During a press conference Thursday morning at the Business Resource Center, 69 N. Chadbourne St., Dave Erickson, director of the Angelo State University Small Business Center, along with the City of San Angelo’s economic development partners, announced the reinstatement of the San Angelo Business Plan Competition, which will award two lucky entrepreneurs with an award of $15,000 or $10,000 in cash and “in-kind prizes” donated by local businesses.
Erickson, who spoke to a room full of business partners, the media, Mayor Dwain Morrison and representatives from Drew Darby and Mike Conaway’s offices, explained that the competition is designed to encourage the entrepreneurial spirit, new ventures, creating jobs, obtaining wealth and enhancing overall economic development.
Below: San Angelo business partners, the media and representatives from Drew Darby and Mike Conaway's offices joined together Thursday morning at the Business Resource Center. (LIVE! Photo\Brandy Ramirez)
“We encourage anyone who has an idea for a new business venture to consider entering the Business Plan Competition,” said Erickson. “Contestants can receive assistance with developing their business plan by accessing the ASU Small Business Center in conjunction with ASU’s College of Business students.”
This is part of a new twist to the competition.
Advisers from the ASU Small Business Development Center and students from the ASU College of Business will be available to guide and assist contestants in drafting their plans.
“It’s a key part of the mission of the College of Business to be connected to the business community in San Angelo and to assist in the economic development of the city. This is a great way for us to get involved with that,” said Dr. Clifton Jones, the new dean of the ASU College of Business. “We also appreciate this opportunity for our students. They can get some real world experience. It’s a key component of business education these days. This is an opportunity for them to be involved in the community while they are still in school.”
Jones added that he hopes some of the students also participate in the competition. Overall, anyone with an idea for a new business venture, including existing business owners who may want to add a new venture alongside their existing ones, can participate.
According to the San Angelo Business Plan Competition 2016 New Venture Guidelines, the competition will be conducted in three phases.
- During the first phase, competitors will create a business overview that addresses market need for the proposed service or business, target customers, competitive advantages and revenue generation, which will be due Feb. 2, 2016.
- In this stage, selected semi-finalists will submit a business plan draft that includes an operations plan, market and financial analysis, a sales strategy and a management profile due March 21, 2016.
- For the final stage of the competition, finalists will submit their final business plan by April 18, 2016, and winners will be announced April 27, 2016.
Again, the first-place winner will receive $15,000 and the second-place winner, $10,000. Winners will also receive in-kind rewards, and they will be eligible to apply for The Business Factory’s incubator program. The Business Factory, formerly known as the CVCED—The Business Incubator, also located at the Business Resource Center, provides small business entrepreneurs networking benefits and flexible “coworking space” that includes traditional offices and cubicles, furniture, Wi-Fi, and more. People can visit www.cvced.org for additional information.
Additionally, competitors can take advantage of one-on-one assistance in preparing a business overview and business plan. As stated, a student team from ASU’s College of Business will assist the SBDC in working with the contestants on developing their overview and plan, along with helping to administer the competition.
Dr. Jones said, “I think this is a wonderful opportunity for [students] to see some of the things we talk about in the classroom actually put into practice. It’s an opportunity to help assist with marketing the program. It’s an opportunity to see entrepreneurship in action, to actually get to work with some entrepreneurs, and it affects those who want to become entrepreneurs and tie that back to what we talk about in the classroom. It’s a great chance for them to get their hands dirty in a real world setting.”
Dr. Jones also said his department will actively recruit students for the competition. Currently, Erickson teaches an entrepreneurship course at ASU, which is a popular course, so he expects some students will come from there. The department will also publicize within the college and work with students who have an interest both in assisting in the competition and participating in it.
Erickson said from 2004 to 2009, the Business Incubator conducted the San Angelo Business plan competition, and it’s a great way to get people who want to start a new venture, but may not be sure how to start or have the resources to do so. The competition in 2009 was the last one held in the city. Also, the new ventures that have resulted, including Acme Iron and Metal, is good for COSA.
“[Competitors] all get a lot out of it. Everybody who participates learns so much about the process of putting together a business plan of their idea, getting it on paper, and we understand what it takes to start a business. Even existing business owners learn the process too,” stated Erickson. “[The competition also] helps the marketing atmosphere of San Angelo. It’s going to create jobs, create economic development and create wealth.”
Roland Peña, director of COSA Economic Development, agreed with Erickson.
“I love the idea,” stated Peña. “If we can provide the opportunity to show that if you have an innovative idea and you can turn that innovation into a real business venture, and we can provide the resources to help you do it, this is the perfect opportunity to utilize the program to make that happen.”
Peña also said the competition shows the commitment that COSA business partners have toward the community.
He stated, “We want to see our community thrive. Not only that, but we have a good business environment and an entrepreneurial environment that is inviting to entrepreneurs--that is inviting to new businesses; and not only that, but there are a lot of existing business [owners] who have ideas. They have ideas and they may want to create a new venture or a new company, and I think that’s important to our people, our community and our business environment.”
The Business Economic Development partners also believe the competition a part of economic development, part of business development, and part of community development, Peña added.
“I see it as positive because we need to continue to diversify,” he continued. “We are impacted by the energy sector and you can look at the sales tax and the hotel and motel tax and know we’ve been impacted. We need to continue to diversify. If we can create new businesses that will help us diversify that business sector, we can create jobs. Once we create jobs, we can also help those who are underemployed or unemployed. We want that. We want to help our citizens improve their quality of life, and we want our community to benefit from that. If we’re known as the community in West Texas to go to because we’re thriving because we care for business and we care for our citizens, I think we can go a long way to attracting more business and keeping our community vibrant.”
Above: Mike Poulter (Center), owner of Acme Iron and Metal, explained how the San Angelo Business Plan Competition benefited him Thursday morning. (LIVE! Photo\Brandy Ramirez)
Mike Poulter, owner of Acme Iron and Metal, and who was the first winner for the San Angelo Business Plan Competition 11 years ago, is testimony to how participation in the competition can turn into something greater. As of today, Acme is a capital-intensive business that purchases machinery or replaces machinery that has become obsolete or worn out, and the company services all 50 states and eight provinces, including Canada. He claimed the success of his company has to do what he and his associate, Al Villareal, learned during the competition and being a part of the San Angelo business community.
“We collaborated on the project and it’s something we use today,” he said. “Every six months, our management team sits down to review where we are, where we’re going and plot that out for the next six months to a year. San Angelo is a great place to do business and to be from. We enjoy being a part of the program.”
After the press conference, Poulter added that the competition, overall, taught him and his associate how to plan.
“The biggest thing I think in business is to have a good idea where you’re going, and then determine if you have enough resources to go there. If you don’t, then you get some help, determine the need for that and use the business development resources for that.”
For those entrepreneurs planning on entering the competition, Poulter offered a suggestion.
He said, “Don’t underestimate the need for the planning cycle and to do the homework, and spend the time because you’ll use whatever you develop for years to come.”
Potential contestants can get more information in the SBDC’s offices at the Business Resource Center, 69 N. Chadbourne St., by calling 325-653-7197 or emailing [email protected]. Also, to download the competition guidelines, click here, or visit www.angelo.edu/business-plan-compet….
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