Time is running out for participants to get their entries in for the 3rd annual Business Plan Competition sponsored by the Southern Windsor County Incubator. The top prize is up to $7,000 and the contest is for existing small businesses as well as those looking to start a new business. The entry deadline is 4 p.m. on Thursday, April 15.
The premise behind the competition is to help raise awareness in the region about small business and entrepreneurship, and to encourage new business development by helping interested community members develop viable business plans, gain public attention and earn financial rewards.
To enter the competition, candidates must submit an executive summary consisting of a two-page business plan and one- page financial summary no later than 4 p.m. on April 15. The announcement of a maximum of six finalists for each category will be made on April 21. Those finalists will prepare complete business plans to submit in late May.
In order to be eligible, the current or proposed business must be physically located within the municipalities of Cavendish, Chester, Ludlow, Springfield, Weathersfield or Windsor. Existing businesses must have annual revenues of less than $500,000.
Each submission will be reviewed and judged based on such criteria as: likelihood of success, potential for job creation, impact on the local economy, leadership quality, and financial clarity. The winner of last year's Business Plan Competition was MacLaomainn's Scottish Pub in Chester.
More information about eligibility, rules, registration, judging and other details is available by contacting SWCI. Also, SWCI can provide access to free resources to help in the preparation of the executive summary and business plan through such organizations as the Small Business Development Center and SCORE.
For details go to twww.SWCIncubator.org, call 885-3061 or email email@example.com.