Purpose
The purpose of this event is to 1) incentivize new and existing businesses to work through the planning and presentation process required to receive outside funding, 2) facilitate networking opportunities for conference participants, and 3) promote Eastern Idaho as an ideal location for business development and investment.
Overview
On December 10th, the City of Rexburg in cooperation with the Madison Economic Partners, Inc. (MEPI) will be hosting their first annual business plan competition. This event will be held at the business incubation center in Rexburg, ID and will accept business plan submissions in two categories: start-up plans (less than four years of operation) and expansion plans (more than four years of operation).
Participants from all over Eastern Idaho are invited to submit their business plans into one of the two categories, depending upon the previous development of their companies. Participants may submit more than one business plan. An initial screening process by an initial panel of judges comprised of business professionals, will select five plans from each category to be presented in front of another panel of judges on December 10th. This second panel of judges will be generated from a similar pool of business professionals.
Based off of the December 10th presentations, the top three business plans in each category as determined by the panel will be awarded seed capital for their plans. (Actual amounts may vary depending upon the level of sponsorship; however, we anticipate giving at least $2,000 to the first place winners, and $ 500 to 2nd place winners.) In addition to this seed capital, the first, second and third place winners from each of the two categories (start ups and expansions) will also receive a one-on-one consultation session with the Small Business Development Center (SBDC) to refine their business plans (cumulatively valued at $5,000 or more). These sessions are aimed to (1) make the business more viable, and (2) prepare each of the six finalists for an additional presentation before an angel network on February 4th, 2011 (date is tentative), with the intent to secure any additional funding that may be needed for their business plans to take off. More details of these awards are provided below.
Seed Money
The first and second place winners in each of the two categories will be awarded seed money to help them grow their business. The money will be collected through donations of our sponsors. These donations may be seen as support for an event that will expedite regional economic growth, thus proving to be a lucrative investment in the long run. While this money may provide some of the needed capital to realize the execution of the respective business plans, the true awards are the consultations with the SBDC and angel network presentation opportunities following the December 10th competition.
Pre-investment Consultation
The top three companies from each category will be awarded the chance to have a business consultation session with a specialist from the SBDC. Similar sessions retain a value of up to $1,000 or more. The purpose of these consultations will be to help improve the contestants’ business models, plans, and proposals in preparation for their actual investment presentation sessions with the angel network.
Angel Presentations
The angel network presentations will be a separate event held on February 4th, 2011 (date is tentative). The time between the December 10th competition and these presentations will be used as a grace period to prepare and to participate in the pre-investment consultation session with the SBDC. Dates and details of these events will be forthcoming and made available to the six finalists from the December 10th competition. Because these presentations will be treated as any other in which the entrepreneur is seeking funding from the network of investors, those contestants that prove successful will be able to secure any addition funding necessary to begin the implementation of their plan.
Details
Contestants and Submissions
All contestants will be required to provide a business plan that that addresses the following areas: financial projections, a general market analysis as it pertains to their specific product or service, asking prices, maps and figures as applicable, and any other pertinent information. Contents of the plan must also be abbreviated in an executive summary and include a table of contents. There is no age limit for participants. Participants may submit more than one business plan.
Competition Groups
Start-up Companies
Start-up companies will include any businesses that have been in operation for four years or less. Five plans from this group will be selected in a pre-screening process to participate in the December 10th presentations.
Company Expansions
Companies participating in the expansion group must be able to provide four years of operational finances (These must be available for verification but are not required when submitting the application and business plan). These business plans will focus on taking their respective companies to the next level (new markets, new products, new organizational structure, etc.). Five businesses from this group will also be selected to compete on December 10th.
Non-Disclosure Agreement
All participants will be asked to sign a non-disclosure agreement during sign-in on December 10th to preserve the fidelity of the conference and business plan submissions.
Pre-screening and Judging Rubric
To promote an unbiased approach to judging and screening, a common rubric will be utilized among the judges throughout the competition to avoid bias. This rubric is available for viewing at under the 'Judging Criteria' at www.growrexburg.blogspot.com. The EIBC seeks to reward those plans that do the best job of presenting a promising idea in a convincing manner.
Awards
Award money will be acquired from sponsor donations collected during late October and early to mid November. The minimum donations necessary to run the event according to plans is $5,000. The allocation of these funds is detailed below.
- 1st place Start Up Seed Money: $ 2,000
- 1st place Expanding Business Seed Money: $ 2,000
- 2nd Place Start Up Business: $ 500
- 2nd Place Expanding Business: $ 500
The final award to granted to the top three contestants in each of the two categories will be the chance to present their business plans in front of a panel of angel network investors. The purpose of this award is to give each of the top contestants the chance to all of the additional funding they may need to see their business idea become a reality. Dates and locations associated with these events will be determined after December 10th.
Participation Fees
- Application entry fee: $25.00
- Cost for general public to attend: $10.00 at door, $7.00 with student ID (includes lunch)
Location
The Development Co.
(Business Incubation Center)
343 E 4th N
Rexburg, ID 83440
Dates and Times
Initial business plan submissions are due November 30th at 5:00 p.m. Submissions should be dropped off at Rexburg City Hall. The pre-screening results will be announced online December 6th. Finalists will also receive a phone call from the EIBC committee inviting them to present on December 10th. From December 6th until the main event on December 10th, contestants will be able to prepare a presentation of their business for the panel of judges.
Sign-in for the main event will begin at 7:30 a.m. with activities beginning at 8:00 am and running until 1:30 pm on December 10th, 2010. These activities will include the business plan presentations, lunch, speakers, and an award ceremony.
The top three finishers in each category will be notified of additional dates regarding the SBDC business consultations and the dates for the angel network presentations.
Agenda
Friday December 10th, 2010
Registration: 7:30 – 8:00 am
Welcome: 8:00 – 8:05 am
Opening Speaker: 8:05 – 8:30
Presentations: 8:30 – 12:30 pm
(Start-up and Expansion presentations to be held simultaneously in separate rooms)
- Team #1 (8:30 – 8:45, Q & A 8:45 – 8:55)
- Team #2 (9:00 – 9:15, Q & A 9:15 – 9:25)
- Team #3 (9:30 – 9:45, Q & A 9:45 – 9:55)
Break: 10:00 – 10:25 am
- Team #4 (10:30 – 10:45, Q & A 10:45 – 10:55)
- Team #5 (11:00 – 11:15, Q & A 11:15 – 11:25)
Lunch/ Judges Deliberations: 11:30 – 12:30 pm
Guest Speaker: 12:30– 1:15 pm
Announcement of the Competition Winners: 1:15 – 1:30 pm