In its 5th year, the competition offers cash prizes of $40,000 for first place, $20,000 for second place and $10,000 for third place. Also, winners receive very valuable in-kind services from local service providers. All that is required to enter Phase I of the competition is an online two-page business overview and Entry Form signed and uploaded. You have plenty of time as the deadline to enter is Monday, August 3rd by 5 p.m.
The Competition is a partnership between the ASU Small Business Development Center, the City of San Angelo Development Corporation, and the ASU Norris-Vincent College of Business. The purpose of the competition is to enhance a positive entrepreneurship atmosphere by encouraging local entrepreneurs to create new ventures and encouraging existing businesses to expand their operations. 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 extraterritorial jurisdiction (ETJ), which is 3.5 miles outside of the city limits.
Who is eligible? Those who wish to expand an existing business or those entrepreneurs wishing to start a business in San Angelo. Contestants must be committed to job creation and economic development. Anyone wishing to submit a business start must be beyond the idea phase. The guidelines will completely explain eligibility.
Entry into the competition is easy. Just review the 2020 San Angelo Business Plan Competition Guidelines and complete a two-page business overview as outlined in the guidelines. Also, complete a signed Entry Form and make sure both are submitted by August 3rd at 5 p.m. If 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 if selected for the final phase (Phase III) of the competition.
The judging panel is a key component of the competition. The panel consists of a group of successful entrepreneurs and business leaders. They are all committed to the competition and are excited to see the draft business plans and view the presentations from the finalists.
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 if you move forward in the competition to Phase II. Also, a graduate student team (accounting students) from the ASU Norris-Vincent College of Business (NV-COB) will be available to work alongside the business advisors at the SBDC to assist you. The City of San Angelo Development Corporation (COSADC) along with the SBDC and NV-COB, are the coordinators of the competition.
Remember, the deadline to submit the two-page business overview and Entry Form for entry into Phase I is August 3rd. 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, ask for Dave Erickson, or call 325-653-7197, and ask for Nora Nevarez. 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.