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Notre Dame Business Plan Competitions Training Session 1/31/2007

Notre Dame Business Plan Competitions Training Session 1/31/2007. Agenda. Elements of a Business Plan Mentor Contacts Second Round Submission Details. David Brenner. ND alumnus, parent of an ND alumnus and two current ND students Adjunct Instructor IrishAngels network member

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Notre Dame Business Plan Competitions Training Session 1/31/2007

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  1. Notre DameBusiness Plan CompetitionsTraining Session1/31/2007

  2. Agenda • Elements of a Business Plan • Mentor Contacts • Second Round Submission Details

  3. David Brenner • ND alumnus, parent of an ND alumnus and two current ND students • Adjunct Instructor • IrishAngels network member • Managing Partner, IdeaWorks • Business incubator and accelerator in Grand Rapids • Reviews hundreds of business ideas each year • McCloskey competition judge, 2001 – present • Has reviewed approximately 600 McCloskey competition entries

  4. Business Concept • Questions to Answer • What is your business idea/venture? Give a general non-technical overview of what the idea/venture is and what it does. Why should people be interested in this? • What Judges Consider • Uniqueness/freshness of idea. Is it the logical next step to satisfy customer needs in this market? • Best Answer • Plausible new way to address a meaningful market issue for a profit

  5. Customer Problem • Questions to Answer • What are the current unmet needs does your idea/venture address? What does the customer want and why do they want it? • What Judges Consider • Is the problem real or transitory? • Best Answer • Significant, growing problem that customers have shown a willingness to pay $ to solve.

  6. Your Solution • Questions to Answer • What current unmet needs does your idea/venture address? What does the customer want and why do they want it? How do you solve their need? • What Judges Consider • Is the proposed solution disruptive or evolutionary? • Best Answer • Significant, growing problem that customers have shown a willingness to pay $ to solve.

  7. Target Customer • Questions to Answer • Who is the customer that is going to be attracted to your product? How much does your product/service mean to them? What is the size of your customer base? • What Judges Consider • Potential size of market being addressed: niche or mass market? Quick to accept new solutions, or not? Based on what? • Best Answer • Sizable market with clear, rationale reasons to consider new ways to solve problems.

  8. Primary Competitors • Questions to Answer • Discuss your competition: who is in this market space? What prevents them from blocking your entry into the market? Have you considered the competition? If there is no direct competition, what are target customers doing now in the absence of your product/service? • What Judges Consider • How is the company positioned vis-a'-vis known competition? How can a start-up win in this environment? • Best Answer • Major competitors are not focused on this opportunity for obvious reasons; under-served market demanding a unique solution.

  9. Competitive Advantage • Questions to Answer • What advantages do you have over your competition that will allow you to succeed? What will prevent the competition from stepping in and forcing you out of the space? • What Judges Consider • How sustainable is the business? Any reasonable barrier to entry? • Best Answer • A strong set of advantages that will offer some protection to this company moving forward.

  10. Current Status • Questions to Answer • What stage is your technology and/or business at? What has been done to this point? Any customers? • What Judges Consider • How far along is this business? Has the venture taken its first steps? • Best Answer • A venture not waiting for approval but has already begun finding proof of concept.

  11. Go To Market Strategy • Questions to Answer • Is there a channel that can allow this company to get its solution to target customers profitably? What are the channel's requirements and is the company prepared to meet these requirements? • What Judges Consider • What has changed to allow a startup to enter? Does this channel accept startups? How and why? • Best Answer • Clear indicators of past channel acceptance of start-ups.

  12. Milestones • Questions to Answer • What are key milestones that will need to be met for your venture to be successful? • What Judges Consider • What are the next steps and what will they require? • Best Answer • Next steps are thought out and achievable.

  13. Management Credentials and Involvement • Questions to Answer • What experience do you have in this area? Why are you interested in this idea/venture? Is there anything unique about your involvement in this project or can anyone pull this off? • What Judges Consider • Who leads? Past experience or plans to supplement with outside mentors or advisors? • Best Answer • A realistic appraisal of team skill set; no oversell -- honest reflection of strengths and weaknesses.

  14. Business Model • Questions to Answer • Financial benefits, how much are people going to be willing to pay for this product/service? Do you save them money or create additional value, or both? How do you capitalize on this added value? • What Judges Consider • Reasonable business growth plans; significant margins that should improve through expansion. • Best Answer • Demonstrated commercial traction; customers have already paid for this solution from this company.

  15. Financials • Questions to Answer • What do you expect the financial results to be going forward? Estimate up to 5 years of financial data and provide some basis for the estimates. • What Judges Consider • How quickly will this venture be profitable? How valid are the assumptions used to create these numbers? • Best Answer • Transparent numbers that reflect optimism; a quick turnaround from an investment standpoint.

  16. Mentors • Be respectful of your mentor’s time • Plan your communication and be focused • Understand your mentor’s role

  17. Upcoming Events February 7th – Business Models: The Assumptions that Drive the Numbers Speaker: Dan Dykens 7:00pm, Room 131 DeBartolo April 20th – Final Events Venture Fair 10:30am-12:30pm Giovanini Commons, Mendoza Final Event 1:30pm-4:00pm Jordan Auditorium, Mendoza

  18. Second Round Submission Requirements February 23rd – Second Round Submission Deadline Submission Components: • 10 – 15 slide PowerPoint presentation • Business Plan: Plan not to exceed 25 pages with no more than 15 pages of appendices (40 page maximum submission) Submission Guidelines posted at http://gigot.nd.edu

  19. Helpful Resources • First Round judges feedback and contact opportunities • Mentors • Participants Area for Competition: • http://gigot.nd.edu • Business Plan Pro software

  20. Next Steps Review first round evaluations and make contact with judges who provided contact information Make contact with your mentor early and often Prepare your second round submissions Contact Theresa Sedlack or Melissa Paulsen with any questions or additional competition support needs • tsedlack@nd.edu; 574.631.3809 • paulsen.5@nd.edu; 574.631.7568

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