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
- 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)
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- Marketplace need (how the product/idea solves a problem in the market
- Potential competitors and competitive edge
- Financial Projections; must use template provided in class
- 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
- Funds needed and how competition funds will be used if awarded
Business plans are due by noon the day prior to the Pitch Workshop. An upload link will be provided.
Pitch Contest Rules
- Pitches will be up to 90 seconds in length and will be judged by a panel of five judges.
- Presenters will be allowed 60 seconds to set up. Time begins when the presenter begins to speak or at the conclusion of the set-up time, whichever comes first.
- Timing prompts will be given during the pitch.
- At 90 seconds, the time will be called.
- The use of audio-visual equipment and notecards is not allowed. A single page of notes on the podium is permitted. Props, samples, handouts are allowed and encouraged.
- Judges will have the option of asking 2 questions each immediately following each pitch.
Two winners per Local Competition will be selected to advance to the Regional Competition. Winners can review judges feedback and update their Pitch prior to the Regional Competition.
The Regional Competition will be held on November 21st at 5:30 at the Dunn-Richmond Economic Development Center, 1740 Innovation Drive, Carbondale, IL 62903. The Regional Competition will follow the same format as the Local Competition. Participants will give their 90-second pitch to a panel of five judges.
Winners will be announced at the Innovation and Entrepreneurship Showcase to be held at 4:30pm on December 5th at SIU’s Dunn-Richmond Economic Development Center. Participants are not required to be present to win but are encouraged to attend for publicity. Checks will be issued 4-8 weeks after the showcase.
Applicants must meet the following criteria to participate in the Southern Illinois 2024 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, Clay, Crawford, Edwards, Franklin, Gallatin, Hamilton, Hardin, Jackson, Jasper, Jefferson, Johnson, Lawrence, Marion, Massac, Perry, Pope, Pulaski, Randolph, Richland, Saline, Union, Wabash, Wayne, 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 of up to five members may enter this competition. No person can compete on more than one team. Past winners are not eligible to participate.
Competitors can only enter one local competition, and the location cannot be changed after submitting the application. While it's recommended to compete in the county of residence or business location, it is not required. If a location has fewer than four participants, entrants will be assigned to an alternate location.
Businesses must register to become a client of the Illinois SBDC.
*Business location refers to a headquarters or a significant operating location in the 26 counties listed.
Workshop Attendance
Competitors must attend and complete three workshops at their chosen competition location. The workshops will help participants prepare a business plan, business financials, and a pitch. If competing as a team, all members must attend every workshop. Failure to attend any workshop by any member will result in disqualification of the entire team.
For workshop schedules and locations click here.
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 December 5, 2024, 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.
Checks will be issued 4-8 weeks after the showcase.
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. Judges will represent the following professions and expertise: banking; insurance; accounting; law; and entrepreneurship or economic development.
The judges’ decisions are final.
