 | 1. What is the methodology of the competition? |
| | The competition is comprised of two separate stages: I-The Business Idea Competition: During the Business Idea Competition participants will submit Business Idea Summaries, which will be evaluated by a panel of judges. A maximum of 10 ideas will be awarded prizes. II- The Business Plan Competition that will cosist of: I. Executive Summary - A first phase where executive summaries are presented, evaluated and 15 chosen as semifinalists.
II. Semi-Finalists - A second phase where the chosen semifinalists will prepare a complete Business Plan based on their Executive Summaries. These plans will be thoroughly evaluated and five (5) finalists will be chosen.
III. Finals - A third and final phase, the 5 finalists will refine their plans and present to a group of judges who will choose the final winners. |
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| How do I enroll to participate? |
| | To enter the Competition, you must register on-line through the website, filling all appropriate spaces. You will choose a user id and password for re-entering. |
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| What do the awards consist of? |
| | Business Idea Competition (Phase I): $1,000 for each of the winners. Business Plan Competition (Phase II): First Place Award - Cash award of $25,000.
Second Place Award - Cash award of $15,000.
Third Place Award - Cash award of $10,000. In addition to the cash prizes, there will be in-kind prizes for the winners in the form of equipment, advertising and services provided by some of the sponsors. |
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| What other benefits will participants receive? |
| | Whether you are a winner or not, participants will benefit from: |
| | - Extensive resources for developing your business concept into a real business plan are available on the Resources page of the website;
- The ability to participate in workshops and special topics networking events where experts in their field will provide you with invaluable information, tools and skill sets to develop your business plan;
- Networking opportunities to exchange ideas and to build your team in both Competitions as well as through the Team Building section of the website;
- Semi-Finalists in the Business Plan Competition will have access to mentors who can provide tremendously valuable advice and guidance in developing your plan; and
- Access and prominence within the local entrepreneurial community, including investors and financiers.
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| Who is eligible to participate in EnterPRize 2007? |
| | The competition is open to all residents of Puerto Rico. Each team must include at least one member or 50% of its ownership from someone who resides, works or attends school in Puerto Rico. The following restrictions will apply to existing companies: Company must be based in Puerto Rico |
| | - No subsidiaries allowed
- Less than $250,000 in cumulative revenues (excluding grants)
- Less than $100,000 in debt or equity received from third parties
- No institutional investor
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| What are the critical due dates? |
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| | EnterPRize 2008 Business Idea Competition |
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| | March -April 30 Special Events (Calendar of Events)
April 28 Due Date Business Ideas
May 20 Winners Announced |
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| | EnterPRize 2008 Full Business Plan Competition |
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| | August 6- September 27 Special Events (Calendar of Events)
September 29 Due Date Executive Summaries
October 10 Semi-finalists Announced
October 18 Specialized Workshops for semi-finalists
October 20 Mentors Assigned
November 14 Due Date Full Business Plan
November 25 Finalists Announced
December 6 Finalitss Presentation to Panel of Judges
December 9 Finalists present and Winners Announced at the PRVF Annual Conference |
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| What type of resources are available in the EnterPRize 2007 website that can help me prepare for this competition? |
| | EnterPRize has been specifically designed to ease the process of participating in the Business Plan Competition. Through on-line submission, we created an easy, risk-free method to validate your business concept. In addition, we have compiled a long list of resources to help you develop your business concept into a Business Plan. Please visit the Resources page for help on creating and developing your concept or business plan. |
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| What should be submitted during the Business Idea Competition? |
| | A Business Idea summary will be submitted. The format of this summary is detailed in the Submission section of the EnterPRize website. The instructions must be strictly followed when submitting the summaries. The deadline for this submission is April 28th of 2008. |
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| What should be submitted during the first phase of the Business Plan stage? |
| | An Executive Summary will be submitted. The format of this summary is detailed in the competition instructions section of the EnterPRize website. These instructions must be strictly followed when submitting the Executive Summaries. The deadline for this submission is September 29th of 2008. |
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| What should be submitted during the second phase of the Business Plan stage? |
| | The semifinalists of the business plan stage should submit a complete business plan based on their executive summary. This document will allow the jury to have a clear idea of the most important details related to the development of the idea. The Organizing Committee will provide a very structured format to the participants. In addition, semifinalists will receive support from the Organizers in the form of specialized workshops and mentoring for preparation of their business plans. The deadline for this submission is November 14th of 2008. Full Business Plans will not be accepted in Spanish. |
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| Who will evaluate the Business Ideas and Plans? |
| | The Organizing Committee will be recruiting and organizing a team of judges that consists of business professionals with expertise in areas such as marketing, strategy, finance, technology, human resources etc. Judges will follow guidelines developed by Enterprize 2008. All decisions by the judges are final. |
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| Can I participate if my team is not completely formed? |
| | Yes, you can. You have until your business plan is submitted to create your team. In other words, you have until the 14th of November of 2008 to complete your team. |
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| In which stage of development should the business idea or business plan be in? |
| | Completely new business ideas as well as business plans in the design, implementation or operation stage can participate (must comply with the guidelines provided in the ELIGIBILITY section. |
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| How will the confidentiality of my work be protected? |
| | The competition organizers take confidenciality of all submissions seriously. Please see the Competition Kit for more details on our Privacy Policy and other measures used to handle confidenciality issues. |
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| How can my business or I become a Sponsor of EnterPRize 2007? |
| | EnterPRize, as a non-profit organization, depends on the contribution and support of the business community to fund our programs. Sponsors are a critical aspect of our organization and we work with each individually to help them deliver on their commitment to further develop entrepreneurship in Puerto Rico. Please visit our Sponsors page in this website for additional information on available sponsorship levels. |
