The deadline is Monday, February 5th at 5 p.m. There are cash prizes of $50,000 for first place and $20,000 for second place, plus both first and second place winners receive in-kind services from various local service providers. All that is required to enter Phase I of the competition is a two-page business overview. But the deadline to enter is February 5th!
The purpose of the competition is to encourage local entrepreneurs to create new ventures or encourage existing businesses to expand their operation. The competition is open to anyone who is eligible and who wishes to create a new business or expand their business in San Angelo or its extra-territorial jurisdiction (ETJ), which is 3.5 miles outside of the city limits.
Who is eligible? Businesses who wish to expand an existing 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.
Entry into the competition is easy. Just review the 2018 San Angelo Business Plan Competition Guidelines and complete a two page business overview as outlined in the guidelines. Also complete and sign the Entry Form and make sure the documents are delivered by February 5th at 5 p.m. The guidelines give specific information as to place and method for delivering your entry. If you are selected to move forward in the competition to Phase II, you will have a chance to complete a draft business plan and possibly present to the judging panel in the final phase (Phase III) of the competition.
The competition comes with confidential and no-cost assistance from the ASU Small Business Development Center (SBDC) to help with your two page business overview and your draft business plan. In addition, a student team from the ASU College of Business (COB) will be available to work with the business advisors at the SBDC to assist you. The City of San Angelo Development Corporation (COSADC) along with the SBDC and COB, are the coordinators of the competition.
Remember, the deadline to submit the two-page business overview for entry into Phase I is February 5th. For more information or to download a copy of the complete Competition Guidelines; see sbdc.angelo.edu and click on the San Angelo Business Plan Competition link. You can also call 325-942-2098 and ask for Dave or 325-653-7197 and ask for Nora. We look forward to seeing your entries!
“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.