2018 San Angelo Business Plan Competition
November 20, 2017
The cash prize awards are bigger than ever with $50,000 for 1st place and $20,000 for 2nd place. In addition, each winner will receive an in-kind prize package worth thousands of dollars from local service providers in areas such as marketing, advertising, office supplies, accounting assistance and legal assistance.
The 2018 San Angelo Business Plan Competition is coordinated for the third year by the ASU Small Business Development Center (SBDC), the ASU College of Business (COB), and the City of San Angelo Development Corporation (COSADC). The $70,000 in total cash prizes are being made available from COSADC which administers the half-cent sales tax for economic development. The goal of the competition is to give entrepreneurs an opportunity to develop business plans to start a business or expand an existing business in San Angelo. The competition coordinators want to encourage entrepreneurship and foster a positive entrepreneurial atmosphere.
Who is eligible? Businesses who wish to expand an existing small business in San Angelo or those wishing to start a business in San Angelo. In addition, entries must show the creation of primary jobs. A “primary job” means a job that is: available at a company for which a majority of the products or services of that company are ultimately exported to regional, statewide, national, or international markets infusing new dollars into the local economy; and included in one of the eligible sectors of the North American Industry Classification System (NAICS). A list of the eligible NAICS industry sectors is located in the competition guidelines.
What is the competition process? The 2018 San Angelo Business Plan Competition is in three phases. Phase I is the entry into the competition by submitting the Entry Form by February 5th, along with a two- page business overview of the business start-up or business expansion. Entries will be selected as semi-finalists to move forward. Phase II semifinalists will have time to create and submit a draft business plan. A judging panel made up of local entrepreneurs and business leaders will review and judge the draft business plans and select finalists to move forward to Phase III of the competition. In Phase III, the finalists complete their business plans and present in person to the judging panel. From there the judging panel will select any winners.
No-cost and confidential assistance to complete the business overview and business plan is provided by full-time certified business advisors with the ASU Small Business Development Center. In addition, a student team from an ASU College of Business class will work with the SBDC business advisors to assist contestants.
The competition coordinators look forward to eligible entries in the competition. Comprehensive competition guidelines along with a schedule of events can be viewed and downloaded from the SBDC website at www.angelo.edu/business-plan-competition. Additional questions can be answered by calling SBDC Director Dave Erickson at 325-942-2098 or email firstname.lastname@example.org. As mentioned, the deadline for entry is February 5th at 5 pm CST.
“Business Tips” was written by Dave Erickson, Director and Certified Business Advisor, of Angelo State University’s Small Business Development Center. For more information on the topic of this article or the services of the ASU · SBDC, contact him at David.Erickson@angelo.edu.