Business Plans Vie for Award
Entrepreneurs of all kinds
who have business ideas are
invited to enter Tulsa's Entrepreneurial Spirit Award
Business Plan competition.
Details about the competition, sponsored by SpiritBank, are being issued this
week as part of Tulsa's Entrepreneurship Week.
The award is targeting entrepreneurs in Tulsa. But entrepreneurs who live outside
of the city also can apply,
but they need to agree to
establish or expand their
business operations in Tulsa
if they win the award, said
Sean Griffin senior partner
of Vizalution LLC and a
thought partner with SpiritBank.
Applicants must be 18 or
older. They can be in business for up to five years, or
just have an idea for a business.
The competition has no
entry fee. Entrepreneurs
with business ideas of all
types are encouraged to apply.
"Part of this is to understand what entrepreneurial
activity is taking place in
Tulsa, and take a pulse on
where entrepreneurial trends
are heading in the area and
build on the culture that exists in Tulsa," Griffin said.
The competition will be divided into rounds similar to
"American Idol," television's
popular singing competition.
In the first round, applicants have until April 30 to
electronically submit execu
tive summaries of no more
than six pages. The summaries will include details
about the business idea, the
product service, market,
management, sales and finances, Griffin said.
Based on a review of the
executive summaries, many
companies will be selected
to advance to the "business
plan" round in which applicants will submit both an
electronic and print copy of
their complete plan. The
business plan should be no
longer than 75 pages, Griffin
said.
Business plans are critical
elements because they will
tell judges about the viability
and long-term success potential of the business, he added.
"We're trying to ignite in
Tulsa the entrepreneurial
spirit of Tulsans and help
support them to achieve the
success that we know is possible," Griffin said.
From a review of the business plans, 25 top companies will be selected for the
semi-final rounds. In these,
entrepreneurs will pitch their
ideas to the judges and defend their plans.
For the final round, seven
companies will be selected
to receive coaching on how
to present their ideas and
then pitch them again.
The winning company will
receive $25,000. The winner
also will be given office
space for a year, and will receive support from the SpiritBank Business Resource
Center Strategic Partner Network throughout the year,
Griffin said.
The award will be presented in October.
More details are available
at www.tulsaspiritaward.com.