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Where dreams become reality!
As a testament to TiE's mission to promote entrepreneurship, a business plan competition is being organized to coincide with TiECon Midwest. TiE envisions the business plan competition to act as a platform for aspiring entrepreneurs, including both seasoned professionals and students, to turn great ideas and dreams into high quality business plans and eventually into successful businesses. |
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| The Competition is aimed at: |
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Promoting entrepreneurship in the Midwest across a broad spectrum of sectors |
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Stimulating business development and consequent employment in the region |
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Providing support for business ideas and plans |
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Encouraging entrepreneurs with startup seed money and other benefits |
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Providing entrepreneurs with a platform to be seen and heard |
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| About TiE: |
| TiE is a global not-for-profit network of entrepreneurs and professionals dedicated to the advancement of entrepreneurship around the world. TiE strives to foster and nurture entrepreneurship by providing an educational, networking and mentoring platform to its members. Today, the TiE network encompasses 53 chapters across 12 countries and is the leading brand promoting entrepreneurship across the globe. |
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The Process: |
| The competition will include three rounds: |
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Preliminary round for Executive Summaries to identify the top 10 |
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Semi-final round for Business Plans to identify the top 5 |
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Final round for Business Plan Presentations of the top 5 to choose the best 3 |
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| In the first round, participants will submit executive summaries of their business plans in the given format. The judges comprising of eminent business leaders and professionals will select the best 10 summaries to be invited to submit business plans. The judges will then select 5 teams having the best business plans to continue in the challenge. These teams will have the option of being mentored by selected TiE Charter Members, business coaches or other professionals in preparation for the final round where the 3 best teams will be selected. |
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| Prizes!!!* |
| The top 5 business plans will be presented to the judges in the final round who will include Venture Capitalists, Investment Bankers and TiE Charter Members. The prizes comprising of cash and in-kind business services (such as marketing, business coaching, legal and accounting) totaling $50,000 will be awarded to the 3 winning teams. |
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| In addition: |
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The top 3 winners will have the opportunity to present his/her business at the awards ceremony on day 1 to the entire audience which includes serious investors and leading VC companies. |
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The 5 finalists will be awarded a certificate of recognition. |
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The winners will be featured in TiE media releases including the TiE-Detroit website. |
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The winners will have publicity at select TiE events |
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Business Coaching and mentorship for an extended period |
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Teams of the top 5 plans will get free admission to TiECon Midwest 2010 conference
(max 3 people per team) |
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| Timeline (Year 2010): |
| Submission of Executive Summaries |
October 18 |
| Selection of top 5 Executive Summaries |
October 21 |
| Submission of top 5 plans to TiE judges panel |
October 25 |
| Selection and announcement of the top 3 winners of the Business Plan Competition |
October 28 |
| Awards ceremony |
October 29 |
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| Judging/Scoring criteria for Business Plans: |
| The judges look at many different aspects when evaluating executive summaries and business plans/presentations, including: |
| 1. Product or Service |
Does the plan describe the product or service completely, concisely and easy to understand? |
| 2. Need |
Does the product or service address a specific need or solve a problem and does the plan provide proof of that? |
| 3. Competitive Advantage |
Does the plan address competition; provide differentiators and proof of why the product or service is better than the competition (features, benefits, price….) |
| 4. Market analysis |
Is the target customer base, market size, defined, proven, quantified and potent? |
| 5. Sales/Marketing strategy |
Clear, consistent and complete |
| 6. Revenue model |
Clearly defined, cohesive and logical? |
| 7. Management team |
Composition, roles, strength, experience, commitment, quality |
| 8. Financial planning |
Realistic, justified |
| 9. Resource planning |
Identification, allocation and utilization of resources effectively |
| 10. Documentation |
Clear, concise, complete, well written |
| 11. Presentation, Q&A |
Communication, clarity, compelling |
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| In addition the judges may also consider factors such as: |
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Reasonable opportunity for success of the company |
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Is the business opportunity/plan as presented both attractive and realistic? |
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Realistic timeframe for take-off and company growth |
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Planned use of funds |
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What is the amount of up-front capital investment required? |
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Does the team understand its business? |
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Has the team gone out to the market already to test its ideas? |
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Why is this business going to be around and a real world winner in 5 years? |
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| Participation/Eligibility/Rules: |
1. A participant can be an individual or a team which can be comprised of upto 5 members.
2. Entries must be either a new business or business idea or an early stage company.
3. All participants will submit the Executive Summary in the preliminary round by the date due and should follow the Executive Summary Template. The Business Plan will be submitted only after the executive summary is short-listed amongst the top 10. The Business Plan should conform to the Business Plan Template.
4. The plan must be an original business idea.
5. The principal business operation must be located within Michigan, Illinois, Indiana, Ohio, Pennsylvania or Wisconsin
6. Company officers/members must be 18 years or older at the time of entry and legal residents of the United States.
7. There is no guarantee, expressed or implied, that any business will receive an award. Should no entries into the competition meet the entry criteria, should no entry have a reasonable chance for success and should the judges determine no winner exists for the competition, no award will be made.
8. Each participant must sign an affidavit of eligibility and publicity/liability release.
9. Participants that have already secured funding from any source including other competitions must disclose the amounts and sources at the time of entry, or as soon as they become aware of any funding commitment during the duration of the competition.
10. All entries must be original and free from any claim of copyright or other restriction relating to the Competition.
11. No individual may be included as a "team member" on more than one business plan, and no business may enter more than one business plan.
12. Awards to the winners of the Competition will be issued in the name of the company as set forth in the plan and the sponsors/judges do not assume any liability for any subsequent distribution.
13. The decisions of the judges and TiE are final.
14. TiE reserves the right to change these Official Rules at any time, in its sole discretion, and to suspend or cancel the Competition or any entrant's participation in the Competition should unauthorized human intervention or other causes beyond TiE's control, affect the administration, security, or proper conduct of the Competition. No responsibility is assumed and entrants waive all claims for lost, late or misdirected entries, or for any problems of technical malfunction.
15. Entrants who violate these Official Rules, tamper with the operation of the Contest or engage in any conduct that is detrimental or unfair to the Competition, or any other entrant (in each case as determined in TiE's sole discretion) are subject to disqualification from entry into the Competition. TiE reserves the right to lock out any entrant whose eligibility is in question.
16. By entering, participants, without limitation, release and hold harmless TiE and the organizers from any and all liability for any injuries, loss, or damage of any kind in connection with the Competition.
17. By entering this Competition, participants agree to waive any right to claim ambiguity or error in these Official Rules or in the Competition itself.
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| Submission: |
| The executive summary/business plan per the template below is to be submitted electronically in Microsoft Word (preferred) or Adobe PDF format to jessica@tieconmidwest.org The email or a cover page should contain the business name, contact person’s name, business address,
e-mail and telephone number. A copy of the Waiver/Release is to accompany the Executive Summary and should be emailed to jessica@tieconmidwest.org or by Fax to (248) 254-4011 |
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| Sponsorship |
| Exciting promotional opportunities on offer in return for a little commitment from sponsors! Put your sponsorship $$ to work. |
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| For details, please visit http://www.tieconmidwest.org/sponsors.html |
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| For Questions, please call Jessica@(248) 254-4013 |
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