SAN ANGELO — The sixth annual San Angelo Business Plan Competition officially launched on May 3, 2021, according to a news release.
The competition – which will offer $70,000 in cash prizes – is open to anyone wanting to develop a new business or expand an existing business in San Angelo.
- 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 blueprint 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,” the release stated.
Advisers from Angelo State University’s Small Business Development Center and students from the ASU Norris-Vincent College of Business will be available to assist contestants in drafting plans.
The competition will be conducted in three phases:
Phase 1: Business Overview *Due by 5 p.m. Aug. 2
Phase 2: Draft Business Plan *Due by 5 p.m. Oct. 11
Phase 3: Final Business Plan and Presentation *Due by 5 p.m. Nov. 8
Those selected as finalists will submit a final business plan and present in person to panel of judges. Winners will be announced Nov. 17.
Winners may also receive in-kind rewards and receive eligibility to apply for the Business Factory incubator program.
The cash prizes are being funded by the City of San Angelo Development Corporation, which administers the half-cent sales tax for economic development, the release stated.
More information can be found by visiting angelo.edu/business-plan-competition or the SBDC offices in the Business Resource Center, 69 N. Chadbourne St., calling the SBDC at 325-942-2098 or emailing [email protected]