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2014 Enterprise Challenge Business Plan Competition

October 10, 2014

$140.00

The Enterprise Challenge is a business plan contest created to identify the best and brightest new businesses and entrepreneurs from Yakima and Kittitas Counties. The contest is coordinated by New Vision, Yakima County’s Development Association and the Kittitas County Chamber of Commerce. The contest is for entrepreneurs, new business owners and/or people who want to start a business in the two county region.
The Enterprise Challenge is a four month competition held October through January that incorporates educational workshops, business plan assistance, mentoring and networking opportunities. Contest participants will gain a better understanding of starting and operating a business and developing a business plan. Participants will benefit from business workshops, professional coaching and networking with other likeminded entrepreneurs.
Contestants will work on their business plans and advance as the contest progresses; the top eight finalists will turn in a full business plan and make an oral presentation to a panel of judges.
Cash prizes awarded to the top three winners**; current prize value $17,500!
 Grand prize $10,000
 Runner up $5,000
 Third place $2,500
New Vision and the Kittitas County Chamber of Commerce will use a variety of judges throughout the several stages of the contest to evaluate participant’s ideas and plans based on the criteria detailed on page four. Judges will use factors such as, relevant expertise, competitive advantage, market opportunity and sound financial projections to select participants that will advance in the competition. Finally, judges will select the top teams with the best overall business plan and make the announcement of our winners at the awards banquet in January.
The business plan competition is designed to give entrepreneurs and new businesses a boost with cash prizes, publicity, and an opportunity for mentoring, review and recommendations from an experienced panel of judges made up of other entrepreneurs, small business owners, business and community leaders, and service providers.
New Vision, Yakima County Development Association
10 North 9th Street, Yakima, WA 98901
YakimaValley.biz 509.575.1140
The Kittitas Chamber of Commerce 609 North Main Street Ellensburg, WA 98926 kittitascountychamber.com509-925-2002 888-925-2204
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Registration & Benefits
Early Registration Fee: $120 deadline Oct. 3, 2014
Standard Registration Fee: $140 deadline Oct. 10, 2014
Entry fee includes:
 The chance to win cash prizes
 Contestant-only advanced business planning classes
 Professional coaching and mentoring
 Business networking
 Constructive feedback from a variety of judges on individual business plans
Contestant Rules & Eligibility Requirements
The Enterprise Challenge is for individuals, teams or companies that are located in Yakima and Kittitas County. Participants must comply with the following:
1. Teams and/or businesses must be based in Yakima or Kittitas County, Washington and/or plan to locate the business in either County.
2. Business plans may be submitted by individuals or teams. Teams may have a maximum of five members.
3. For a team or company, at least 50% of the partners must be located in Yakima or Kittitas County, or the business is located in either County.
4. The applicant and team members that are identified as owners, managers or primary business funders are required to attend at least one workshop and attend the Entrepreneur Trade Show to advance to the final round of the contest.
5. Contestants under 18 years of age must have a signed consent form from a parent or legal guardian.
6. The business must have been in operation for less than two years with gross receipts under $1 million, or it must be a new business venture. New Vision may request supporting documentation for verification.
7. Business must be ‘for-profit’ with any area of commercial endeavor valid (nonprofit organizations running for profit ventures are eligible to compete in the contest).
8. Contest judges will recues themselves if he/she has a conflict of interest (i.e. family, financial or business relationship).
9. Judges decisions are final, including interpretation of the rules.
10. Previous Enterprise Challenge participants may enter; however cash prize winners from previous Enterprise Challenges are not eligible.
11. Winners will receive half their prize money at the awards ceremony and the other half at a mutually agreed upon milestone. (i.e.- official opening of business).
**In the event that the contest does not generate enough participants, New Vision reserves the right to amend cash prize amounts or registration deadlines.
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Contest Schedule:
October 13
6:00-9:00 p.m.
Contestant Orientation & Business Plan Workshop:
Business Plan Essentials & Start-Up Marketing October 20 6:00-9:00 p.m. Business Plan Workshop: Business Plan Financials
November 6
4:00 p.m. deadline
DEADLINE – Business Plan Summary Due*. Nov 7-14 JUDGING PERIOD
November 17
5:00 p.m.
TOP 16 CONTESTANTS NOTIFIED FOR ADVANCEMENT TO INVESTMENT ROUND TRADE SHOW November 20 5:00 p.m. – 6:00 p.m. Entrepreneur Trade Show Workshop
December 4
1:00 p.m. deadline
DEADLINE – Trade Show Business Plan Due December 11 11:00 a.m. – 4:00 p.m. ENTREPRENEUR TRADE SHOW 10 a.m. to 4 p.m. Set up 10-12:30 p.m., Judges 1-4 p.m.
December 11
6:00 p.m.
TOP 8 CONTESTANTS NOTIFIED FOR ADVANCEMENT TO FINALS January 9, 2015 4:00 p.m. deadline DEADLINE – Full written business plans due.
January 9-23
JUDGING PERIOD January 16 TBD Practice Presentation Clinic
January 21
10:00 a.m. – 3:00 p.m.
Oral presentations and final judging round. January 22 11:30 a.m. – 1:00 p.m. Awards Ceremony. Winners announced!
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Business Plan Scoring Criteria
Category POSSIBLE POINTS Judging Criteria Market Viability and Competitive Strategy 30 Does the plan:  Identify the company’s product(s) or service(s). Are the product or service’s benefits and key customers identified?  Describe the enterprise’s competition? Who is their competition and what is the firm’s competitive advantage?  Outline the company’s marketing and sales goals?  Describe how the business will sustain their market position? 10 points 10 points 5 points 5 points Financial Projections and Viability
30
Does the plan:
 Provide realistic financial projections and detailed written assumptions, including funding?
 Include the 4 required financial statements showing when the firm becomes profitable and financially sustainable:
Balance Sheet
Cash Flow
Profit & Loss – 3 year
Start-Up Capital Requirements
10 points
20 points: 5 points 5 points 5 points 5 points
Management Team 20 Does the plan:  Describe the relevant experience of the management team required to operate their venture? Are contingencies adequately identified and addressed?  Clearly identify the mentors or resources the management team will access to provide expertise?  Does the team demonstrate a comprehensive understanding of the venture? 20 points Likelihood of Success and Impact for Yakima County
20
Does the plan:
 Articulate the business so that it’s clear and makes sense?
 Demonstrate that the business is scalable, realistic and ready to start and/or sustain operations
 Shows the potential to grow and produce substantial community and economic impacts?
5 points
10 points
5 points TOTAL 100
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Enterprise Challenge Process & Important Details
Registration Deadline*: Registrations must be made –
 online at: https://www.yakimavalley.biz/enterprise-challenge/registration.html or
 at the New Vision office (10 North Ninth Street in Yakima) or
 at the Kittitas County Chamber of Commerce office (609 North Main Street, Ellensburg) or
 www.YakimaValley.biz.
Register by 5pm October 3 and pay a $120 entry fee. After October 3 you must register and pay the $140 entry fee by 5:00 p.m. Friday, October 10. Contestants may pay online via PayPal or bring a check to the New Vision office by the deadlines.
Contestant Communication: Participants must have a valid email address. All contest notices and updates will be distributed via e-mail. All documents submitted must be sent via email or submitted to the office on a portable flash drive. Once the Challenge is underway contestants can access contest information on the website at www.yakimavalley.biz under the CONTESTANT ONLY pull down menu. Once you have registered you will be emailed a password for easy access.
Contest Timeline:
Round 1 – Opening Round –
 Two contestant business planning workshops are offered – attendee and team leads must attend at least one.
 Opening Round business plan due electronically by 4:00 p.m., Thursday, November 6.
 Judges score your plan and the top16 teams are notified of advancement on November 17.
Round 2 – Entrepreneur Trade Show –
 16 contestants advance to the trade show and can submit revisions to their business plans by December 4.
 The Trade Show format allows participants to ‘pitch’ their business to judges in a trade show booth venue. The use of marketing materials and creative displays at your booth is encouraged.
 The registered attendee and team leads must attend the trade show to advance in the contest.
 More than 25 judges will be in attendance to assess each business “pitch” and use the scoring criteria to distribute Enterprise Bucks.
 Each judge has $1000 in Enterprise Bucks to ‘invest’ in a minimum of five businesses.
 The top eight contestants will be notified on December 11 and will advance to the final round.
Final Round –
 The top eight contestants can take advantage of professional coaching and counseling.
 Theses eight will submit full business plans on January 9 for judging.
 Those contestants can take advantage of a practice presentation session on January 16 and will make final presentations to the judges on January 21.
 The top three winners will be announced at the awards banquet on January 22, 2014.
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Sponsorships & Prizes
Local sponsor support allows us to make this contest a success.
Cash prizes are awarded to the top three winners. * Current prize value: $17,500
 Grand prize $10,000
 Runner up $5,000
 Third place $2,500
*In the event that the contest does not generate enough participants, New Vision reserves the right to amend cash prize amounts and/or registration deadlines.
Confidentiality
The Enterprise Challenge considers all submitted business plans as confidential and treats all team matters accordingly. However, we cannot guarantee complete confidentiality for proprietary matters. Prior to submission, we strongly encourage any team or individual to consult with appropriate advisors or legal counsel to confirm any intellectual property described in your summary is protected by appropriate intellectual property filings and notices (i.e. patent, copyright, trademarks, etc.) by the owning institution and/or individual. Due to the nature of the contest, we will not ask judges or staff to agree to or sign non-disclosure statements.
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First Round Business Plan Requirements: All Contestants
 First Round Business Plan Due electronically by 4:00p.m, Thursday, November 6.
 Please submit in Adobe Acrobat PDF or Word document.  Files should be named in the following format: CompanyName_OBP.pdf (or .docx)
Formatting Guidelines – 10 pages total
 Must be typed, minimum 1” margins on all sides and minimum 11pt font.
 First Round Business Plans are limited to 10 total pages (not including cover page). This includes the following items:
1. Cover page
2. Executive Summary
3. Market viability and competitive strategy:
a. Product or service description;
b. Product or service benefits and target customers; and
c. Competitive/Competitor analysis
4. Financial Projections and Viability – four required financial statements plus detailed assumptions to support cash flow projection:
a. Start-up capital requirements
b. Beginning Balance sheet
c. 12-month Cash Flow Projection
d. Profit & Loss – Years 2 and 3
5. Management Team and Advisors
 See the scoring criteria above to ensure you answer all questions in each category to receive the full point values.
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Trade Show Round Business Plan Requirements: Top 16 Contestants
 Trade Show Round Business Plan due electronically by 4:00p.m, Thursday, December 4.
 Please submit in Adobe Acrobat PDF or Word document.  Files should be named in the following format: CompanyName_TBP.pdf (or .docx)
Formatting Guidelines – 10 pages total
 Must be typed, minimum 1” margins on all sides and minimum 11pt font.
 Trade Show Round Business Plan is limited to a maximum of 10 total pages (not including cover page).
Trade Show Round Business Plan must still include:
1. Cover page
2. Executive Summary
3. Market viability and competitive strategy:
a. Product or service description;
b. Product or service benefits and target customers; and
c. Competitive/Competitor analysis
4. Financial Projections and Viability – four required financial statements plus detailed assumptions to support cash flow projection:
a. Start-up capital requirements
b. Beginning Balance sheet
c. 12-month Cash Flow Projection
d. Profit & Loss – Years 2 and 3
5. Management Team and Advisors
 See the scoring criteria above to ensure you answer all the questions in each category to receive full point values.
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Final Round Business Plan Requirements- TOP 8 CONTESTANTS ONLY
 Final Round Business Plan due electronically by 4:00p.m,Thursday.,January 9
 Please submit in Adobe Acrobat PDF or Word document.  Files should be named in the following format: CompanyName_FBP.pdf (or .docx)
Formatting Guidelines – 50 page limit
 Must be typed, minimum 1” margins on all sides and minimum 11pt font.
 Final Round Business Plan is limited to 50 pages with attachments.
Final Round Business Plan must include:
1. Cover page
2. Executive Summary
3. Market viability and competitive strategy:
a. Product or service description;
b. Product or service benefits and target customers; and
c. Competitive/Competitor analysis
4. Financial Projections and Viability – four required financial statements plus detailed assumptions to support cash flow projection:
a. Start-up capital requirements
b. Beginning Balance sheet
c. 12-month Cash Flow Projection
d. Profit & Loss – Years 2 and 3
5. Management Team and Advisors
See the scoring criteria above to ensure you answer all the questions in each category to receive full point values.
Practice Presentations: January 16, 2015
Contestants may take advantage of practicing their presentation to a panel and getting feedback prior to their judged final presentations. Jean is scheduling appointments from 10:00am to 3:00pm.
Final Round Presentations: Final 8 Contestants Only
 Final plan presentations will be held January 21, 2015
 Each presentation will be 10 minutes timed.
 The use of PowerPoint, flip charts, pictures, and models are permitted
 A seven member judges panel will use the scoring criteria to assess each presentation.
Awards Ceremony: Final 8 Contestants + everyone welcome
 11:30-1:00pm – January 22, 2015
 A celebration luncheon with sponsors, contestants, family and friends.
 Announcement of Prize Winners!

Details

Date:
October 10, 2014
Cost:
$140.00

Venue

New Vision
Kittitas Co., WA United States
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