Business Plan CompetitionsTraining Session—Judges Perspective

October 4, 2006

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The Competitions

• McCloskey Business Plan Competition

• Social Venture Plan Competition

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Benefits to Participating

• Practical experience

• Networking opportunities

• Business Plan Pro software

• Expert advice

• Chance to win prize money

• Free dinner if you make it to the finals

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Important Dates

October 13– Registration deadline

October 27 – First round submission due

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David Brenner

• 1973 ND Grad, Parent of two current ND students and one alum

• Gigot Advisory Board, IrishAngels network member, and adjunct instructor

• Managing Partner, IdeaWorks in Grand Rapids, MI• Business incubator and accelerator• Reviews hundreds of business ideas each year

• McCloskey competition judge, 2001 – present• Has reviewed over 500 McCloskey competition entries

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Where to start?

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Business Plan - an Entrepreneurs Perspective

Must answer these key strategic questions:-

What is the central underlying business idea?

Who wants it and why?

What team skills are essential to deliver on the plan?

Why does the market need this solution NOW?

How will you (or your investors) make money?

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Business Plan – A Judge’s Perspective

Permission to Believe

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Business Concept

Questions to Answer– What is your business idea/venture? Give a general non-technical

overview of what the business idea/venture is and what it does. Why should people be interested in this? Why is it a sustainable business proposition, rather than merely a new product/service opportunity?

What Judges Consider– Uniqueness/freshness of idea. Is it the logical next step to satisfy customer

needs in this market?

Best Answer– Plausible new way to address a meaningful market issue.

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Current Problem and Proposed Solution

Questions to Answer– What current unmet needs does your idea/venture address? What does the

customer want and why do they want it? How do you solve their need?– Social Venture teams will want to discuss social mission in the problem

and solution discussion

What Judges Consider– Is the problem real or transitory? Is the proposed solution disruptive or

evolutionary?

Best Answer– Significant, growing problem that customers have shown a willingness to

pay $ to solve.

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Target Customer

Questions to Answer– Who is the customer that is going to be attracted to your product? How

much does your product/service mean to them? What is the size of your customer base?

What Judges Consider– Potential size of market being addressed: niche or mass market? Quick to

accept new solutions, or not? Based on what?

Best Answer– Sizable market with clear, rational reasons to consider new ways to solve

problems.

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Go To Market Strategy

Questions to Answer– Is there a channel that can allow this company to get its solution to target

customers profitably? What are the channel's requirements and is the company prepared to meet these requirements?

What Judges Consider– What has changed to allow a startup to enter? Does this channel accept

startups? How and why?

Best Answer– Clear indicators of past channel acceptance of startups.

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Business Model

Questions to Answer– Financial benefits, how much are people going to be willing to pay for

this product/service? Do you save them money or create additional value, or both? How do you capitalize on this added value?

– Social ventures will need to address sustainability of venture, regardless of whether it is a for-profit, non-profit or blended business model

What Judges Consider– Reasonable business growth plans; significant margins that should

improve through expansion.

Best Answer– Demonstrated commercial traction; customers have already paid for this

solution from this company.

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Management Credentials and Involvement

Questions to Answer– What experience do you have in this area? Why are you interested in this

idea/venture? Is there anything unique about your involvement in this project or can anyone pull this off?

What Judges Consider– Who leads? Past experience or plans to supplement with outside mentors

or advisors?

Best Answer– A realistic appraisal of team skill set; no oversell -- honest reflection of

strengths and weaknesses.

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Primary Competitors and Competitive Advantage

Questions to Answer– Discuss your competition: who is in this market space? What prevents

them from blocking your entry into the market? Have you considered the competition? If there is no direct competition, what are target customers doing now in the absence of your product/service?

What Judges Consider– How is the company positioned vis-a'-vis known competition? How can a

startup win in this environment?

Best Answer– Major competitors are not focused on this opportunity for obvious

reasons; underserved market demanding a unique solution.

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Important Dates

• October 13 – Registration deadline

• October 27 – First Round Submission due

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First Round Submission Requirements

• Two-page written overview

• Nine-slide PowerPoint presentation

• Public summary

• Detailed submission guidelines are online at:• http://gigot.nd.edu

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First Round Feedback

• Tip: Make the most of your first round judging feedback by making contact with any judges who provide their contact information.

• Contact Theresa Sedlack (McCloskey) or Melissa Paulsen (Social Venture) for any questions regarding the judging process or judges’ backgrounds

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Team Match• Weekly newsletter to help individuals connect for

the purpose of creating strong competition teams • Distributed to 1400+ e-mail list that includes ND

students and alumni

• Visit Team Match page at http://gigot.nd.edu for details on posting requests

• Note: it is possible to compete as an individual in the competition

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Next StepsRegister for the competitions by:– signing up online at http://gigot.nd.edu

Review the first round submission guidelines, available on http://gigot.nd.edu

Questions? Contact the Gigot Center:– 574.631.3042; entrep@nd.edu