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San Angelo Business Plan Competition offers a total of $70K in cash to winners

The competition is open to anyone who wishes to launch a local start-up venture; as well as to existing businesses wishing to expand.

SAN ANGELO, Texas — This year’s San Angelo Business Plan Competition is offering $70,000 in cash prizes to entrepreneurs, plus in-kind products and services.

According to a press release, the competition is open to anyone looking to launch a local start-up venture, as well as existing businesses wishing to expand. Advisers from Angelo State University’s Small Business Development Center and students from the ASU Norris-Vincent College of Business will help contestants in draft plans.

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 release stated.

In the first phase of the competition, an overview that addresses market need for the proposed business, target customers, competitive advantages and revenue generation are due by Aug. 3. Selected semi-finalists will submit a draft business plan that includes an operations plan, market and financial analyses, a sales strategy and a management profile by Oct. 12. The final plan are due by Nov. 9. Winners will be announced Nov. 18.

Judges may award a grand prize of $40,000; a second-place prize of $20,000; and a third-place award of $10,000. Winners may also receive in-kind rewards. Cash prizes are being funded by the City of San Angelo Development Corp., which administers the half-cent sales tax for economic development. Winners may be eligible to apply for the Business Factory incubator program.

Potential contestants can receive more information in the SBDC’s offices at the Business Resource Center, 69 N. Chadbourne St.; by calling 325-942-2098; at angelo.edu/business-plan-competition; or by emailing businessplan@cosatx.us.

The competition is coordinated by the ASU SDBC, COSADC and ASU’s Norris-Vincent College of Business.