2013 Be Your Own Boss Bowl Business planning competition for aspiring and earlystage entrepreneurs from Temple University 15 th annual competition Managed by the Innovation and Entrepreneurship Institute a top ID: 313668
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Slide1
WELCOME ENTREPRENEURS! Slide2
2013 Be Your Own Boss Bowl
Business planning competition for aspiring and early-stage entrepreneurs from Temple University
15
th annual competitionManaged by the Innovation and Entrepreneurship Institute – a top 10 nationally ranked programSlide3
BYOBB Objectives
The creation, launch and sustainability of new ventures – including small business, truly scalable enterprises and social innovation ventures – from the Temple community
To develop, improve and refine business planning skills
To drive economic development and social change in the region and beyondSlide4
Social
Impact
The Social
Impact track is for new ventures designed primarily to create social value. Unlike a traditional business venture with their focus on profits, social ventures pursue the double bottom line of social impact and, in the best cases, financial sustainability.
For purposes of the BYOBB, a company whose primary motive is financial, but which donates a relatively small amount of money or time to social causes
does not
qualify as a social impact firm.Slide5
Social Impact
Entries in the Social Venture Track of the BYOBB may be nonprofit, for-profit, or hybrid in design, but must:
Incorporate a measurable social and/or environmental bottom line into its mission and practices, and
Plan to attain financially self-sufficiency primarily through earned revenues (by making money) Slide6
2013 BYOBB At a Glance
Three Competitive Tracks:
Lower (Undergraduates)
Upper (Grad Students, Alum, Faculty, Staff)Social Impact Three Category PrizesBest written plan by a woman
Best
written plan by a minority
Best written clean tech plan
Total value >$
225,000
$145,000 cash, $25,000 Microsoft prizes, $30,000 professional services plus gift certificates, incubation space, more…Slide7
2013 Prizes & Recognition
Grand Prize: $70K cash; $10K in Microsoft products, $30K in professional services, and $5K in incubation services and intensive coaching/mentoring from IEI
First Place (each track): $10K cash; 2K in Microsoft products, incubation services
Second Place (each track): $5K cash, 1K in Microsoft products, incubation servicesPriority for the Temple Accelerator ProgramPR from Temple University, Fox School of BusinessPhiladelphia Inquirer, Metro, USA Today, Entrepreneur magazine and othersSlide8
2012 BYOBB At a Glance
81 business plans submitted
About 160 people competing (total)
55% Upper track, 45% undergraduates14 schools and colleges within Temple143 senior executive mentors, majority from GPSEG283
preliminary judges
Grand prize:
PHmHEALTH
(Mike Mittelman, MBA ‘10) – Mobile healthcare IT platform and services addressing in home healthcare issuesSlide9
Past BYOBB Winners
2007 – Advanced Medical Solutions (Undergraduates, College of Engineering)
2008 – Legal Organics (Undergraduate, College of Liberal Arts)
2009 – Pit Bull Development (Upper Track, School of Tourism and Hospitality Management)2010 – Next Engineering (Undergraduates, College of Engineering)2011 – pureNANO (Graduate Student, Fox School of Business)Slide10
BYOBB Important Dates
September 26 – Info
Session
October 24 – Info SessionNovember 28 – Info Session
February 12 – On Demand
Mentoring
S
ession
March 25 – Plans Due
April 10 – Finalists Announced
April 18 – Scrub Day - Finalist Presentations
April 25 – Finalist Presentations and Awards Ceremony Slide11
‘12 Fall Business Planning Workshops
September 4 – Legal 101 for Entrepreneurs
September 11– Overview of Business Planning
September 18 – Idea Creation and Opportunity AssessmentSeptember 25 –
Matching Products & Services with Markets
October 2 –
Competitive
Analysis
October 9 –
Marketing and Branding for Startups
October 16 –
Strategy and Business Model
October 23 –
Management and Team Building
October 30 –
Financial Forecasting and Funding Sources
November
1–
Developing Investment
Presentations (Thursday)
November
13 – Entrepreneurial Sales Process
Tuesdays from 4:30 to 6:00 p.m. 503D Alter HallSlide12
Additional Temple Resources
Executives/Entrepreneurs in Residence:
Glen Gaddy –
Strategist in ResidenceMike Jones – Legal Executive in ResidenceTed LeBow – Profitability Coach,
Financial Executive
Lisa Peskin – Sales Executive in Residence
Chris Rabb – Social Entrepreneur in Residence
Ellen Weber – Angel
Investor
in
Residence
2012-2013 Entrepreneur in Residence: Bernie Spain,
Co-Founder, Dollar Express
Temple
business librarians @ Paley Library
Legal clinic at the Temple
SBDC
IEI
Staff (by
appt
) and IEI Resource
Center
IEI mentor/subject matter expertise network
Online articles
@
www.fox.temple.edu/ieiSlide13
Rules &
Regs
& Info
Participants are encouraged to work in teams4 person max per teamTeams may be comprised of non-Temple affiliates
The business founder/CEO/main shareholder must have a Temple University affiliation
Students, alumni, staff & faculty from all of Temple’s 17 schools and colleges are eligible, plus TU Health System and other Temple organizations (Paley Library, Office of Technology Transfer, etc.)
The business plan may focus on either the creation of a new business or an already existing business (less than two years)Slide14
More Rules & Regs
& Info…
Plans for expansions of existing
businesses are ineligibleYou may revise and resubmit your plan one time, providing you were not a prior finalist & plan has been updated/upgradedCompete in three tracksUndergraduateUpper Track: Graduate Students/Staff/Faculty/Alumni
Social
Impact
Any team not comprised of
solely
undergrad students must compete in Graduate Student/Staff/Faculty/Alum track
Non-profit
and social entrepreneurship businesses are encouraged to participate
Participants who declare their intent will receive a business plan guidebook and a Senior executive mentor upon
request, and completion of a one-page “vision paper.”Slide15
Senior Executive Mentor Program
One-on-one mentoring program with mentors from the Greater Philadelphia Senior Executive Group & other orgs
Two-way project-based mentoring program
Mentors may not do any primary work or write plansMentors provide feedback, advice and counselProtégé or mentee:Drives the plan forward & is the responsible party
Communicates regularly with their mentor
Is respectful of mentor’s time and other commitments
Sticks to agreed upon schedule and due dates
To get the mentor, you agree to complete and enter the business plan. “Commit to finish.”Slide16
Sections of a Business Plan
EXECUTIVE SUMMARY
COMPANY OVERVIEW
INDUSTRY ANALYSISTHE TARGET MARKETTHE COMPETITION
STRENGTHS & RISKS
(Business and Operational)
MARKETING PLAN &
SALES
STRATEGY
OPERATIONS
MANAGEMENT & ORGANIZATION
DEVELOPMENT, MILESTONES & EXIT PLAN
FINANCIAL DATA & PROJECTIONSSlide17
Start Early!
There are 180 days until your plans are due!
That’s about twenty six weeks
Break it down into “chunks” and stick to a schedule Allow time for re-writes, more research, exams, glitches at work, etc.Take advantage of
winter
breakSlide18
Suggested Timeline
Company Overview – one to two weeks
Industry Analysis – one week
Target Market – two weeks
The Competition – two weeks
Strengths
and
Risks – one week or less
Marketing
Plan & Sales
Strategy – two weeks
Operations – one week or less
Management
&
Organization – one week or less
Development
, Milestones & Exit
Plan – one week
Financial
Data &
Projections – two weeks
Executive
Summary, Title Page, Table
of
Contents &
Proofreading – one weekSlide19
Business Plan – Do’s and Don’ts
DO
comply with the 15-page limit, excluding title page, table of contents and executive summary
DO use the template available on the IEI website, www.fox.temple.edu/ieiDO your homework – research!
DO
use spell check and a professional writing style
DO
submit a plan that’s clear, concise, compelling and complete
DO
proofread your document prior to submitting
DON’T
skip sections
DON’T
turn your plan in after 3/25 @ 5 pm Slide20
What Makes a Winning Plan?
Evidence of thorough research regarding market, industry and competition
Market segmented properly
Industry trends recognizedCompetitive strengths and weaknesses addressedDirect and IndirectA well organized, well written, sophisticated plan that makes a compelling business case
“I would invest in this business”
Sound strategy and revenue model; plan is executable
Financials that are grounded in sound assumptions and which are attainableSlide21
Need Help?
IEI staff
Jaine Lucas, Executive
Directorjaine.lucas@temple.edu – Alums & Graduate StudentsAmy Yom, Associate Director
amy.yom@temple.edu – Undergrads
Entrepreneurship Facilitators
:
Melinda
&
Jasmin
IEI Innovation Lab & Resource Center
Mentor meeting
rooms & IEI Innovation Lab
“You can do it. We can help.”