Round 2 Mentor Strategy Session Business Plan and Video
Congratulations!For every 100,000 people in Utah only 280 starttheir own business*You are one of just 300 who made it to Round 2.This means you are in a very elite group!*according to March 2012 Kauffman Index of Entrepreneurial Activity
Tonight’s Presenters Scott Wilson EVP of Business Development Bob DonaldsonCorporate Storyteller at Articulus Bruce Needham Partner at Kunzler Law
Round 2- What to expect?• No round 1 scores carry forward• Round 2 scores will carry through the competition – This means Round 2 is probably the most important of the competition
What to expect? Cont.• The submission deadline is Fri., Sept. 28, 6 pm• Round 2 components – Business Plan • Your Round 1 answers are auto-populated into your business plan. You should update them as needed based on judges’ feedback – Video
What’s in it for you?• Potential Cash and Services from Grow America• Validate your idea through the judging process• Prepare you to communicate with customers and investors more effectively• Forces you to understand your business and your market better
The Business Plan• www.growam.com/detailed-round-info/• Business Plan Sections- – Overview – Market Description – Product or Service – Sales and Marketing Strategy – Management and Employees – Finances – Conclusion (includes Video Submission)• In Round 1 you told us the “what” and “why”• In Round 2 you tell us the “how”
The Business Plan• Know your audience (think of judges as investors)• Show the market need, how your product or service meets that need.• Show you have the TEAM to execute the plan – Competencies – Experience – Leadership
The Business Plan• Back up your story with facts and data• Don’t expect the judges to be experts in your industry• Provide clean financials and data• Define clear market objectives and how you will achieve them• Proven track records can help establish credibility
The Business Plan• You have to be able to defend your competitive advantage• TIP: It may help to get an experienced team of independent and qualified eyes to provide honest feedback.
The 2 minute videoVisual format better demonstrates:• Visual products and services• Your energy, passion, and ability to persuade• Who is the driver behind the wheel?
What Should the Video Include?• There are no specific content requirements• We want to see your creativity• It should NOT repeat everything in your plan, but should supplement it effectively• Examples @ www.growam.com/round-2- winners-utah-spring-2012
What Should I Focus on?• Anything that does not come through well in the written business plan• Elements that will persuade the judges that your business plan will be successful• The most critical or valuable elements of your business to effectively communicate• Why should a judge invest in you?
Video content ideas• Numbers: Charts, graphs, comparisons• Pressing need: Interview the customer• Your exceptional skill: Show the judges YOU• Pitching effectively: Use color, font, audio, transitions, and content that PERSUADES
Video details• Video WILL be made public• 2 minute cutoff• Absolutely no copyrighted material without express permission (music, images, etc.)• You can submit your video at any time on the conclusion page