Business plan contest returns in ‘21
Midlothian Chamber brings back competition; more than $10K in prizes to be awarded
The Midlothian Chamber of Commerce business model competition will return in time for what many are hoping will be the waning days of the COVID-19 pandemic.
The competition will be returning for a second time this spring, the Chamber announced last week. The “Shark Tank”-style contest will once again be open to anyone interested in starting a business in the Midlothian area.
The deadline for business plan submissions will be March 24, with finalists announced on April 7 and the pitch competition scheduled for April 15. Registration fee is $50. A registration form and competition details are available on the Midlothian Chamber’s website.
The first competition was held in November 2019 and was a success. The Ready Room won the competition, while Azure Kids was voted second and The Honeybee was third.
More than $10,000 in prizes will be awarded during the competition, with $2,500 for first place, $1,500 for second place and $500 for third place. The grand prize winner will receive a package of in-kind business services and support valued at $5,000.
The purpose of the competition is to encourage small business owners to manage and operate their business according to a written plan.
Last year, Angel Biasatti, chair of the Midlothian Chamber’s education committee, said the Chamber wanted to offer an opportunity for people who want to start a business in Midlothian.
“It’s an opportunity to learn about how to put together a business plan, and to win funding for that plan,” she said. “Research has shown that a well-researched plan has a positive impact on the bottom line. It strengthens an owner’s ability to generate revenue and create jobs.”
Entrants will be scored by judges on certain criteria on a scale of 1 through 7, and the top three will be chosen based on the sum of their scores. Those criteria will include executive summary; company overview; products or services; marketing plan; operations plan; management; financials; risk assessment/exit strategy; and viability.
Sponsors to date include Google, First Financial Bank, Tarleton State University, Methodist Midlothian, Frost Bank and the Midlothian Economic Development Corporation.