How it Works:

Frequently Asked Questions

What is the North of Boston Business Plan Competition?
Who is eligible to participate in the Enterprise Center Business Plan Competition?
How does it work?
What if I don't know how to write a business plan?
Will there be any additional help or information?
Are there any restrictions on the type of business or service I propose?
Are there other restrictions?
What can my business proposal win?
Who will be the judges?
What are the criteria the judges will use to evaluate these business plans?
Can I get a copy of the business plans?
Will there be a confidentiality agreement?

What is the North of Boston Business Plan Competition?
Basically our business plan competition is an opportunity for an early-stage or start-up company to submit its business plan to a panel of judges - many of whom are investors - and to win a cash prize. More importantly, the competition is a way of showcasing emerging businesses before panels of judges who are themselves investors and, thereby. thus offering these businesses immediate access to capital.

Who is eligible to participate in the Enterprise Center Business Plan Competition?

Our requirements for 2012 are:

1. Start-ups (including not yet operational) less than 3 years old may apply and early stage growth businesses may apply. 
2. Growth companies may be older than 3 years but developing  growth through a new product, service line, expansion or implementing a new strategic plan.  Growth trajectory MUST be clear to be eligible.
3. Applicants must be located in the North of Boston/Merrimack Valley or must relocate to the area.  Click here for a list of towns within the region.
   
4. If the plan is for a start-up business, that business must commit to locating in the North of Boston/Merrimack Valley. Click here for a list of towns within the region.
   
5. Businesses with existing professional venture investment are not eligible. 
6. Any non-venture funded Business is eligible.
7. Business must have plans to grow by at least 5 full time or FTE employees in addition to the founder(s) or existing workforce within three years .
8. Non-profit organizations are ineligible.
   
9. Your business idea must be original work that you’ll be able to fully disclose 
   

How does it work?
All those interested in entering must express their initial interest by January 27, 2012. This expression of interest comes in the form of a 3 page executive summary of each group's concept, and a completed Entry Form that can be found here.

Each group will be required to submit a formal business plan no later than February 24, 2012. See Elements of the Business Plan for details. From that group we'll select a group of semifinalists. We'll announce those names by March 15, 2012 This group will be chosen by a panel of select judges, many of whom are themselves investors and other leaders in the business community. Finally, we'll announce three finalists who will present their plans to a panel of judges in a public forum at the Enterprise Center on April 9, 2012. All the winners will be selected on the night of presentations.


What if I don't know how to write a business plan?
To help everyone prepare their plan The Enterprise Center, in conjunction with the Small Business Development Center will provide optional training to each interested business on how to write an effective business plan. In addition, we are providing hyperlinks to key sites with resources available on writing business plans.

Click here for details regarding the How to Write a Competitive Business Plan Workshop on February 2, 2012.

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Will there be any additional help or information?
The Enterprise Center provides complete detailed submission instructions; an outline of the contents of a business plan and financials; hyperlinks to good model business plans and financials; coaching on how to write a good plan prior to submission; and a sub website focused on the competition with all information available for download. Click here for appropriate links.


Are there any restrictions on the type of business or service I propose?
No. We'll accept business plans in any category.


Are there other restrictions?
Each business idea must be an original work of each entrant. Each group who enters must be able to fully disclose their ideas. We require this to prevent any team from being under an agreement that would restrict its ability to fully state its plan.


What can my business proposal win?
The 2012 prizes are:

First Place: $5,000

Second Place: $3,000

Who will be the judges?
The judges will be a combination of business people, business school faculty, and angel/venture investors. A list of 2012 Judges can be found here.

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What are the criteria the judges will use to evaluate these business plans?
The 2012 judges will use standard criteria including:

Judging Criteria:
The following criteria will be used to judge each proposal:

1. Distinctive Competence: The company proposes a novel, disruptive or unique business concept that will provide it with a competitive advantage.
2. Market Opportunity: Is there a clear market need presented? Did the proposal suggest a viable way to meet that need?
3. Management Team: The proposing team is well prepared to develop the company and positioned to manage the risks.
4. Investment Potential: The proposed business has realistic potential for investment.
5. Financial Strength: Does the team fully understand the financial requirements of the proposed business.  Do they understand the financial needs two or three years out?  Is there a need to raise funds?
6. Employment: The company must employ five full time people or FTE within three years.
7. Proof of Need: The team must demonstrate that it needs financing to proceed.
8. Defensible Business Strategy: Is the plan fundable? Are cash requirements articulated?
9. Presentation: The team presented the plan in a prepared, logical, and persuasive manner.
10. Bonus Points:  This enables you to have flexibility in terms of looking at the plan overall. 

We'll choose the semi-finalists on the basis of the pooled scores of judges.


Can I get a copy of the business plans?
We do not provide copies of the plans. We encourage you to contact the teams directly to discuss receiving copies of the plans.


Will there be a confidentiality agreement?
No. The final session of the competition when the finalists make their presentation is open to the public at large. Any data or information discussed or divulged in public sessions by entrants should be considered information that could possibly enter the public realm and entrants should not assume any right of confidentiality in any data or information discussed, divulged, or presented in these sessions.

Due to the nature of the competition, we are not able to ask judges, reviewers, staff, or the audience to agree to or sign non-disclosure statements. We will, however, make every effort to limit distribution of business plans only to judges of the competition. The Enterprise Center cannot guarantee that other individuals will not obtain access to electronic or hard copies of the business plan. In addition, we expect the media to attend the open competition.

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