History
• 14th year
• 37 businesses funded
• More than $24 Million of new revenues brought into the Amarillo economy each year
• 312 new jobs created
• 81% of companies still in business
About the Challenge
• Funding provided by the Amarillo Economic Development Corporation
• Program administered by WTAMU Enterprise Center
• Business Plan counseling provided by Small Business Development Center
• $300,000 available, any company can apply for up to $75,000
Who can Participate?
• Must be a “basic” business– A business that exports its
products or services outside of the Amarillo area, thus bringing new money into the economy.
– You must document that at least 75% of your company’s sales would come from outside of the Amarillo area.
• Must be located in Potter or Randall Counties
Process
• Entrants must submit a two-part application
• Application is available at www.AmarilloEnterPrizeChallenge.com
• Second page of application is your consent to check credit, criminal background and relative acknowledgement form
• Your application is not complete without Page 2
• Application deadline 5:00 pm December 18, 2008
Process
• Submit 7 copies of your business plan
• No more than 20 pages of narrative and financials
• No more than 10 pages of Appendices
• Business Plan deadline is 5:00 pm, Monday, January 19
Process
• Your business plan is then judged by a panel of independent judges
• Finalists will be selected end of February
• Oral Presentations will be in March• Checks Awarded in April• Coaching provided by WTAMU
Enterprise Center
Judging Criteria
Business Plan Scoring
• The Business (25 pts)
• Products and/or Services (20 pts)
• Marketing (30 pts)
• Management (25 pts)
Judging Criteria
Oral Presentation Scoring
• Effective communication of business plan, validation of funding request and support for job creation (20 pts)
• Judges questions are answered thoroughly and effectively (20 pts)
• Knowledge, expertise and ability of entrepreneur (20 pts)
• Commercial viability of the venture (20 pts)• Overall effectiveness and quality of
presentation (20 pts)
Judges
Dr. Anne MacyGene Edwards Professor of Finance and Director of the College of Business Student-Managed Investment Fund at West Texas
A&M University.
John MarmadukePresident, CEO and Chairman of the Board of Hastings Entertainment, Inc.
Returning Judges
Judges
Chris StewartTransactional and litigation attorney specializing in copyright, trademark, trade secret and computer law.
Don SandersOwner of Sir Speedy Amarillo a franchise document management company.
Mark MarrsSenior Vice President of commercial lending with Interstate Bank, ssb.
New Judges
The Business:• Legal Structure & Ownership• Industry, Niche or specialization• Key Goals• Why does the business exist?• Prior entrepreneurship, management experience
Your Business Plan
Product/Service:• Description of product and/or service• Benefits of product and/or service• Problems solved or needs met by product/service• Next product/service or planned changes
Your Business Plan
Marketing:• Target Market• Competitive environment• Pricing strategy• Positioning strategy• Promotion strategy• Distribution strategy
Your Business Plan
Management:• Operation systems and processes• Current employees• Job creation• Financials• Utilization of AEC funds
Your Business Plan
Best Practices• Get started early• Turn in everything on time
– December 18 – Application Deadline– January 19 – Business Plan Deadline
• Make sure you follow the instructions and use the outline provided
• Use the free services provided by the Small Business Development Center to prepare your business plan– 372-5151– www.wtsbdc.com
Best Practices, cont’d
• Attend financial workshops– November 18, 4 – 6 pm– December 16, 4 – 6 pm
• Biggest hurdles for judges –– Marketing activities with no strategic
focus (i.e. website – launch and take orders)
– No competitive analysis– Unrealistic sales expectations– Financials that appear to be “pulled out
of the air”– Lack of job creation detail
Best Practices, cont’d
• Your business plan is your first impression, put your best foot forward
• Don’t focus on the contest, focus on creating a realistic business plan that becomes your road map for success
• Fully justify your request
Questions?
www.AmarilloEnterPrizeChallenge.com
Or call374-9777