Calling all entrepreneurs! Embark on a journey of innovation and growth through the Southern Illinois 2023 Business Plan Competition powered by Regions Bank. Craft a comprehensive business plan and deliver a compelling 90-second pitch to seize the chance to win a share of $20,000 in prize money and valuable in-kind services that will propel your business forward.
Competitors are required to attend and complete three mandatory workshops (in Carbondale, Marion, Mt. Vernon, or Red Bud) held during the following weeks:
• The Business Plan - Week of September 18th. • The Business Financials - Week of October 2nd. • The Pitch - Week of October 16th. • Local Competitions - Week of October 30th. • Regional Competition - Week of November 13th. • Award Ceremony - November 30th.
Applicants must meet the following criteria to participate:
• Be a start-up or existing for-profit small business, focused on innovative ideas, products, or services. Pre-venture entrepreneurs may also enter.
• Submit new ideas or expansion opportunities that are not current business operations.
• Have a business located in one or more of the following Southern Illinois counties: Alexander, Franklin, Gallatin, Hamilton, Hardin, Jackson, Jefferson, Johnson, Massac, Perry, Pope, Pulaski, Randolph, Saline, Union, White, and Williamson.
• Not be a public governmental entity, nonprofit organization, public/private school, or university/college.
For more information: Contact our office by calling (618)536-2424
Submission Requirements
Business Plan: The business plan should be no longer than 10 single-sided pages and must use one-inch margins and 12 pt. Times New Roman font. Any attachments or appendices will be counted in the 10-page limit, but the page limit will exclude financial projections. The format and components of the business plan should include:
Executive Summary
Description of business
Include a description of the product/idea and how it is innovative
Management/Team
Market
Include target market(s) and measurable impact in the lives of the target market(s)
Commercialization potential
Industry growth and opportunity
Sales/go-to-market strategy
Business model (how the product/idea will make money)
Marketplace need (how the product/idea solves a problem in the market)
Potential competitors and competitive edge
Financial Projections (template will be provided); must use the provided template
Use of Funds (include how competition funds will be used if awarded)
Pitch: In addition to the business plan, a business pitch (no longer than 90 seconds) should include:
Introduction of self and business/idea
Description of the problem, including its scope and impact
Description of customer/market
Description of solution
Qualifications and team
Funds needed and how competition funds will be used if awarded
Signed Terms and Conditions
Eligible Contestants
Applicants must meet the following criteria to participate in the Southern Illinois 2023 Business Plan Competition:
Be a start-up or existing for-profit small business, focused on innovative ideas, products, or services with an identified market need and potential for commercialization. Pre-venture entrepreneurs may also enter.
Submit new ideas or expansion opportunities, not current business operations.
Have a business located* in one or more of the following Southern Illinois counties (Alexander, Franklin, Gallatin, Hamilton, Hardin, Jackson, Jefferson, Johnson, Massac, Perry, Pope, Pulaski, Randolph, Saline, Union, White, and Williamson)
Not be a public governmental entity, nonprofit organization, public/private school, or university/college.
Businesses concerning cannabis, gambling, or lobbying activities, as well as any other activities strictly prohibited by Federal and/or Illinois law, are ineligible for the competition.
Individuals or teams may enter this competition. If teams are entered, the number of participants is limited to no more than five per team. No person may enter the contest more than once.
A competitor can only compete in one local competition, and the location cannot be changed after the application is submitted. Competitors are recommended to attend the workshops and compete in their county of residence or business location, but it is not required.
Businesses must register to become a client of the Illinois SBDC.
If a location has fewer than four participants, entrants will be assigned to an alternate location.
*Business location refers to a headquarters or a significant operating location in the 17 counties of SI Now in Southern Illinois.
Additional Information
Awards
For the local competitions, the first-place winners will be awarded $1,000, and the second-place winner will receive $500. The top two winners from each local competition will advance to the regional competition.
For the regional competition, the first-place winner will be awarded $5,000, the second-place winner will be awarded $3,000, and the third-place winner will be awarded $2,000. Plus additional in-kind donations.
No funds will be disbursed until after the final awards are announced. Winners must submit an award plan identifying how the funds will be used to help move the idea/business forward and the goals/milestones set for the next year.
Award winners will be announced at the November 30, 2023, Innovation and Entrepreneurship Showcase to be held at 4:30 p.m. at SIU’s Dunn-Richmond Economic Development Center, 1740 Innovation Drive, Carbondale IL 62903.Participants are not required to be present to win but are encouraged to attend for publicity.
Business Plan Assistance
Additional business plan assistance for contestants may be provided by the Illinois Small Business Development Centers and SIU Business Incubator Program. Assistance providers can be contacted at (618)536-2424, sbdc@siu.edu or via the website at https://sbdc.siu.edu/. There is no fee for this assistance.
Judging
A judging committee will review written business plans, financials, and pitches to determine the competition winners. Plans will be judged based on content of plan, viability of plan, and pitch presentation. Emphasis will be placed on target market identification and impact, market need, commercialization potential, business model (how the business will make money), innovation/creativity, and presentation.
Judging panels will consist of five individuals with diverse perspectives of small businesses. Jjudges will represent the following professions and expertise: banking; insurance; accounting; law; and entrepreneurship or economic development.
The judges’ decisions are final.
Sponsorship
The competition is powered by a generous gift from Regions Bank in collaboration with the SIU Foundation. Sponsorship in the form of event funds and technical support is provided by the Illinois Small Business Development Center at SIU and many regional partners.
Terms and Conditions
Terms and Conditions. By submitting an application to the Southern Illinois 2023 Business Plan Competition powered by Regions Bank (“the Competition”), each applicant agrees to the following conditions:
Location of Business The business must be headquartered in one of the seventeen SI Now counties and be a client of an Illinois Small Business Development Center.
Originality of Plan The ideas and concepts set forth in the Business Plan are the original work of the applicant(s), and the applicant(s) are not under any agreement or restriction prohibiting their ability to disclose ideas or plans to the Competition.
Compliance with Guidelines of the Competition Each applicant has reviewed the Competition Guidelines and by typing their name below certifies that this entry and the team or individual it represents complies with the Guidelines and agrees to abide by the Guidelines. Failure to comply with the Guidelines will result in entry disqualification and/or forfeiture of prizes.
Waivers and Releases It is the team’s responsibility to protect any highly confidential or trade secret information. Proposals will be handled confidentially, but judges will not be required to sign non-disclosure statements.
Once submitted, business plans become part of the Competition and will not be returned. Applicants are advised to keep their own copies for reference.
If chosen as a winner, applicant(s) grant(s) the Competition the right, without compensation, to publish finalist names and company names, non-financial information, photographs, and video and audio recordings, for editorial, public relations, promotional, and advertising materials.
Winners will be responsible for any tax and/or tax consequences of the award.
All decisions made by the judges on all matters relating to the Competition will be final. The Competition reserves the unrestricted right to interpret these rules, and to alter, amend or change them, at its discretion.
A big thank you to our sponsors. Without their support, this event wouldn't be possible!
Applications are closed - look for the next event in 2024!
