Tips for Completing the Application

The Application: Two Parts Part I: Demographic information about the person/team entering the competition Part II: Information about the business concept –Business plan title –Problem being solved/need being addressed –Product/service being offered and why it is viable –Revenue model –Firm’s expected start-up costs –What is needed from investors –What returns you are willing to offer investors –Tagline of the business –Number of people on your team –Name of the person who will deliver the elevator pitch

Business Plan Title (100 characters) It is better to give a one sentence description of the business than the name of the proposed business Ideal: fit both the firm name and a description into one sentence Example: –DePilla’s Sugar Free Spaghetti Sauce: targeting the diabetic –Needle Free—Glucose monitoring without the pinprick, using Laser technology

Problem Solved/Need Addressed (500 characters) Be Specific: What problem are you trying to solve or need are you trying to address? How common is the problem/need? –Statistics to support this point is helpful (e.g., how many people have this problem/need) How serious is the problem –Characterize the problem /need–is it an inconvenience or life threatening? What is wrong with the 2-3 most commonly-used solutions? What is your target market, and how easy is it to reach them?

Product/Service and why it’s Viable (1000 characters) Describe your product/service –Be sure that anyone could understand what this product/service is by reading this description Describe why now is the time that your product/service will be well-received by the market –Providing any information about trends in society, technology, the economy, etc. to support this is helpful (e.g., people are more health conscious, suggesting it is timely for health-oriented products) Describe how big the business could be in 3-5 years Describe if the business is somehow shielded from competitors Describe why you and/or your team is uniquely qualified to execute this business now

The Business/Revenue Model (500 characters) Describe how your business will operate –What are the activities that the business will complete internally versus what will be outsourced Describe how you generate revenue –Sales vs. leasing –Advertising vs. subscription –Internet sales vs. brick-and-mortar sales

Firm’s Expected Start-up Costs (500 characters) The judges want to see just enough information that they know you are not naive about your business, and that what you propose is achievable –What are the key costs for start-up ? –What would typical rent/utilities costs you? –How many people do you need to hire immediately? Summarizing information helps!

What is Needed from Investors (750 characters) Describe any resources you or other team members bring to the table as well as their value to launching the firm Describe how much money you need to launch this venture –The judges will examine how realistic the numbers are Describe for what that money would be used

Investor Returns (500 characters)* 1.First, assume you are willing to give up 20-30% of the equity in your business in exchange for getting fully funded 2.Second, describe the potential sales within 3-5 years Describe this in terms of dollars and market share 3.Indicate how long it will be until you project the firm will turn a profit and cover your costs 4.Indicate projected profits in the last year of forecasts above, in both dollars and profit margins (gross and net) 5.Explain how investors will get paid 6.Provide the judges with an ‘X” multiple of their return * See the “preparing financials” help worksheet on the website

Tagline of the Business (100 characters) Conclude with a clever line that leaves the judges feeling good about the entry If possible, integrate your business title Examples: –“DePilla Sugar-Free Spaghetti Sauce: Where the sauce is the boss” –“SilverStar Jewelry: More Bling for the Buck” –“Windy cars: Your gas troubles are gone with the wind” – No More needles needed! Glucose monitoring without a pin prick”

Number of Team Members and Name of “Pitcher” Indicate how many people, including yourself, are a part of the entry at this point in the competition Indicate the name of the person who will deliver the elevator pitch –Note: this person should not be changed