In its fifth year, the 2020 San Angelo Business Plan Competition is a three-phase business plan competition with cash prizes totaling $70K as well as in-kind prizes donated by local businesses. The competition is made up of three phases. Phase I is the first entry point and consists of a two-page business overview along with the entry form which are due August 3rd, 2020. The competition is open to those who want to develop a new business or expand an existing business in San Angelo. View the complete competition guidelines to learn more about the three phases of the competition and the eligibility requirements.
Competition Coordinators and Judges:
The Competition Coordinators are The City of San Angelo Development Corporation (COSADC), ASU Norris-Vincent College of Business (NVCOB), and the ASU Small Business Development Center (SBDC). A Judging Panel will be assembled from a pool of successful entrepreneurs, business leaders, financial professionals, and other economic development supporters in San Angelo. The Competition Coordinators and the Judging Panel are considered the “Competition Officials.” The competition is an opportunity for entrepreneurs to develop viable business plans that will create new ventures or expand existing businesses in San Angelo.
The Business Plan:
In brief, a business plan is a comprehensive document that provides an organized view of a business idea or business expansion. A business plan should reflect the vision of a market opportunity and serve as a blueprint for the future development of the business and includes various elements.
Assistance Throughout the Competition:
One-on-one assistance in preparing a Business Overview and Business Plan is available by contacting the ASU Small Business Development Center at 325-942-2098 or email email@example.com. SBDC certified business advisors will work with contestants on developing their Business Overview and Business Plan. A student team from the ASU Norris-Vincent College of Business will assist the SBDC advisors.
The SBDC also provides free workshops on various components required to develop a business plan. All workshops will be held at the Business Resource Center (BRC) Training Room located at 69 N. Chadbourne St. in San Angelo. Other SBDC workshop schedules and seminar registration information are available online.
Any individual or a multi-person team (not exceed 4 individuals) is welcome to enter the competition as a contestant if they meet the following eligibility requirements. In phase I, contestants must submit the entry form and an original two-page business overview for the start or expansion of their business. If selected, contestants will move forward as semi-finalists and create a draft business plan in phase II. Contestants must have a startup or existing business that is beyond the concept stage, is legally formed at the county level (ex. Assumed Name filing for sole proprietor, general partnerships) or at the state level (ex. LLC, Corp, S Corp, etc.) and incurring business costs at the time of entry in the competition. Contestants must also be committed to job creation and economic development in San Angelo. Businesses must be in San Angelo or its ETJ to be eligible for an award. Awards winners must keep their business in San Angelo for the period indicated in the grant agreement.
The Competition Officials reserve the right to cancel the competition at any point if, at the sole discretion of the Competition Officials, there is insufficient quality or quantity of business overviews or business plans to proceed. Their determination will be final.