the competition, entrants submitted business overviews that addressed market need for the proposed service or business, target customers, competitive advantages and revenue generation.
In the semi-final phase, the eight who are moving on will submit a draft business plan that includes an operations plan, market and financial analyses, sales strategy and a management profile. Entries must be submitted by March 21.
If selected for phase three, a final business plan will be required by April 18. Winners will be announced April 27.
Judges of the competition may award a second-place prize that includes $10,000 in cash and in-kind products and services. Winners may also be eligible to apply for The Business Factory’s incubator program.
Cash prizes totaling $25,000 are made available through a grant from the City of San Angelo Development Corp., which administers a half-cent sales tax for economic development.
The competition has been resurrected after not being held since 2009.