The goal of the StartupEd Business Plan Competition is to provide an opportunity to learn about entrepreneurship through the development and presentation of a business idea to the StartupEd. Participants in the competition will have an opportunity to define their ideas in commercial terms and to compete for substantial cash prizes that could be used to further the commercialization of their inventions.
How do students benefit from this participation
This business plan competition is open to all the students of higher secondary classes and students pursuing higher studies/under graduate courses. Business Plan Competition students learn key business concepts and skills while developing a blueprint strategy to launch a new product or service. This competition helps young people build skills, unlock creativity, and discover pathways to opportunities in small and large businesses. The unique curriculum helps students get excited about the world of business and entrepreneurship and empowers them to use entrepreneurial thinking to create value, in their own companies or working for someone else.
What is a Business Plan?
A business plan is a formal statement of business goals, reasons why and how they are attainable, and plans for reaching them. It is a roadmap for your business that outlines goals and details how you plan to achieve those goals.
1. EXECUTIVE SUMMARY
An executive summary of your business idea and concept should include the following topics. The outline should give a complete idea of what is the goal of business. Bullets can be used in order to be concise and to the point.
This is a summary of the idea. Describe the background of the company that is planned to be formed or already formed, and give a general idea of what the business seeks to accomplish.
This is an outline of the technology behind the idea. Describe the technology and its feasibility. Be sure to discuss the uniqueness of the business idea relative to competitors along with the following:
- What is the business competitive advantage (i.e., what is stopping other competitors from entering this area, how is this business idea better than everyone else in the market?)
- Describe the need for this product or service — what does this business idea bring to the table?
This area describes the marketing approach.
- Describe the potential customer base in terms of: Income, Where They Shop, How They Buy, Geographical location, Age, Gender, etc. – Who is the target market?
- Describe the channels that will be utilized in terms of where the product will be sold and how (i.e. direct Salesforce, by catalog, online, business to business, etc.) – how will you reach the target market?
- Describe the pricing strategy (i.e. is this a premium product that is priced high?)
- Describe the types of promotional activities. Highlight the branding strategy and how customers will be made aware of the product or service.
- Describe the size of the market and any other factors that might need to be considered and/or are integral for the idea.
This section discusses the funds necessary to operate this company, where these monies will be generated, and how the company can survive over time.
- Describe the financial plan
- Describe the price at which the product/service will be sold, the costs associated with the business, margins, and profits.
- Describe projected future costs and revenues
- Describe what the model for revenue is and how the company will be sustained over time.
- Identify sources of additional funding
2. PRODUCT/SERVICE SUMMARY
Describe briefly the specifics of the product or service.
- Features: Describe what the product/service is.
- Benefits: Why is the product/service valuable? Value proposition.
- Competitive comparison: General comparison of the features of the product/service with the existing providers of a similar offering in the market. (Not to be confused with the description of competition that follows, as this section just deals with very general competitive comparison. For example: a comparison of medical records online as compared to the providers of medical records through traditional channels in general.)
- Technology (if it is a technology related product/service): Do not be too technical, but mention the unique or core technological features of the product/service.
- Fulfillment: Describe how the service/product features are going to be fulfilled. For example: how the customer service is going to be fulfilled.
- Future products/enhancements/services: For example: medical records for wireless devices.
3. MARKET SUMMARY
Summarize segmentation, target market, size and growth of the market.
- Market segmentation: How is the market segmented, i.e., how are the future clients classified. Explain the entire market and not just the target market.
- Target market segment: Describe who comprises the target market. Mention the size and growth of the market.
- Market need: What is the pain that the future clients are suffering from? Is the pain legitimate and how this product/service will help in solving the problem?
- Competition: Describe the main groups of competitors and then the individual business participants in each group. This is one of the most important parts of the business plan.
- Competitive advantage: What advantage does this product/service have compared to the competitors?
4. STRATEGIES SUMMARY
- Entry strategy: Who will be the first customers?
- Marketing strategy: Describe the marketing techniques that will be used.
- Selling strategy: How will the product/service be sold? Direct sales, salesmen, Web, brick and mortar, or all of the above.
- Distribution strategy: What are the channels of distribution?
- Pricing strategy: How is the offering priced?
5. MANAGEMENT TEAM SUMMARY
Describe in brief the summary organizational structure of the company.
- Management team: Describe briefly what each member brings to the table.
- Board of advisors: Describe briefly what each member brings to the table.
- Personnel plan: Show the number of people needed to be hired in the next five years and their cost.
6. FINANCIAL PLAN SUMMARY
Summarize the financial plan:
- Important assumptions
- Break-even analysis
- Profit and loss statement for five years
- Cash flow statement
- Projected balance sheet
- Exit strategy
Plans should be submitted as a single, printable PDF file. The business plan is limited to no more than 10 pages. This would include a single cover page, single table of contents page, and two page executive summary, 8 pages of a business plan (note cover page and Table of Contents are required). Page format is 1.0 line spacing with 1 inch top, bottom, left and right margins, and 12-point font. This line spacing and font requirement applies to the textual content of the document and not to titles and descriptions accompanying pictures, graphs, tables or worksheets. All pages must be numbered excluding the cover page.
To review, here are the required elements and their page limits:
(See attached template)
- Cover page— one page(Name of team leader and team members should be mentioned on cover page)
- Table of contents— one page
- Executive Summary— two pages
- Body of Plan—8 pages
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Terms and Conditions
By submitting an application, each Applicant represents and warrants that:
- The information given by the applicant is true and accurate.
- The ideas contained in such application are, and will be, original to the Applicant and will not infringe upon the rights, including privacy and intellectual property rights, of any third party.
- The Applicant will comply with all applicable laws and regulations in connection with its activities relating to the Competition.
- Incomplete applications will not be considered for competition. Applicants cannot withdraw after submitting application.
- Each application must be the original work of the Applicant submitting such application. In any case, if the number of applications received by us are less then the competition will be ceased. No cash prize will be given to any applicant.
Team Registration Open for StartupEd Business Plan Competition 2019-2020.