BRATTLEBORO — After a one-year break, the Brattleboro Development Credit Corp. (BDCC) has revived its Business Plan Competition, but this time with a few new changes - namely a new Farm/Food category and multiple prizes totaling $67,500.
From 2006 to 2009, BDCC offered the competition with two categories - existing businesses, and startups or new businesses. This year, there will be two divisions - a general business category, and one specifically for agricultural or food-related enterprises.
A partnership with Strolling of the Heifers made the new Farm/Food division a reality, according to executive director Orly Munzing.
“It's been hard for farm and food startups to compete against traditional business plans,” she said. “Rather than reinvent the wheel, we decided to team up with BDCC and create a new division in their contest.”
BDCC executive director Jeffrey Lewis said that farmers who entered past contests felt that the judges, most of whom had little familiarity with farming, weren't able to fairly evaluate their business plans, and that this new category levels the playing field.
He added that the Farm/Food division will be judged by people with experience in agriculture.
“We're looking for ideas that generate revenue and create jobs,” he said. “This isn't about creating new ideas or products, but creating new businesses. And having a good business plan is even more important in a field like agriculture.”
In the General Business division, the top prize in the “Existing Business” category will be $12,000, the second-place prize will be $6,000, and the prizes for up to three runners-up will be $2,000 each.
For the General Business division's “New Business” category, the top prize will be $6,000, the second-place prize will be $3,000, and the prizes for up to three runners-up will be $1,500 each.
In the Strolling of the Heifers Farm/Food 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 Farm/Food division's “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.
To enter the competition, candidates must register by going to the BDCC website (www.brattleborodevelopment.com), or by visiting the BDCC office at Cotton Mill Hill in person.
Once registered, contestants must submit an executive summary, consisting of a two-page business plan and a one-page financial summary, no later than 4 p.m. on April 11.
“These are the entry cards into the contest,” said Lewis. “Once we receive them, we will judge the applications and select at least five finalists in each division, who will then be invited to write a full business plan.”
Finalists for each category will be announced by April 18. Final business plans will be due at BDCC no later than 4 p.m. on May 23.
Final presentations, lasting up to 12 minutes per finalist, with an additional 10 minutes for questions, will take place on the morning of June 1 at the Marlboro College Graduate School on Vernon Street.
Winners will be announced that afternoon, and Vermont Gov. Peter Shumlin has been invited to present the awards.
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 in Brattleboro, scheduled for June 1-3.
All applicants will be offered access to free assistance in formulating and formatting their executive summaries through the Vermont Small Business Development Center.
Debra Boudreau, who works out of the Center's Brattleboro office, strongly encourages all contestants to take her classes “so they can better articulate what their plans are. Most new businesses fail in the first year or two because of the lack of a good business plan.”
To be eligible for the competition, the existing or new business must be physically located within BDCC's designated region of Windham County, plus the towns of Readsboro, Searsburg, and Weston; and it must have an annual gross revenue of $500,000 or less.
Farms and enterprises engaged in food processing, distribution, packaging, or retailing (including restaurants) should apply in the Farm/Food division; all others should apply in the General Business division.
“There is nothing in the state that matches this competition, especially now with the Farm/Food component,” said Lewis. “This will be a great extension of what we've done in the past.”
The contest has been a welcome kick-start for some small businesses. Lewis said that the first-year winner and runner-up, New England Center for Circus Arts and Against The Grain Gourmet gluten-free bakery, respectively, have grown tremendously over the last five years.
“They're the benchmark for this contest,” he said.
But everyone who has participated in the contest has benefited, he added.
“The entrants have said that the whole process of preparing a business plan and making the pitch was more valuable than winning the contest,” Lewis said. “Our main focus is working with entrepreneurs, and we've built a lot of great relationships through this contest.”
Munzing sees the contest as “a support group for people who want to start businesses. This process brings out a lot more creativity than the traditional way of starting up businesses.”