How it Works:

Frequently Asked Questions

What is the North of Boston Business Plan Competition?
Who is eligible to participate in the Enterprise Center Business Plan Competition?
How does it work?
What if I don't know how to write a business plan?
Will there be any additional help or information?
Are there any restrictions on the type of business or service I propose?
Are there other restrictions?
What can my business proposal win?
Who will be the judges?
What are the criteria the judges will use to evaluate these business plans?
Can I get a copy of the business plans?
Will there be a confidentiality agreement?

What is the North of Boston Business Plan Competition?
Basically our business plan competition is an opportunity for an early-stage or startup company to submit its business plan to a panel of judges - many of whom are investors - and to win a cash prize. More importantly, the competition is a way of showcasing emerging businesses before panels of judges who are themselves investors and, thereby. thus offering these businesses immediate access to capital.

1. Only startups (not yet operational) and emerging businesses (less than two years old) may apply
2. Existing early stage businesses must be located in Essex County or the Merrimack Valley or must relocate to the area. Click here for the defined list of towns 
3. If the plan is for a startup business, that business must commit to being located in Essex County or the Merrimack Valley Click here for the defined list of towns 
4. Businesses with existing professional venture investment are not eligilble
5. Contestants shall have no more than $200,000 investment (exclusive of real estate) from sources other than professional venture capital
6. Business must have plans to grow to at least 5 full time or FTE employees within two years
7. Your business plan must be original work that you'll be able to fully disclose
   

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How does it work?
All those interested in entering must express their initial interest by February 22, 2008. This expression of interest comes in the form of a 3 page executive summary of each group's concept.

Each group will be required to submit a formal business plan no later than March 28, 2008. See Elements of the Business Plan for details. From that group we'll select a group of semifinalists. We'll announce those names by April 16, 2008 This group will be chosen by a panel of select judges, many of whom are themselves investors and other leaders in the business community. Finally, we'll announce three finalists who will present their plans to a panel of judges in a public forum at the Enterprise Center on May 14, 2008. All the winners will be selected on the night of presentations. Winners will receive $10,000, those who take second place will get $6000, and the third place team will receive $4000.


What if I don't know how to write a business plan?
To help everyone prepare their plan The Enterprise Center, in conjunction with the Small Business Development Center will provide optional training to each interested business on how to write an effective business plan.In addition, we are providing hyperlinks to key sites with resources available on writing business plans.

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Will there be any additional help or information?
The Enterprise Center provides complete detailed submission instructions; an outline of the contents of a business plan and financials; hyperlinks to good model business plans and financials; coaching on how to write a good plan prior to submission; and a sub website focused on the competition with all information available for download. Click here for appropriate links.


Are there any restrictions on the type of business or service I propose?
No. We'll accept business plans in any category.


Are there other restrictions?
Each business idea must be an original work of each entrant. Each group who enters must be able to fully disclose their ideas. We require this to prevent any team from being under an agreement that would restrict its ability to fully state its plan.


What can my business proposal win?
We're awarding three prizes: $10000 for first place, $6000 for second, and $4000 for third place. In addition, we expect that there will be venture capitalists in the audience to hear the top proposals.


Who will be the judges?
The judges will be a combination of business people, business school faculty, and angel/venture investors. 2008 Judges will be listed soon.

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What are the criteria the judges will use to evaluate these business plans?
The judges will use standard criteria including

• Proof of an existing or projected financial need for the business (20%)
• Strength of the management team (20%)
• Completeness and compelling nature of the business case (20%)
• Defensible business strategy (20%)
• Competitive analysis (20%)

We'll choose the semi-finalists on the basis of the pooled scores of judges.


Can I get a copy of the business plans?
We do not provide copies of the plans. We encourage you to contact the teams directly to discuss receiving copies of the plans.


Will there be a confidentiality agreement?
No. The final session of the competition when the finalists make their presentation is open to the public at large. Any data or information discussed or divulged in public sessions by entrants should be considered information that could possibly enter the public realm and entrants should not assume any right of confidentiality in any data or information discussed, divulged, or presented in these sessions.

Due to the nature of the competition, we are not able to ask judges, reviewers, staff, or the audience to agree to or sign non-disclosure statements. We will, however, make every effort to limit distribution of business plans only to judges of the competition. The Enterprise Center cannot guarantee that other individuals will not obtain access to electronic or hard copies of the business plan. In addition, we expect the media to attend the open competition.

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