To be eligible the proposed business must meet these criteria:
- The business plan must project that over 50% of the business’s revenue will come from outside of Wichita, Archer, and Clay counties and that it must create at least 3 new jobs.
- Firms must agree to headquarter and operate primarily from within Wichita Falls for a period of at least 3 years after first receiving any prize money.
- For the “Startup- GO” category the venture’s revenue in the past 2 years (November 2011 to November 2013) must be $50,000 or less. For the “Expansion- GROW” category the revenue must be less than $250,000 but more than $50,000 for the past 2 years.
There are three rounds for the competition. The first round requires the team to submit an executive summary (maximum length: two pages). Teams pay a $100 fee when they submit the executive. The judges will select up to 15 teams to proceed to the second round, where the team submits a business plan. Using those business plans the judges will select finalists for the third round, where the finalists will make a 15 minute presentation to the judges.
Key Dates for the Competition
|December 4th, 5pm||Exec Summaries Due|
|December 18th||Judges Results of Exec Summary|
|February 26th, 5pm||Business Plans Due|
|March 12th||Judges Decision|
|April 1st, 8am – 12pm||Oral Presentations by Finalists|
|April 2nd, 11:30am – 1pm||Awards Luncheon at MSU|
Guidelines for Preparing the Executive Summary and Business Plan
- Page size: 8.5 by 11 inches (portrait orientation)
- Minimum of 11 point font size. The type of font used should be similar in size to Times New Roman or Arial font.
- Include a cover page, which does not count toward the page limits, with this information
- Company/Team Name
- Company/Team mailing address
- Names of all participants/owners (greater than 20% ownership stake if equity has been formally assigned)
- Email address and phone number that IdeaWF should use to contact the lead member of the team
- Deliver six (6) copies of all submissions. Five of these copies go to the judges and one is retained by the IdeaWF staff. It’s acceptable if the team chooses to submit five copies using more expensive stationary and binding and a copy using plain paper—the IdeaWF staff will pass the best copies submitted to the judges.
- The maximum length of the Executive Summary is 2 pages. The maximum length of the business plan is 10 pages, exclusive of the financial statements/projections and appendices. Financial statements would include 3 years of pro forma projections and up to 3 years of previous statements for existing firms. Judges are not obligated to read information contained in the appendices. Again, the cover sheet does not count toward the page limit. If a team chooses to use both sides of a sheet of paper, that counts as 2 pages even though only a single piece of paper is used.
- There are many available formats for business plans, and we are offering several training session on how to write a business plan, to include the format. However, teams are free to choose any format they wish for the business plan.
See our competition on BizPlanCompetitions.com