Notre Dame Business Plan Competitions Training Session 9282005

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Notre DameBusiness Plan CompetitionsTraining
Session 9/28/2005

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The Competitions

• McCloskey Business Plan Competition
• Social Venture Plan Competition

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Benefits to Participating

• Practical experience
• Networking opportunities
• Business Plan Pro software
• Chance to win prize money
• Free dinner if you make it to the finals

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Team Match

• Weekly newsletter to help individuals connect for
  the purpose of creating strong competition teams
• Distributed to 700 e-mail list that includes ND
  students and alumni
• Send short paragraph to entrep_at_nd.edu

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Important Dates

• October 14 Registration deadline
• October 28 Overview due

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David Brenner

• 1973 ND Grad, Parent of two current ND students
  and one alum
• Gigot Advisory Board and IrishAngels network
  member
• Managing Partner, IdeaWorks
• Business incubator and accelerator in Grand
  Rapids
• Reviews hundreds of business ideas each year
• McCloskey competition judge, 2001 present
• Has reviewed approximately 380 McCloskey
  competition entries

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Core Truth about Business Formation

• You cant write a business plan..
• .without a PLAN for your business!

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Where to start?
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Business Plan - an Entrepreneurs Perspective

• Must answer these key strategic questions-
• What is the central underlying business idea?
• Who wants it and why?
• What team skills are essential to deliver on the
  plan?
• Why does the market need this solution NOW?
• How will you (or your investors) make money?

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Business Plan A Judges Perspective

• Permission to Believe

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Business Concept

• Questions to Answer
• What is your business idea/venture? Give a
  general non-technical overview of what the
  business idea/venture is and what it does. Why
  should people be interested in this? Why is it a
  sustainable business proposition, rather than
  merely a new product/service opportunity?
• What Judges Consider
• Uniqueness/freshness of idea. Is it the logical
  next step to satisfy customer needs in this
  market?
• Best Answer
• Plausible new way to address a meaningful market
  issue.

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Current Problem and Proposed Solution

• Questions to Answer
• What current unmet needs does your idea/venture
  address? What does the customer want and why do
  they want it? How do you solve their need?
• What Judges Consider
• Is the problem real or transitory? Is the
  proposed solution disruptive or evolutionary?
• Best Answer
• Significant, growing problem that customers have
  shown a willingness to pay to solve.

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Target Customer

• Questions to Answer
• Who is the customer that is going to be attracted
  to your product? How much does your
  product/service mean to them? What is the size of
  your customer base?
• What Judges Consider
• Potential size of market being addressed niche
  or mass market? Quick to accept new solutions, or
  not? Based on what?
• Best Answer
• Sizable market with clear, rational reasons to
  consider new ways to solve problems.

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Go To Market Strategy

• Questions to Answer
• Is there a channel that can allow this company to
  get its solution to target customers profitably?
  What are the channel's requirements and is the
  company prepared to meet these requirements?
• What Judges Consider
• What has changed to allow a startup to enter?
  Does this channel accept startups? How and why?
• Best Answer
• Clear indicators of past channel acceptance of
  startups.

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Business Model

• Questions to Answer
• Financial benefits, how much are people going to
  be willing to pay for this product/service? Do
  you save them money or create additional value,
  or both? How do you capitalize on this added
  value?
• What Judges Consider
• Reasonable business growth plans significant
  margins that should improve through expansion.
• Best Answer
• Demonstrated commercial traction customers have
  already paid for this solution from this company.

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Management Credentials and Involvement

• Questions to Answer
• What experience do you have in this area? Why are
  you interested in this idea/venture? Is there
  anything unique about your involvement in this
  project or can anyone pull this off?
• What Judges Consider
• Who leads? Past experience or plans to supplement
  with outside mentors or advisors?
• Best Answer
• A realistic appraisal of team skill set no
  oversell -- honest reflection of strengths and
  weaknesses.

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Primary Competitors and Competitive Advantage

• Questions to Answer
• Discuss your competition who is in this market
  space? What prevents them from blocking your
  entry into the market? Have you considered the
  competition? If there is no direct competition,
  what are target customers doing now in the
  absence of your product/service?
• What Judges Consider
• How is the company positioned vis-a'-vis known
  competition? How can a startup win in this
  environment?
• Best Answer
• Major competitors are not focused on this
  opportunity for obvious reasons underserved
  market demanding a unique solution.

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Important Dates

• October 14 Registration deadline
• October 28 Overview due

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IrishAngels Mentoring Session

• Friday, October 14, 200 400pm
• Mendoza College of Business (various rooms)
• Sign up for 30 minute mentoring sessions in the
  Gigot Center or via e-mail to entrep_at_nd.edu
• Specify industry and general area of questions to
  help facilitate mentor matches.

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First Round Submission Requirements

• Two-page written overview
• Nine-slide PowerPoint presentation
• Public summary
• Detailed submission guidelines are online at
• http//gigot.nd.edu

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First Round Feedback

• Tip Make the most of your first round judging
  feedback by making contact with any judges who
  provide their contact information.
• Contact Theresa Sedlack (McCloskey) or Melissa
  Paulsen (Social Venture) for any questions
  regarding the judging process or judges
  backgrounds

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Next Steps

• Register for the competitions by
• visiting the Gigot Center, 234 Mendoza
• signing up online at http//gigot.nd.edu
• Review the first round submission guidelines,
  available on http//gigot.nd.edu
• Questions? Contact the Gigot Center
• 574.631.3042 entrep_at_nd.edu

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Flash Seats

• Replace all sporting and entertainment tickets
  with e-tickets
• Allow tickets to be traded according to market
  value (NASDAQ)
• Enter Venues via credit card or other magnetic
  striped card
• Revenue generated via commissions on each traded
  ticket

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SHINE

• Retail Nail Salon Chain
• Located in Suburban Shopping Malls
• Consistent Service and experience in all
  locations focused on three criteria
• Quality Service
• Clean Convenient Environment
• Competitive Pricing

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Hammerhead Grill

• Bring the Fish Taco and Shrimp Burritos to
  Louisiana
• Partner with an established California Chain with
  13 years of experience
• Position in the upscale Fast Casual Segment
• Start in Baton Rouge and then expand to other
  parts of the state

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American Short Track Association (ASTA)

• Buying group that would acquire several tracks
• Focus on Minor League Short Track purchases
• Uses economies of Scale to reduce operating costs
• Evolved into Race Town

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Race Town (formerly ASTA)

• Buy 3 tracks in 5 years, Own 10 tracks in 15
  years
• Jump revenues by a factor of three
• Addition of Comp dExtreme events (Motocross,
  Karting, BMX, Skate Park)
• Increased sponsorship and marketing
• Creation of a family sport town atmosphere
• Recently completed second round of funding and
  purchased / operated first track in2004

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Irish Pub McNellies

• Bringing a classical Irish Pub to Tulsa
• Pub provides community gathering place
• Identify a successful business in South Bend and
  try it out in a new location