SAN ANGELO, TX – The seventh annual San Angelo Business Plan Competition kicks off today. The competition is open to anyone wanting to develop a new business or expand an existing business in San Angelo, but contestants must have an existing business that is beyond the concept stage.
Winners will receive cash prizes ranging from $10,000 to the grand prize of $40,000.
- First place: $40,000
- Second place: $20,000
- Third place: $10,000
A business plan is a comprehensive document that provides an organized view of a specific business idea. Plans should reflect a vision of a market opportunity and serve as a blueprint for the development of the proposed business. The competition is an opportunity for entrepreneurs to develop viable business plans that will start or expand their business.
Advisers from Angelo State University’s Small Business Development Center (SBDC) and students from the ASU Norris-Vincent College of Business will be available to assist contestants in drafting plans.
The competition will be conducted in three phases:
- Phase 1: Online entry form and business overview *Due by 5 p.m. Aug. 8.
- Phase 2: Draft business plan *Due by 5 p.m. Oct. 10.
- Phase 3: Final business plan *Due by 5 p.m. Nov. 7.
Those selected as finalists will submit a final business plan and present in person to panel of judges. Winners will be announced Nov. 16.
Winners may also receive in-kind rewards and receive eligibility to apply for the Business Factory incubator program. The cash prizes are being funded by the City of San Angelo Development Corporation (COSADC), which administers the half-cent sales tax for economic development.
The competition is coordinated by the SBDC, COSADC and ASU’s Norris-Vincent College of Business.