Business Plan Competition has $70,000 in Prizes

SAN ANGELO, TX -- This year’s San Angelo Business Plan Competition will offer more in cash prizes – $70,000 – plus in-kind products and services.

The business plan competition is open to entrepreneurs looking to launch local start-up businesses and to existing business owners wishing to expand. Advisers from the Angelo State University Small Business Development Center and students from the ASU College of Business will help guide and assist contestants in drafting plans.

A business plan is a comprehensive document that provides an organized view of a specific business idea. Plans should reflect the vision of a market opportunity and serve as a blueprint for the development of the proposed business. 

The competition will be conducted in three phases. In the first phase, a business overview that addresses market need for the proposed service or business, target customers, competitive advantages and revenue generation will be due by Feb. 5. Selected semi-finalists will submit a draft business plan that includes an operations plan, market and financial analyses, a sales strategy and a management profile by March 19. The final business plan will be due by April 16. Winners will be announced April 24. 

Judges may award a first prize of $50,000 and second-place prize of $20,000 cash plus in-kind rewards. The $70,000 in total cash prizes are being made available from the City of San Angelo Development Corp., which administers the half-cent sales tax for economic development. Winners may be eligible to apply for the Business Factory incubator program.

Potential contestants can get more information in the SBDC’s offices in the Business Resource Center, 69 N. Chadbourne St., by calling 325-653-7197, at angelo.edu/business-plan-competition or by emailing [email protected].

The competition is coordinated by the ASU Small Business Development Center, the City of San Angelo Development Corp. and ASU’s College of Business.