Posted on: July 24, 2022 Posted by: AKDSEO Comments: 0

SAN ANGELO, Texas — Local businesses could win between $10,000 to $40,000 by competing in the Business Plan Competition hosted by the City of San Angelo.

The seventh annual San Angelo Business Plan Competition kicks off officially Tuesday, May 10 however applications are open until Monday, August 8. This opportunity is open to anyone wanting to develop a new business or expand an existing business in San Angelo. Still, contestants must have an existing business beyond the concept stage.

There are three prizes,

  • First place: $40,000
  • Second place: $20,000
  • Third place: $10,000

Winners may also receive in-kind rewards and receive eligibility to apply for the Business Factory incubator program. The cash prizes are being funded by the City of San Angelo Development Corporation (COSADC).

A business plan is a comprehensive document that provides an organized view of a specific business idea. these plans should include a clear vision of the market opportunity and serve as a blueprint for the development of the proposed business. This is a great opportunity for entrepreneurs to develop viable business plans that will start or expand their businesses.

Advisers from Angelo State University’s Small Business Development Center (SBDC) and students from the ASU Norris-Vincent College of Business will be available to assist contestants in drafting plans.

The competition will be conducted in three phases:

Phase 1: Online entry form and business overview *Due by 5 p.m. Aug. 8. which can be found here.

Phase 2: Draft business plan *Due by 5 p.m. Oct. 10.

Phase 3: Final business plan *Due by 5 p.m. Nov. 7.

Those selected as finalists will submit a final business plan and present it in person to a panel of judges. Winners will be announced on November 16.

More information can be found by visiting cosatx.us/bizplan or the SBDC offices in the Business Resource Center, 69 N. Chadbourne St., calling the SBDC at 325-942-2098 or emailing [email protected]