BRATTLEBORO — The Brattleboro Development Credit Corp. (BDCC) and Strolling of the Heifers are teaming up to present the 2012 Business Plan Competition for the Windham region, with multiple prizes totaling $60,000.
As it did last year, the 2012 edition of the BDCC Business Plan Competition will feature two divisions - one general businesses excluding agriculture and food, and one specifically for agricultural or food-related enterprises - the Strolling of the Heifers Farm/Food Business Plan Competition.
Each division is further divided into two categories, one for existing businesses and one for new businesses, with up to five finalists to be selected in each category, for a total of up to 20 finalists overall.
In each division, the top prize in the existing business category will be $10,000, the second-place prize will be $5,000, and the prizes for up to three runners-up will be $1,500 each. For the new business category, the top prize will be $5,000, the second-place prize will be $2,500, and the prizes for up to three runners-up will be $1,000 each.
The expansion of the competition worked very well last year, and we're excited to be continuing our partnership with Strolling of the Heifers,” said Jeffrey Lewis, BDCC executive director.
Most of last year's farm and food divisions winners have made great strides in developing their businesses as a result of participating,” said Orly Munzing, founder and executive director of Strolling of the Heifers. “It's not just the prize money - a big part of the benefit is in the analysis and development thinking that goes into preparing the actual business plans.”
The competition is being supported with a grant of $20,000 from the Thomas Thompson Trust. David Altstadt of David Altstadt Consulting LLC, Brattleboro, will serve as competition coordinator.
Lewis said that the premise behind the Business Plan Competition is to help focus community attention on small business innovation and entrepreneurship, and to encourage new business development by helping interested community members develop viable business plans, gain public attention, and earn financial rewards.
To enter the competition, interested community members must first attend one of the business prospectus workshops occurring on March 19, 28, and 29 at the Marlboro Graduate Center in downtown Brattleboro and on March 22 at Southeastern Vermont Community Action in Westminster. The sessions are convened by the Vermont Small Business Development Center and SEVCA, with the support of Marlboro Graduate School.
This workshop is a valuable resource for people who are uncertain about how to approach the preparation of the business prospectus during the first phase of the competition. To register and learn more about the workshop sessions, go online to www.brattleborodevelopment.com or visit the BDCC office at Cotton Mill Hill, Brattleboro.
In the first phase of the competition, contestants will submit a business prospectus, consisting of a two-page narrative and one-page financial statement, no later than 4 p.m. April 11.
Based on the submitted business prospectuses, finalists for each category will be chosen by the judges and announced by April 17. Final business plans will be due at BDCC no later than 4 p.m. May 22.
Final presentations, lasting up to 12 minutes per finalist with an additional 10 minutes for questions, will take place on the morning of May 30 at the Marlboro College Graduate School. Winners will be announced that afternoon.
Immediately following the final awards presentation, finalists in all categories will have an opportunity to network with investors, entrepreneurs, bankers, educators and others who are attending the Strolling of the Heifers Slow Living Summit.
All applicants have access to free assistance in formulating and formatting their Business Prospectus, and finalists will have additional help in preparing their final business plan and presentations.
The help provided to contestants is essential, according to Kelt and Kristina Naylor of Side Hill Farm, Brattleboro, who were top prize winners in the 2011 competition. “Debra [Boudrieau] at the VtSBDC was great at outlining the process and giving us help in prepping for the presentation. We can't imagine competing effectively without her assistance,” Kristina Naylor said.
To be eligible for the competition, the existing or new business must be for-profit and be physically located within BDCC's designated region of Windham County plus the towns of Readsboro, Searsburg, and Weston, Vermont; and must have an annual gross revenue that does not exceed $500,000.
Finalists in the 2011 competition are not eligible to compete in 2012, but may return to the competition in future years. Contestants in 2011 who were not selected as finalists are invited to apply.
Since the intent of the competition is to help create and retain jobs, foster economic growth, and improve the quality of life in southeastern Vermont, each submission will be reviewed and judged based on such criteria as: likelihood of success and job creation (direct or indirect). For instance, will the proposed business or expansion create new jobs opportunities, or positively affect other businesses such as suppliers or distributors, or make an ancillary impact such as drawing tourists to the area?
In last year's competition, the top prizes went to Laura Zindel Design of Guilford (general division, existing business); Pinewood TMS of Newfane (general division, new business); Side Hill Farm of Brattleboro (farm/food division, existing business); and Big Picture Farm of Townshend (farm/food division, new business).
Second place awards went to Saxton's River Distillery (general division, existing business); Student Cultural Exchange of Brattleboro (general division, new business); High Meadows Farm of Putney (farm/food division, existing business); and Whetstone Cider works of Marlboro (farm/food division, new business).
Several of the 2011 finalists are now operating in BDCC's Cotton Mill and Business Park incubator buildings in Brattleboro. Big Picture Farm, which produces goat milk caramel, recently received an additional grant of $49,000 from the U.S. Department of Agriculture to support business expansion.
In each division, the judging panel consists of 12 new or returning members who represent the business community. In the Farm/Food division, there will be judges with particular expertise in agriculture and food-related enterprises.
The judging process was the most valuable aspect of the whole competition,” according to Lucas Farrell of Big Picture Farm. “The panel of judges was composed of folks with tremendous prestige and experience―their feedback became integral to the process and ultimately our final business 'vision' beyond that of just the business plan.”
Recognizing that some entrepreneurs wish to keep their plans confidential, the competition is run privately, with materials kept secure and confidential; judging sessions are not open to the public, and only the business names of finalists and winners will be disclosed.
One piece of advice Lewis offered to existing business owners who are considering entering the contest is “clear your slate ahead of time as much as possible so that the impact on your business from lost time [working on the business plan] is kept to a minimum."
To enter, or for more information about eligibility, rules, registration, judging, and other details, vist the BDCC website www.brattleborodevelopment.com or by contacting BDCC at [email protected] or by phone at 802-257-7731, ext. 210.