Amarillo EnterPrize Challenge

History

• 14th year

• 37 businesses funded

• More than $24 Million of new revenues brought into the Amarillo economy each year

• 312 new jobs created

• 81% of companies still in business

About the Challenge

• Funding provided by the Amarillo Economic Development Corporation

• Program administered by WTAMU Enterprise Center

• Business Plan counseling provided by Small Business Development Center

• $300,000 available, any company can apply for up to $75,000

Who can Participate?

• Must be a “basic” business– A business that exports its

products or services outside of the Amarillo area, thus bringing new money into the economy.

– You must document that at least 75% of your company’s sales would come from outside of the Amarillo area.

• Must be located in Potter or Randall Counties

Process

• Entrants must submit a two-part application

• Application is available at www.AmarilloEnterPrizeChallenge.com

• Second page of application is your consent to check credit, criminal background and relative acknowledgement form

• Your application is not complete without Page 2

• Application deadline 5:00 pm December 18, 2008

Process

• Submit 7 copies of your business plan

• No more than 20 pages of narrative and financials

• No more than 10 pages of Appendices

• Business Plan deadline is 5:00 pm, Monday, January 19

Process

• Your business plan is then judged by a panel of independent judges

• Finalists will be selected end of February

• Oral Presentations will be in March• Checks Awarded in April• Coaching provided by WTAMU

Enterprise Center

Judging Criteria

Business Plan Scoring

• The Business (25 pts)

• Products and/or Services (20 pts)

• Marketing (30 pts)

• Management (25 pts)

Judging Criteria

Oral Presentation Scoring

• Effective communication of business plan, validation of funding request and support for job creation (20 pts)

• Judges questions are answered thoroughly and effectively (20 pts)

• Knowledge, expertise and ability of entrepreneur (20 pts)

• Commercial viability of the venture (20 pts)• Overall effectiveness and quality of

presentation (20 pts)

Judges

Dr. Anne MacyGene Edwards Professor of Finance and Director of the College of Business Student-Managed Investment Fund at West Texas

A&M University.

John MarmadukePresident, CEO and Chairman of the Board of Hastings Entertainment, Inc.

Returning Judges

Judges

Chris StewartTransactional and litigation attorney specializing in copyright, trademark, trade secret and computer law.

Don SandersOwner of Sir Speedy Amarillo a franchise document management company.

Mark MarrsSenior Vice President of commercial lending with Interstate Bank, ssb.

New Judges

The Business:• Legal Structure & Ownership• Industry, Niche or specialization• Key Goals• Why does the business exist?• Prior entrepreneurship, management experience

Your Business Plan

Product/Service:• Description of product and/or service• Benefits of product and/or service• Problems solved or needs met by product/service• Next product/service or planned changes

Your Business Plan

Marketing:• Target Market• Competitive environment• Pricing strategy• Positioning strategy• Promotion strategy• Distribution strategy

Your Business Plan

Management:• Operation systems and processes• Current employees• Job creation• Financials• Utilization of AEC funds

Your Business Plan

Best Practices• Get started early• Turn in everything on time

– December 18 – Application Deadline– January 19 – Business Plan Deadline

• Make sure you follow the instructions and use the outline provided

• Use the free services provided by the Small Business Development Center to prepare your business plan– 372-5151– www.wtsbdc.com

Best Practices, cont’d

• Attend financial workshops– November 18, 4 – 6 pm– December 16, 4 – 6 pm

• Biggest hurdles for judges –– Marketing activities with no strategic

focus (i.e. website – launch and take orders)

– No competitive analysis– Unrealistic sales expectations– Financials that appear to be “pulled out

of the air”– Lack of job creation detail

Best Practices, cont’d

• Your business plan is your first impression, put your best foot forward

• Don’t focus on the contest, focus on creating a realistic business plan that becomes your road map for success

• Fully justify your request

Questions?

www.AmarilloEnterPrizeChallenge.com

Or call374-9777