NOVEMBER 17, 2006
BRATTLEBORO, VT — The Brattleboro Development Credit Corporation (BDCC) is launching its second annual Business Plan Competition, which has been expanded this year to include two entry categories and multiple prizes totaling $46,000.
For the “Existing Business” category, the top prize is $20,000, with three runner-up prizes of $2,000 each and two finalist prizes of $1,000 each. For the “Start-Up Business” category, the top prize is $10,000, with three runner-up prizes of $2,000 each and two finalist prizes of $1,000 each.
“We noticed last year that it was difficult to compare business plans submitted for new business ideas against plans submitted by already established businesses,” says BDCC Executive Director Jeffrey Lewis. “Understandably, the existing businesses stood out more favorably. Yet we want to encourage growth in both segments. So, with two prize categories this year, we hope to be able to include more contestants and, thus, increase our impact on jumpstarting new business growth in the region.”
The premise behind the Business Plan Competition is to help raise awareness in the community 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.
Last year's top-prize winner was Nimble Arts Trapeze and Circus School, founded in 2003 by twin sisters Serenity Smith Forchion and Elsie Smith. They teach acrobatics, trapeze, and juggling to adults and children as young as 18 months.
“Winning the competition had an invigorating effect on my sister and me," says Serenity. "We felt spurred into moving forward with many plans and dreams we had for our business, and certainly the influx of cash helped us move ahead with those goals.”
“Another great benefit of the Business Plan Competition," adds Elsie, "was the exposure we got in the community. It has been wonderful to be stopped by various people in the community who know about our work from the publicity derived from the competition. This, we hope, will help us in our next phase of expansion when we move to our downtown location and begin more official collaborations with other local businesses."
The six runners-up in the 2006 competition were: Against the Grain, owned by Tom and Nancy Cain; the Children’s Music Hall of Fame, developed by Bill Shontz; Ironwood Brand, owned by Eli Gould; OK Tools, founded by Fred Bullock and Robert Morris; Solinglass, owned by Randi Solin; and Vermont Woods Studio, owned by Ken and Peggy Farabaugh.
Reflecting back on her participation in the first annual Business Plan Competition, Solin says, “The impact was pretty huge. Because of my proposal, I have been brought into other projects and I am currently in negotiations with the New England Youth Theatre to proceed with my business plan idea of maybe buying a building in town and seeing my business model come to fruition.”
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. January 8, 2007. The announcement of a maximum of six finalists for each category will be made on January 15. Final Business Plans (eight copies of each) will be due at BDCC no later than 4 p.m. February 22. Final presentations, lasting up to 12 minutes per finalist, each with an additional 10 minutes for questions, will take place on March 12 at the Marlboro College Technology Center. Winners will be announced at 3 p.m. that day.
To be eligible for the competition, the current or proposed business must be physically located within BDCC's designated region of Windham County and the towns of Readsboro and Searsburg, Vermont; and the proposed start-up or existing business must have an annual revenue 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 judging panel consists of 10 community members, six who are returning from last year and four who are new to the panel this year.
More information about eligibility, rules, registration, judging and other details is available by contacting BDCC. Also, BDCC 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.
BDCC will be providing two information sessions for interested applicants at 8:30 a.m. November 27 and 4 p.m. November 30, both at the Marlboro College Technology Center.
BDCC is a private, nonprofit economic development organization that serves as a catalyst for industrial and commercial growth in Windham County. Its primary objective is to create and retain a flourishing business community that supports vibrant fiscal activity, and improves the quality of life of all its residents. Founded in 1954, BDCC owns and manages the Cotton Mill industrial park/incubator and the new Business Park at the former Book Press building, among other facilities, and is one of 12 Vermont Regional Development Corporations.
For more information, contact BDCC at 802-257-7731 or bdcc@sover.net