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Tips on Completing the Application

Tips on 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

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Tips on Completing the Application

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  1. Tips on Completing the Application

  2. 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

  3. 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

  4. 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?

  5. 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

  6. 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

  7. 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!

  8. 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

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

  10. 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”

  11. 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 on October 29th • Note: this person should not be changed

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