50K Classic Business Plan Competition Frequently
Asked Questions
Who is eligible to enter the competition?
The Classic Business Plan Competition is open to all members of the Tufts
community. Entries may be individuals or teams, but individuals should consider
forming or joining a team. At least one member of each team must be from Tufts.
[top]
If I entered last year's competition, can I re-enter this year's
competition?
Plans that have previously received a Classic Business Plan award or other Tufts
Sponsored award may not be re-entered. Previous participants are encouraged,
however, to submit business plans for new ventures. If you submitted a plan in a
previous year that did not win a prize, you may reenter the competition but you
are encouraged to enhance your plan over what was previously submitted.
[top]
Can I enter a business plan for an already existing business?
Plans for existing businesses are eligible to compete, provided that the plan
addresses a new idea or significantly expands or modifies an existing service or
product.
[top]
Can the business plan have outside funding?
Plans should not have received over $10,000 in funding (excluding owners'
contribution).
[top]
How does the competition work?
Participants in the competition will be required to submit an application and a
business plan. Teams must sign up on
YouNoodle using the following
link:
http://younoodle.com/groups/tufts_bpc. The judges will determine the finalists from the submissions.
Feedback will be given to the finalists, and finalists will be requested to
submit a revised business plan. The finalists will present their business plans
to the judges before an audience of entrepreneurs and Tufts alumni. Each
presentation will last approximately twenty minutes and will be followed by
questions from the judges. The prizes will be awarded at a reception following
the presentations.
[top]
What information should the business plan contain?
To enter this competition, you must submit a 10-20 page business plan. The
business plan should include the following sections:
- Executive Summary
- Concept of Enterprise
- Services/product description
- Target clients/market
- Competitive/collaborative analysis
- Financial projections
- Biographies of principals
[top]
Where can I learn more about preparing a business plan?
One source is available on the Tufts website at:
http://ase.tufts.edu/ten.
In addition, numerous publications on the subject of business plans are
available at the Tisch Library and at bookstores.
[top]
What are the judging criteria?
The business plan should clearly define the business objective, the expected
impact of your product, the implementation plan, and the plan of sustainability
after funding. Overall organizational excellence will also be taken into
consideration.
[top]
Will my plan be confidential?
Most plans and ideas incorporated therein will remain the participants'
property. However, Tufts reserves the right to determine whether it maintains
any interest in the ideas. This determination typically occurs in cases where
proprietary ideas or technology have been developed using Tufts money, such as
university funded research. Tufts will also review any plans that could include
use of Tufts trademarks or copyrights.
[top]
What are the prizes?
A total of $50,000 in cash and in-kind services will be awarded to the winning
plan(s). This money will be disbursed in any manner and among as many finalists
as the judges deem appropriate.
[top]
When are applications due?
Applications with accompanying business plans are due in
the Entrepreneurial Leadership office (Suite 2400, 200
Boston Avenue) by noon on January 25, 2010.
[top]
Where can I obtain additional information about the Classic Business Plan
Competition?
If you have questions, contact Pamela Winer Goldberg, Director of
Entrepreneurial Leadership Program, at x72153 or
els@tufts.edu.
[top]
