Business Plan Competitions Training Session— Judges Perspective October 4, 2006

2 The Competitions McCloskey Business Plan Competition Social Venture Plan Competition

3 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

4 Important Dates October 13– Registration deadline October 27 – First round submission due

5 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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7 Where to start?

8 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?

9 Business Plan – A Judge’s Perspective Permission to Believe

10 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.

11 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.

12 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.

13 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.

14 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.

15 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.

16 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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18 Important Dates October 13 – Registration deadline October 27 – First Round Submission due

19 First Round Submission Requirements Two-page written overview Nine-slide PowerPoint presentation Public summary Detailed submission guidelines are online at:

20 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

21 Team Match Weekly newsletter to help individuals connect for the purpose of creating strong competition teams Distributed to list that includes ND students and alumni Visit Team Match page at for details on posting requestshttp://gigot.nd.edu Note: it is possible to compete as an individual in the competition

22 Next Steps Register for the competitions by: –signing up online at Review the first round submission guidelines, available on Questions? Contact the Gigot Center: – ;