2008 Business Plan Competition 

Rules and Instructions

Updated 04/24/08

Eligibility

1.      Any Grove City College (GCC) full-time student.

2.      All students must be in good academic and social standing with GCC and the community.

a.       Good standing is defined as a minimum QPA of 2.0.

b.      Finalists’ academic standing will be certified by the Registrar and social standing by Student Affairs as to eligibility.

3.      Cross-disciplinary teams are encouraged.

4.      Proposals for new products, innovations, etc. are welcomed.

5.      Plans for nonprofits, community service organizations, and ministries are encouraged.

i.    Please refer to http://www.irs.gov/charities/ for definition of a 501(c)3 nonprofit organization.

ii. If a plan is submitted and determined not to meet 501(c)3 regulations as a nonprofit organization, the plan will not be eligible for the nonprofit competition.

6.      Proposals for franchises, tax shelter opportunities, real estate syndications, industry analyses, or any potentially immoral or unethical ventures are not eligible.

7.      Students may re-enter a non-placing business plan from a previous year in the competition one additional time provided 50 percent of the original team will again participate.

8.   Students are discouraged from participating on more than one team.

Team Criteria

1.      Each team must have one GCC faculty sponsor in order to participate.

a.       Any GCC faculty member with appropriate knowledge of the team's business idea or industry may serve as a sponsor.

b.      See Faculty Sponsor Guidelines.

c.       The faculty member may advise, but may not participate in, the creation or presentation of the business plan.

d.      Faculty members are not eligible to share in any awards.

2.      The team may have one non-GCC student member as an advisor or counselor.

a.       This is generally understood to be entrepreneurs or business professionals with relevant expertise, not students from other academic institutions.

b.      These individuals may not participate in the creation or presentation of the plan.

c.       These individuals may not share in any award or prize.

3.      Team size is unlimited at this time.

4.   All teams are encouraged to establish advisory committees or boards of directors and to obtain outside legal counsel on issues germane to the proposed business venture or social enterprise.

5.      Students interested in joining a team may obtain information at the Business Plan Competition website:  http://www.gcc.edu/businessplancompetition.

Registration

1.      Student teams must be registered electronically by 5 p.m. on February 15, 2008.

2.      No late registrations will be accepted.

3.      Non-Profit and For-Profit teams will register online at http://www.gccbusinessplans.com/.

4.      Incorrect registrations may be declined or returned for immediate correction within 24 hours.

5.      Questions regarding registration should be directed to entrepreneurship@gcc.edu, or telephone extension 1544, prior to the deadline.

COMPILING BUSINESS Plans

1.      Appropriateness.

a.    All business plans submitted must be appropriate to the vision and mission of Grove City College and the Entrepreneurship program.

b.    If there is a question of appropriateness, the College will make the determination.

c.      The Intellectual Policies for Students as outlined in the Bulletin will apply.

d.       Any student or team found to be in violation of the College’s plagiarism policy as outlined in the Bulletin will be immediately disqualified from the competition.

2.      Format.

a.    There is no right or wrong format for a business plan.

b.    Because this is a competition, for comparative reasons we recommend that all entrants follow the Recommended Plan Format.

c.    The format should be adapted to the type of business proposed.

i.     A service plan would be different from a manufacturing plan, which would be different from a non-profit plan.  

ii.    Thus, you may add or delete sections based on your specific business idea.

3.      Content.

a.    Business plans must cover the whole business concept and implementation for a seed or start-up venture.

b.    Plan length including financials and any appendices is not restricted.

c.       Suggested guidelines

i.            Less than 20 pages – something may be missing.

ii.          More than 50 pages – not sufficiently refined and clear.

iii.        An average plan is approximately 30 pages in length.

iv.        Length will legitimately vary based on the complexity of the business idea.

d.   Financial data should include an opening day balance sheet and projections for three years.

e.   All teams that utilize advisory counsels, boards of directors, or other professional counsel should include an Appendix in their business plan that highlights the individual expertise and roles of the various members. 

4.   Additional resources are available on the Business Plan Competition website.

a.       Tips for a Winning Business Plan

b.      Nonprofit Business Definition

c.       Faculty Sponsor Guidelines

d.      Recommended Plan Format

e.       History and Winners

Submission

1.      Plans are to be submitted in electronic format by 5 p.m. on April 10, 2008.

a.       One electronic submission is required.

i.            Plans are to be submitted electronically at www.gccbusinessplans.com

        a)  Your username and password was sent to you in an earlier email that confirmed the team's registration.

ii.          Any plans submitted electronically with error messages will be returned for your revision within 24 hours.

iii.    Contact 724-450-1544 prior to 5 p.m. on April 10^th  if you experience difficulties submitting your plan and/or if you lost your username and password.

2.  One Submission Statement shall be hand-delivered by a team member to HAL Room 318J prior to 5 p.m. on April 10^th.

a.       All team participants are required to sign the statement.

b.      The statement identifies:

i.          The business plan is the original work of the author(s).

ii.         The author(s) will retain all rights to the plan regarding its use at all times prior to and following the competition.

iii.         Any percentage distribution of a final prize.

iv.       Participant(s) agree to the picture-taking and videotaping of their final presentation.

v.         GCC will have the right to use copies of the business plan and presentation for promotional, educational, and other appropriate academic purposes.

3.      Errors in your plan that are discovered after submission may be addressed in an addendum submitted to Mrs. Lynn Stillwaggon, Staff Assistant.

4.     Participation in the competition gives the competition coordinators the right to forward the plan to reviewers for evaluation.

Review Process TO DETERMINE COMPETITION FINALISTS

1.      Business plans are reviewed through a standardized, electronic process by a group of small business entrepreneurs, venture capitalists, and other business professionals.

2.      Plans will be evaluated by the reviewers on:

a.       completeness and quality.

b.      viability of the business.

c.       originality of concept, innovativeness of the concept, or significant enhancement of an existing idea.

d.      probability of implementation.

e.       accuracy of financials and viability of business as a financial entity.

3.      For nonprofit plans, teams need to show a viable combination of necessary resources and their sources, specific target service group, and how they meet a clearly described need.

4.      Reviewers are expected to respect the intellectual property of the students and, therefore, not disclose or use the contents of the plan for any purposes other than its review and evaluation.

5.      Plans will be ranked; and three to five plans will be selected as finalists, depending on total entries.

6.      A separate panel of judges will then review the finalists’ written business plans prior to the presentations.

7.   Finalists will be chosen and notified of their selection by April 23, 2008.

FINALISTS' WRITTEN BUSINESS PLANS

1.      All finalists will submit written business plans for the judges to review in a timely manner prior to the competition.

2.   Finalists will hand-deliver six (6) spiral-bound, paper copies of their written business plans to Mrs. Lynn Stillwaggon, HAL 3^rd Floor, Room 318J by 12 noon on April 24, 2008.

a.      Front and back covers should be a heavier weight paper or cover stock.

b.  Spiral-bind the finalized plans.  (Do not use three-ring binders, leather portfolios, etc.)

i.  The Service Center and the HAL Curriculum Library offer this service for a fee if advance notice is provided.

ii.  Other local companies are Hick's Office Products and Ithen Printing in Grove City; Staples in Butler; Kinko’s in Cranberry; etc.
 

Finalists’ Presentations

1.      Finalists will attend a finalists' informational meeting on April 24, 2008 at 4:00 p.m. in HAL Room 110.

2.      All finalists are responsible for preparing Microsoft PowerPoint slides as part of their business plan presentation.

3.      Finalists will present their business plans to the panel of judges in the finalists’ competition.

a.       The panel will be chaired by a GCC faculty member, who will not vote in the final selection process.

b.      Students should consider this an opportunity to expand on the business plan and not just reiterate the information submitted.

c.       The oral presentation will be heavily weighed in determining the winners.

4.      All presentations must be appropriate to the vision and mission of Grove City College and the Entrepreneurship program.

a.       If there is a question of appropriateness, the College will make the determination.

5.      Professional business attire is highly recommended.

6.      The presentation order will be posted by April 30, 2008 at 5 pm.

a.       The order and times will be communicated to the team’s Primary Contact member listed on the Registration form.

7.      Teams will make oral presentations on May 2, 2008; Non-Profit Competition begins at 1:00 p.m.; For-Profit Competition begins at 4:00 p.m.

a.       Finalists must be outside of the Sticht Auditorium in the Hall of Arts and Letters 15 minutes prior to their scheduled time.  

d.      The judging panel may ask questions at any time during the presentations.

e.       Presentations will be open to the campus and general public.

8.     The decisions of the judges are final.

Awards

1.      Finalists will be notified of their placement via email after 8 pm on May 2, 2008

2.   The announcement and presentation of the winners will be at the Parents’ Day Awards Convocation the morning of May 3, 2008.

6.   Cash prizes for the For-Profit and Non-Profit Competition will be awarded for first-, second-, and third-place teams.

a.       First place - $4,500

b.      Second place - $3,000

c.       Third place - $2,000

5.   A minimum of 4 non-profit and/or for-profit business plans must be submitted to offer both the first- and second-place awards.

7.      If fewer than 3 plans are deemed finalists, the number of cash prizes will be reduced accordingly: 4+ plans=3 prizes; 3 plans = 2 prizes; 2 plans = 1 prize.

8.      In the event that there are no business plans of acceptable quality in the judges’ opinions, no final presentation or award will be made.

9.      All finalists will receive a certificate of participation.

10.  All finalists will sign a receipt for their prize distribution.

11.  All competition results will be communicated internally throughout the campus and externally through the media.

12.  The winners’ names will be displayed on the Business Plan Competition plaque located on the third floor of the Hall of Arts and Letters.

13.  Winning team information will be posted on the Business Plan Competition website.

14. Winners are responsible for any potential tax liabilities in addition to other financial withholdings that may be applied in accordance with various terms and conditions associated with the acceptance of student financial aid. 

15. Students are encouraged to seek further information or clarification regarding any such withholdings from the Office of Financial Aid.

Important Dates for the 2008 Competition

CONTACT INFORMATION FOR THE 2008 Competition

 Mrs. Lynn Stillwaggon, HAL 318J, 724-458-1544, lastillwaggon@gcc.edu

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