The i.d.e.a.WF Process

STEP 1 – ATTEND AN i.d.e.a.WF ORIENTATION SESSION:

What is i.d.e.a.WF, how can i.d.e.a.WF benefit you, and why should you enter?

Three identical orientation sessions, lasting about 90 minutes each, will familiarize potential entrants with the contest. Attendees will also learn what makes an attractive start-up opportunity, how to write an effective executive summary, and how to enter the competition.

Four identical orientation sessions will be held in Room 189 at Midwestern State University’s Dillard College of Business:

Orientation – Session 1 Monday, February 20, 2017 5:30 – 7:00 PM
Orientation – Session 2 Thursday, February 23, 2017 11:30 AM – 1:00 PM
Orientation – Session 3 Wednesday, March 1, 2017 7:00 – 8:30 PM
Orientation – Session 4 Tuesday, March 7, 2017 7:00 – 8:30 PM

The sessions are identical, so you only need to attend one session.  The orientation sessions are optional, but strongly recommended.

STEP 2 – SUBMIT YOUR DRAFT EXECUTIVE SUMMARY TO THE SBDC FOR FEEDBACK AND ASSISTANCE:

The Midwestern State University Small Business Development Center (SBDC) works with willing entrants to help them craft a great executive summary. The SBDC offers several services that entrepreneurs find invaluable to building a great business plan. In particular, the SBDC will review the executive summary and provide feedback to the entrepreneurs before the official turn-in to the judges. Learn how to work with the SBDC and the deadlines involved at the orientation session. There is no charge for using the services of the SBDC, but you must submit the draft of your executive summary no later than Friday, March 17, 2017.

Working with the SBDC is optional, but strongly recommended.

STEP 3 – OFFICIALLY ENTER THE CONTEST:

Entrepreneurs officially enter i.d.e.a.WF by submitting six printed copies of their executive summary, a signed application form, and paying the $100 entry fee. The submissions and payment must be turned in at the Lalani Center for Entrepreneurship & Free Enterprise in Room 272 at Midwestern State University’s Dillard College of Business prior to the deadline:  5:00 PM on Wednesday, April 5, 2017.

STEP 4 – JUDGES PROVIDE FEEDBACK AND SELECT 15 SEMI-FINALISTS:

The judges begin their review of the executive summaries immediately. They review and comment on the summaries. They then meet to select the 15 semi-finalists who are invited to move to the next step in the competition and prepare full business plans. Entrepreneurs can retrieve their executive summaries and feedback from the Lalani Center after the judges’ decision is published. We’ll announce the finalists on the i.d.e.a.WF website on or before April 21, 2017.

STEP 5 – ATTEND A “HOW TO WRITE A BUSINESS PLAN” TRAINING SESSION:

How do you write a business plan?

Three identical training sessions will be held in Room 189 at Midwestern State University’s Dillard College of Business:

How to Write a Business Plan – Session 1 Monday, May 1, 2017 5:30 – 7:00 PM
How to Write a Business Plan – Session 2 Thursday, May 4, 2017 11:30 AM – 1:00 pm
How to Write a Business Plan – Session 3 Tuesday, May 9, 2016 6:00 – 7:30 PM*

Please note the time change on Session 3.

The sessions are identical, so you only need to attend one session.  The training sessions are optional, but strongly recommended.

STEP 6 – WORK WITH THE SBDC TO REVISE AND FULLY DEVELOP YOUR PLAN:

Again, help is available before you submit your full business plan for the judging process.  Consultants at the SBDC are trained to help you with research, developing your pro-forma financial statements, and can review and provide feedback on the readability and feasibility of your business plan.

Working with the SBDC is optional, but strongly recommended.

STEP 7 – SEMI-FINALISTS SUBMIT BUSINESS PLAN FOR JUDGING:

Entrepreneurs must submit six copies of the full business plan to the Lalani Center for Entrepreneurship & Free Enterprise in Room 272 at Midwestern State University’s Dillard College of Business prior to the deadline:  5:00 PM on Wednesday, August 16, 2017.

STEP 8 – JUDGES PROVIDE FEEDBACK AND PICK 6 FINALISTS:

The judges begin their review of the business plans immediately. After their review, they again meet to select the 6 finalists who will make oral presentations to the judges. We will publish the judges’ decision on the website on or before Friday, August 25, 2017.

STEP 9 – ATTEND A “HOW TO PITCH” TRAINING SESSION:

How do you turn a business plan into an effective 10-15 minute oral presentation, more commonly called a “pitch”?

Two identical training sessions will be held in Room 247 at Midwestern State University’s Dillard College of Business:

How to Pitch a Plan to Investors – Session 1 Thursday, August 31, 2017 5:30 – 7:00 PM
How to Pitch a Plan to Investors – Session 2 Tuesday, September 5, 2017 7:00 – 8:30 pm

The sessions are identical, so you only need to attend one session.  The training sessions are optional, but strongly recommended.

STEP 10 – MAKE AN ORAL PRESENTATION TO THE JUDGES:

It all comes together on Friday, September 29, 2017 with our finalists making oral presentations to the judges. Our finalists don’t have to wait long to know how they did. The Awards Luncheon will be held at the Clark Student Center on the campus of Midwestern State University. Save the date – Wednesday, October 4, 2017 – and make plans now to attend!

STEP 11- LAUNCH AND GROW THE BUSINESS:

This is the most important step of all and is the focus of i.d.e.a.WF:
Creating jobs and economic opportunities for the citizens and businesses of Wichita Falls and our surrounding communities.

We want all entrants – regardless of how far they progressed in the contest – to become successful entrepreneurs!