Gotta Business Plan?

I got an email over the weekend letting me know that applications for the 2008 EnterPrize Business Plan Competition are being accepted. Here's the gist of the message:

EnterPrize is Pittsburgh’s premier business plan competition for technology startups. This year, we [the Pittsburgh Technology Council] will host eight workshops and three networking events, beginning February 20 with a workshop, “Developing the Idea” taught by Chris Allison. Through three phases of competition more than $80,000 will be awarded. Participants will get plenty of feedback through a coach and comments on their plans from judges and will have many, many networking opportunities to meet potential funders, advisers and peers.

The goal of the competition is to help stimulate economic growth in southwestern Pennsylvania and support local technology entrepreneurs.

Here is the link to all of the relevant information about the competition, including a contact for questions: http://www.pghtech.org/Events/enterprize.asp

EnterPrize is divided into two categories – new business and existing business. What defines a “new business?”

· The team has an idea for an innovative product or service with which they intend to start a company.
· The company does not exist.
· The company is nothing more than an idea.
· They have no employees (founders are acceptable).
· No money has been raised.
· The company is not incorporated. (NOTE: If it is incorporated, its only purpose was to create a shell – the company is not conducting any business).
· The company has not experienced Substantial Business Activity:
o Payment of wages or salaries
o Receipt of research grants, development contracts or other sources of revenue
o Receipt of equity or debt financing from outside the Founder’s immediate family
* Founder’s activities, such as research, prototype development, establishing beta sites (other than for paying customers), licensing necessary technologies, will not be considered Substantial Business Activities.

Definition of an Existing Business Category:

· The company is less than three (3) years old.
· The company has less than twenty (20) employees.
· The company has less than $1 million in annual sales.
· The company has raised less than $500,000 in capital since its inception.
· The company is experiencing Substantial Business Activity:
o Payment of wages or salaries
o Receipt of research grants, development contracts or other sources of revenue
o Receipt of equity or debt financing from outside the Founder’s immediate family
* Founder’s activities, such as research, prototype development, establishing beta sites (other than for paying customers), licensing necessary technologies, will not be considered Substantial Business Activities.

Some of PTC members who have participated in EnterPrize over the years include: Vivisimo, Plextronics, Agentase, ALung Technologies, LogicLibrary, RemComm, Staffing Direct Business Solutions. Many of these companies are very active in the Council … speakers at events, Tech 50 finalists, etc.