SAN ANGELO, TX – The seventh annual San Angelo Business Plan Competition kicks off today. The competition is open to anyone wishing to develop a new business or expand an existing business in San Angelo, but applicants must have an existing business that is past the concept stage.
Winners will receive cash prizes ranging from $10,000 to the grand prize of $40,000.
- First place: $40,000
- Second place: $20,000
- Third place: $10,000
A business plan is a comprehensive document that provides an organized view of a specific business idea. Plans should reflect a vision of a market opportunity and serve as a model for the development of the proposed business. The competition is an opportunity for entrepreneurs to develop viable business plans that will start or expand their business.
Advisors from Angelo State University’s Small Business Development Center (SBDC) and students from ASU Norris-Vincent College of Business will be available to help applicants write plans.
The competition will take place in three phases:
- Phase 1: Online Registration Form and Business Overview *Due by 5 p.m. on August 8.
- Phase 2: Draft Business Plan * Due by 5 p.m. on October 10.
- Phase 3: Final Business Plan * Due by 5 p.m. November 7.
Selected finalists will submit a final business plan and present it in person to the judging panel. The winners will be announced on November 16.
More information can be found by visiting cosatx.us/bizplan or the SBDC offices at the Business Resource Center, 69 N. Chadbourne St., calling the SBDC at 325-942-2098, or emailing [email protected]
Winners may also receive in-kind rewards and be eligible to apply for the Business Factory incubator program. Cash prizes are funded by the City of San Angelo Development Corporation (COSADC), which administers the half-cent sales tax for economic development.
The competition is coordinated by SBDC, COSADC and ASU’s Norris-Vincent College of Business.