1. What is the methodology of the competition?
The competition is comprised of two separate phases:
Phase 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.
Phase II- The Business Plan Competition that will consist of:
a. Executive Summary - A first phase where executive summaries are presented, evaluated and 15 chosen as semifinalists.
b. 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.
c. 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.
2. 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.
Business Idea Competition (Phase I): $1,000 for each of the winners and Six (6) Internship Award for students.
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.
3. 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.
4. Who is eligible to participate in EnterPRize?
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
5. What are the critical due dates?
EnterPRize 2010 Full Business Plan Competition
March 1- Business Idea Competition Launches
March 3- April 30 - Special Events (Calendar of Events)
April 28- Due Date Business Idea
May 12- Winners Announced
May 18- Award Ceremony
May 31- EnterPRize Internship Award (Starts)
June 5- Summer Boot Camp
June 30- EnterPRize Internship Award (Ends)
August 2- Business Plan Competition Launches
August 6- September 30- Special Events (Calendar of Events)
September 28- Due Date Executive Summaries
October 8- Semi-finalists Announced
November 12- Due Date Full Business Plan
November 23- Finalists Announced
December 4- Finalist Presentation to Panel of Judges
December 7- Finalists present and Winners Announced at the PRVF Annual Conference
6. What types of resources are available in the EnterPRize 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.
7. 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 submission is April 28th, 2010.
8. 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 28th, 2010.
9. 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 12, 2010. Full Business Plans will not be accepted in Spanish.
10. 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. All decisions by the judges are final.
11. 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 November 12, 2010 to complete your team.
12. 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.
13. How will the confidentiality of my work be protected?
The competition organizers take confidentiality of all submissions seriously. Please see the Competition Kit for more details on our Privacy Policy and other measures used to handle confidentiality issues.